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30 Tips for Keeping Meeting Expenses to a Minimum
Money makes the world go 'round. And when it comes to meeting planning, money can probably get you whatever you want. However, few event planners have the luxury of an unlimited budget. Your boss may like to drink champagne on a beer budget. In other words, caution you to spend less, but expect miracles at the same time. Preparing and managing a realistic budget is serious business, but to score "big boss" points you also need to be a savvy negotiator and cost-cutting aficionado. To help you on your way, here are 30 tips in a variety of different areas to keep your meeting expenses at a minimum without losing quality you strive for. 1. Keep your budget flexible. Be prepared to build in a contingency of 10 percent into your total budget to take care of any unexpected expenses and emergencies. Unforeseen or overlooked costs such as, overtime, overnight mailings, phone and computer hookups or speaker substitutions could skyrocket your budget. 2. Check all invoices. Question anything on your invoices that doesn't compute against the written quotation. Scrutinize your hotel/facility and food and beverage invoices while on-site. Ironing out discrepancies in person is much easier than over the phone. 3. Limit authorization. Only a select few should have the authority to charge items to your master account at the hotel. Make sure hotel has a list of these people, and refuse to pay for charges signed by unauthorized personnel. 4. Review accounts daily. To avoid any major surprises or heart failures when you see the final bill, review your accounts with the facility on a daily basis. It's easier to spot errors or make necessary changes if costs are escalating in certain areas. 5. Schedule during low-usage times. If you have the flexibility, consider scheduling your meetings during low seasons or days of the week when the facility is less busy. Booking near holidays such as Easter, Memorial Day, and Labor Day might definitely be to your advantageous. 6. Ask for the best rates. Do your research. Check out the rack rates, corporate rates, AAA discounts and so on, and compare them to the group rates you're being offered. Call the toll-free reservation desk for information. 7. Confirm and reconfirm your dates and event details. Overlooking a detail may cost you big bucks. 8. Request a discount for on-site payments. When the facility doesn't have to wait for payment because you arrange to pay immediately after the event or as the meeting is ending, they may well be open to a discount for prompt payment. 9. Be conservative with room blocks. With more and more guests using discounted hotel sites for room bookings, attrition on unused rooms can get very expensive. 10. Negotiate comp rooms. As part of your discussions with hotel management, negotiate comp or discounted rooms for speakers, staffs and or upgrades for VIPs. 11. Understand your cancellation clause. Don't sign anything you're not completely happy with. Be certain that your cancellation clause is reciprocal, so that both parties get the option to back out of the contract before a specified date, in case of any changes to the original agreement. 12. Negotiate set prices. To help with your budgeting, arrange to pay a specified amount on food and beverages during your entire event, rather than a rate per person, per function. 13. Consult a tax attorney. Investigate tax laws for your business location and the event location. You may be eligible for tax breaks that you're not claiming. 14. Keep room setup simple. Wherever possible use theater style (where only chairs are used) as it is less labor-intensive than classroom-style (which includes both table and chairs), thus lowering setup costs. Also, plan to keep setups the same from day to day. 15. Check into other groups. Find out about groups holding their meeting prior to and after yours and discuss staging needs. You may find that you can save on setup and teardown if you all have the same or very similar requirements. 16. Investigate sponsorship opportunities. Find sponsors to cover as many of your program expenses as possible, especially speaker fees, audiovisual equipment, and special meal functions. 17. Investigate grants. Although it might be a time-consuming exercise, you might look into specific federal, state, local or corporate grants that might be available for holding your meeting. 18. Use industry experts. To save on speaker expenses, consider using industry experts whose companies often pay expenses. Alternatively, use local speakers where appropriate to save on travel expenses. However, check how good they are before hiring them. You may end up with a dud! 19. Avoid renting unnecessary equipment. Double check speaker needs for audiovisual equipment to avoid renting unnecessary items. 20. Keep signage simple and reusable. Consider investing in a laminating machine to make your own signs. 21. Discuss economical audiovisual setups. Limit the number of microphones needed. Check if the hotel supplies a complimentary microphone in each meeting room. Skirt a cocktail table instead of renting special carts for A/V equipment. 22. Use outside suppliers. Look outside the hotel for possible audiovisual suppliers whose prices may be more competitive than those in-house. However, the hotel may match the other supplier's prices if asked. 23. Save on transportation. Use airport shuttles instead of taxis. If you have a sizeable group attending your event, negotiate special discounts with the shuttle bus company. Alternatively, check if the local taxicab company can provide discount coupons. 24. Arrange for one room. For smaller committee meetings that may be held during a larger conference arrange for a buffet luncheon to be held in the same room as the meeting to save on having to rent a separate room. 25. Negotiate food. Negotiate paying for food based on consumption. You can then return food without having to pay for it. 26. Minimize portions. Sever mini-Danishes, muffins and doughnuts, or cut larger servings in half. Many people (especially women and dieters) only want half to start with. Alternatively, serve a continental breakfast instead of a full breakfast buffet. 27. Opt for fewer choices. When it comes to hors d'oeuvres, go for fewer choices in larger quantities rather than a large selection in smaller quantities. And, remember to avoid the shrimp. People inhale it. There's never enough!!! 28. Check for dead stock. Check if the hotel has dead stock wine available (such as wine that in no longer on the wine list). You may be able to negotiate a great price for some really good quality wine. 29. Store opened bottles. Find out if the hotel can store opened bottles of liquor from one reception and us them another reception during the same conference. 30. Open bottles as needed. As the banquet captain to open wine bottles only as needed. You pay for every bottle that's been uncorked. Bonus tip: Avoid salty foods during receptions as it encourages people to drink more. About The Author Written by Susan A. Friedmann,CSP, The Tradeshow Coach, Lake Placid, NY, author: "Meeting & Event Planning for Dummies," working with companies to improve their meeting and event success through coaching, consulting and training. Go to http://www.thetradeshowcoach.com to sign up for a free copy of ExhibitSmart Tips of the Week.
Latest News:Site: Yahoo! News Search Results for news Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. Help News pick Stadium's greatest moment (New York Daily News) The News is marking the countdown to the final game at The House That Ruth Built by reflecting on Yankee Stadium's greatest moments - and we're asking you - the reader - to help us pick out the best of the best. JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. News Corp says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) News Corp. executive Mark Williams has taken over as chief executive of German pay-TV broadcaster Premiere in an interim capacity, News Corp. said after the move led to renewed takeover speculation. Site: news - Google News PRESS DIGEST-Australian General News - Dec 3 - Reuters
MORE RESOURCES: Site: Yahoo! News Search Results for negotiation Report: Israeli official says Jerusalem not on negotiation table (People's Daily) The future status of Jerusalem is not on the negotiation table between Israel and the Palestinians, local daily Ha'aretz quoted an Israeli official as saying Thursday. Earlier Thursday, Jack Walles, head of the American consulate in Jerusalem, was quoted by a Palestinian newspaper as saying that Israel has agreed to discuss the question of the holy city in the peace talks with the Palestinian ... AM Topic: Salary Negotiation (AskMen) When you're trying to secure a new position in your career, salary negotiation is often considered one of the trickiest steps -- it's also one of the most important. You don't want to turn off your potential employers and make them rescind their offer. Hostage/Crisis Negotiation Training Seminar at ECU (The Daily Ardmoreite) A three-day Hostage/Crisis Negotiation Training Seminar will be offered in Ada Sept. 26-28 by East Central University?s Tribal Police Training Program, ECU?s Psychology Department and the Council on Law Enforcement Education and Training. Wednesday is the last day to register. Philex says in negotiation for sale of shares (GMA News) MANILA, Philippines - Philex Mining Corp., the country's largest miner, on Friday disclosed that it is negotiating with foreign investors for the sale of shares that it acquired from a buy back program. Updated 9/11: Get facts, leave feedback on District 158 negotiation Web site (Algonquin Countryside) The public is invited to ask questions and leave comments about School District 158's ongoing teachers contract negotiations on a news and information Web site. Nuke negotiators hold breath on North Korea's situation (Asia News Network) As focus remained on the health of North Korean leader Kim Jong-il who reportedly suffered a stroke last month, Washington and Seoul yesterday (September 11) tuned into what effects it could have on the stalemated nuclear negotiation and strained inter-Korean relations. Latest Additions (The Barnstable Patriot) After months of negotiation the Cape Cod Baseball League and Major League Baseball Properties (MLBP) have reached an agreement that allows the CCBL to continue its use of trademarks of Major League Baseball teams, including the Hyannis Mets. Why real estate deals fall through (Newsday) Faulty Paperwork, failed home inspection, and bad credit are just some of the issues that can kill a successful negotiation. Serial Counterfeiter Arrested (Garden City News) Garden City Police announce the arrest of a serial counterfeiter who received a five-figure check for a fake Patek Philippe which he sold. Ian K. Kosloff, 31 walked into H.L. Gross & Brothers on Franklin Avenue on Aug. 6 to sell a watch he said was worth $20,000. After some negotiation, a jeweler wrote him a check for $12,500 in exchange for the stainless steel watch. Fitch Rates NCMC's (Colorado) $55.5MM Revs 'A+'; Outlook Stable (Centre Daily Times) Fitch Ratings has assigned an 'A+' underlying rating to the Colorado Health Facilities Authority's approximately $55.5 million hospital revenue bonds (NCMC, Inc. Project) series 2008A&B. The 2008A&B bonds are expected to sell via negotiation during the week of Oct. 14 and will be issued as variable-rate demand bonds backed by a letter of credit. In addition, Fitch has affirmed the underlying ... Site: negotiation - Google News Auto CEOs Aren't Making Their Case - Wall Street Journal
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