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By Betsy Bondurant, CMM, CTE, Events Industry Council Industry Insights Committee

Accurate budgeting is critical for each individual meeting being planned for an organisation. It is important to create an accurate, estimated budget based on the number of people attending, the destination hotel (the cost of hotels in one location may be much higher than in another), transportation costs (airfare versus driving costs), food and beverages, audio-visual equipment and setup, and meeting room rental. You must also determine whether it’s a special event, such as a gala dinner, or team-building event.

 
Sullivan County Catskills
Greater Lansing Convention & Visitors Bureau
Chair's corner
 
   

 

Eleven percent of the CMP exam covers financial management (Domain D). This domain covers the critical skills needed for the financial success of a meeting or event. These include managing event funding and reserves, managing the budget and managing monetary transactions. The domain also includes identifying and managing sponsorship programmes, grants, registration processes, exhibit sales and other miscellaneous revenue sources. Below are some recommendations for avoiding commonly overlooked items or opportunities in each of the sub-skills areas of budgeting.

SUB SKILL 8.1 - Develop budget using accepted accounting principles to align with the goals, objectives and financial parameters of the event

Avoid the following:

  • Budgeting too close and not allowing for a contingency
  • Forgetting the plus, plus (taxes and gratuities or service charges)
  • Calculating a variable expenses as a fixed expense
  • Using the contracted venue food and beverage minimum as the anticipated actual expense
 
Lessons in leadership

The Events Industry Council proudly presents the inductees of the 2018 class of the Hall of Leaders. Four industry professionals are receiving the honour and will be formally inducted at a celebration during IMEX America in Las Vegas on 16 October 2018.

Each of the honourees is someone who has shown exceptional professionalism, dedication and passion for their work, and is already considered a leader amongst their peers. The Hall of Leaders is a premier recognition programme in the events industry.

 
Events and programmes

Join the Events Industry Council and your fellow CMPs at CMP Conclave 2018 this 16–18 November at the Sheraton Birmingham Hotel. CMP Conclave 2018, the only event exclusively for CMPs, is filled with exciting learning and networking opportunities. Elevate your career and become inspired by industry experts and thought leaders while gaining continuing education hours towards re-certification to further your knowledge and elevate your career.

 

Investing in the development of our industry’s future leaders is a proven best practice. The IMEX-MPI-MCI Future Leaders Forum is a global programme that is making this investment by supporting students considering a career in meetings and events. If you or a colleague work with students pursuing a career in the events industry, please share this information with them.

All forums provide opportunities for the future leaders to:

  • Gain an international perspective on the global meetings industry
  • Overview of meetings and events industry career opportunities
  • First-hand advice from meeting and event professionals
  • Hear inspirational career stories and case studies
  • Engaging session by industry experts on key topics (for example: sustainability, technology, online and offline networking, industry trends, business etiquette and personal branding)
  • Career-focused networking opportunities
  • Showcase their skills and talents

For registration information for the IMEX-MPI-MCI Future Leaders Forum at the CMP Conclave, please click here.

 

Wanted: Industry professionals who want to influence the revision of the sustainable event standards! A team of industry professionals has been redesigning and rewriting the APEX/ASTM Sustainable Event Standards for the past year. The final draft of the standards is complete and we need your valuable input to review them, give feedback and make suggestions. The Events Industry Council is holding focus group sessions at the IMEX America show in Las Vegas on 16 October and 17 October from 8 a.m. to 10 a.m.

If you’re interested in participating please click here to select the day and standard you’d like to review. We’ll send you the documents prior to the show so you’ll have time to read through them.

 

The exam fee for the CMP and CMP-HC certifications are eligible for Veteran Affairs (VA) reimbursement through the License and Certification Approval System (LACAS). Apply for benefits along with your request for payment for a test or tests. To apply, complete the VA Form 22-0803 (Application for Reimbursement of Licensing or Certification Test) at the Ask A Question website or mail it to your nearest VA regional processing office.

 

Join us for our upcoming fall and winter webinars:

  • Tuesday, 30 October 2018: Evolution of Global Sustainable Event Standards

    (Speaker: Amy Spatrisano, CMP, Chair, Events Industry Council Sustainable Events Standards Committee, President, AZano Inc.)

  • Tuesday, 27 November 2018: Case Studies for Sustainable Event Strategy

    (Speakers: Lindsay Arell, Honeycomb Strategies, David Fiss, Sustainable Brands, Dale Hudson, IMEX Group, Sabrina Lichtnegger, pulswerk GmbH and International Green Events Austria Conference, Courtney Lohmann, Koncept Events)

  • Tuesday, 13 December 2018: Sustainable Events 101

    (Speaker: Nancy Zavada, President, MeetGreen)

Sustainability webinars are eligible for one CE hour towards CMP certification or re-certification.

For full webinar descriptions, or to register, click here.

 
Destination Irvine
How ALA Automated Logistics Management for Their Annual Conference
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ALA, along with other major organizations like ADA, WVC, MLA, and AAAnthro, have been in the process of Beta Testing the Logistics Module for the past year and a half so that it is ready for use by all meeting organizers in 2019. One organization calculated over 40 hours of labor saved after using the system
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Research and trends

Although some sustainability-related practices will increase costs, many will help you to reduce or avoid expenses. In planning your event, first determine your organisation’s approach to sustainability to make the best decisions for your budget. For some events, the focus will be strictly on cost-saving measures, for others it may be an option to use cost savings from one practice to subsidize another, and for some organisations, investing in sustainability may meet overall business objectives.

 
On the move

Jessie States, CMP, CMM, has been named the new head of meeting innovation at Meeting Professionals International (MPI), where she now oversees learning design and delivery for the MPI Academy across delivery channels – from live events and webinars to online learning and chapter programs. She acts as an educational advocate for MPI, designing, creating and sourcing education for MPI and its partners and chapters. She also acts as the educational and MPI Academy liaison for MPI partner associations and companies. She determines the direction for research initiatives that fuel education and resource creation and help MPI make key business decisions.

 
Miguel Neves, CMP, announced a new partnership with London-based PR and media relations consultancy Clareville. They've joined together to start a new venture for coordinated worldwide service to destinations, venues, hotels and event technology specialists. Neves is the founder of Social Media Chefs who speaks and trains on the topics of digital strategy and engagement for meetings and events. Formerly he was with the IMEX Group. 
 
 
©2019, Events Industry Council. All rights reserved.
Published by Naylor Association Solutions in association with the Events Industry Council.

 

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