Saturday, March 7, 2009

Check Your Budget

When the unexpected happens, you have to shift to Plan B. Right? To help you prepare for that financial burden, I encourage you to put a little aside in a Reserve or Savings account. That's right. A festival or attraction can do it - just like you should be doing for yourself.

Let the money sit there and grow. If you don't spend it, carry it over to the next year - if you're allowed to do that.
I've seen many events that forgot to put money aside, and wound up going in the hole because there was no money in reserve. Protect yourself and your event. That's good PR.
Marketing Tip: Festivals and events can protect themselves financially by building a savings account. You never know when you'll need to purchase something that you hadn't anticipated in the middle of an event. Such forethought can prevent probing media questions.

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