So you have decided to hold an event, primarily to promote your business but also to provide opportunities for other local traders and entrepreneurs to meet.
What are the risks and what are the processes for identifying those risks and putting plans in place to prevent the risk from being realised? Try this –
What; where; when; why and who, oh and how!
Q1 – What is my Event - Am I clear on what this event is for so that when I promote it my message is clear and unambiguous?
Risks to be avoided – Misrepresentation; damage to reputation; claims for compensation; advertising not reaching the right audience; funding difficulties.
Q2 – Where should I hold my event so that it is easy to access for all relevant visitors and provides everything that is needed to make it successful?
Risks to be avoided – Exclusion of potential visitors and claims of discrimination; Operational – lack of local services and infrastructure; excessive transportation costs; staffing.
Q3- When should I hold my event to ensure largest audience and at what time?
Risks to be avoided – Holiday periods (unless your event depends on this); clashing with similar local event; not leaving enough time to prepare; coordinating with local transport.
Q4 – Why would people want to come to this event, am I sure this event is going to attract attention and an audience?
Risks to be avoided – holding an event no-one needs or wants to come to; promoting before your business or profile is ready; not doing your research; not identifying and promoting the correct message (misleading).
Q5 – Who are the people I am hoping this event will attract, have I correctly identified my audience?
Risks to be avoided – Financial – spending time and resources marketing to the wrong audience; Reputational – demonstrating a lack of market awareness; Operational – if unexpected audience arrive in large numbers.
Q6 – How am I going to make this event a success, do I have the expertise and resources?
Risks to be avoided – Not employing the right professionals to support/assist your event; Legal – not being aware of licenses needed and legal obligations, insurances; Financial – underestimating financial commitment no financial planning.
These are only a few of the questions and risks that you should consider when thinking about holding an event. You can see that your business is potentially at risk of – misrepresentation; reputation; operational; financial; resource both human and infrastructure.
