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Future Strategies for EFP – MCI Proposal. Session 3: Financial Management Setting the right financial expectations and strong financial management are key aspects of the PCO business. What are the latest best practices on budget management and how do we control the risks of the event.

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slide2

Session 3: Financial Management

Setting the right financial expectations and strong financial management are key aspects of the PCO business. What are the latest best practices on budget management and how do we control the risks of the event.

Presentation : René Haller

13 March 2010

slide3

Contents

  • What is a Budget
  • Importance of the Budget / Finance within the Congress organization
  • Setting the expectations
  • Management of the Budget
  • Latest Practices
  • Risk Control
slide4
W
  • hat is a Budget
slide5

What is a Budget

Wikipedia says:

  • A budget (from old French bougette, purse) is generally a list of all
  • planned expenses and revenues. It is a plan for saving and spending.
  • In other terms, a budget is an organizational plan stated in monetary terms.
  • In summary, the purpose of budgeting is to:
    • Provide a forecast of revenues and expenditures i.e. construct a model of how our business might perform financially speaking if certain strategies, events and plans are carried out.
    • Enable the actual financial operation of the business to be measured against the forecast.
slide6

What is a Budget

There are different budget types

  • Revenue Budget
  • Expenses Budget
  • Cash Flow Budget
slide7

Revenue Budget

  • Participant Registration
  • Exhibition Surfaces
  • Symposia Satellites
  • Other Income:
    • Sponsored sessions
    • Congress bags
    • Printed Matters
    • Pads and Pens
    • Insert in Congress Bags
    • Advertisement
    • Lanyards
    • Social Events
  • Refund of VAT (if possible)
slide8

Expense Budget

  • Venue Rental
  • Printed Matters
  • A/V and Staff
  • Marketing
  • Socials
  • Faculty
  • Transportation
slide9

Cash Flow Budget

If the event is self-financed, there is more security for the client

slide10
I
  • mportance of the Budget / Finance within the Congress organization
slide11

Importance of the Budget

CLIENT

 Reporting/ updating lists

Client Zone

 Budget & Financial Control

Client Zone

MCI Event

Director

Transport

Social Events

Registration

Project Management

Hotels

Exhibition / Sponsorship

Pre-convention

Meetings

Creation of

registration form

Assistance / Staff

Room

research/

Negotiation

Exhibition Layout and Design

Flights

Ground

Mailing of form

Action Plans & timelines

Dine around

Sales & Marketing

Reservation

Centralization of

registrations

Excursions

Deposit payments

Proactive sponsorship

Budgeting & Control

Special request

Themed Dinners

Rooming lists

Onsite delivery and control

Abstracts and Scientific Programme

Badges, conference kits

Allotment handling

Gala Dinner

Online Registration

Dedicated phone

& fax lines

Meetings

Consulting and return on investment

slide12
S
  • etting the Expectations
slide13

Setting the Expectations

  • What does the client want?
  • General
    • Breakeven
    • Maximum Result
  • Specific
    • Scientific Oriented
    • Attendance Oriented
    • Socially Oriented
    • « Cheap » Oriented
    • Sponsor Oriented
    • Quality Oriented
slide14
M
  • anagement of the Budget
slide15

Management of the Budget

  • Cost control
    • Client expectations will help you control the budget
  • Guarantees
    • How strong is the PCO involvment (risk share / profit share). The PCO can guarantee profit
  • Fund raising
    • Institutions, Government, Organisations
  • Sponsors
    • Congress / content related companies
slide16

Management of the Budget

  • Taxation / VAT
    • Recuperation of VAT
  • Accounting
    • Reconciliation of accounts between PCO budget and PCO accounting
  • Finance report / Final statement
    • By external auditor
slide17

Management of the Budget

Budget and real expenses need to be compared at all times

slide18
L
  • atest Practices
slide19

Latest Best Practices

Establish Benchmarks

slide20

Management of the Budget

Budget and real expenses need to be compared at all times

slide21

Latest Best Practices

Establish Benchmarks: Same can be done for Revenue Budget

%

  • Participant Registration
  • Exhibition Surfaces
  • Symposia Satellites
  • Other Income:
    • Sponsored sessions
    • Congress bags
    • Printed Matters
    • Pads and Pens
    • Insert in Congress Bags
    • Advertisement
    • Lanyards
    • Social Events
  • Refund of VAT (if possible)

%

%

%

%

slide22
R
  • isk Control
slide23

Risk Control

  • Know the scope / impact of your event
    • eg. is animal research involved
  • Choice of Destination / Venue
    • size of the venue, accessibility of the venue / city, political situation of the destitation
  • Get information on local habits
    • staff rates, communication ways, financial recommendations, city regulations
  • Financial Regulations
    • Tax applications, money transfers
slide24

Risk Control

But also

  • Terrorist threats
  • Natural Disasters
  • Pandemics
  • Economic Crisis
  • Set appropriate congress deadlines
    • allows to give enough reaction time
  • Setup of a Marketing Plan
    • define strategy and means of distribution as well as target audience
  • Establish worst case scenarios
    • have different budget versions
slide25

Be Partners

Client

PCO

slide26
T
  • hank you