» How to Protect Your Business from an Ever-Changing Economy

This article was written by Kevin Dennis, editor of WeddingIQ.

Owning an event business is complicated. It’s not enough that you have to stay on top of trends, adapt to new technology, as well as change with fashion and the generations. You also have to focus and think about how to endure the ebbs and flows of the ever-changing economy. The economy is one of the biggest challenges a small business can face and it can make or break your business depending on how well you prepare.

But, how can the ever-changing economy affect your event business?

With few exceptions, we are nearly all in business for the revenue. You might need your revenue as a primary source of income, or simply to supplement that of a spouse – but you probably need it nonetheless. Maximizing your company’s profitability is a high priority, however this can be difficult when the economy is in flux and booking patterns become unpredictable.

There are ways that you can stabilize your business, though, to help shield it from unforeseen circumstances including:

Diversifying your revenue streams

Developing multiple streams of income allows you to sustain a business even if one of your major products or services falls victim to the economy. If you usually market your product to a luxury clientele, for example, having a more budget-friendly option ready to go in the event that the market collapses can keep the money coming in long enough for you to make necessary adjustments to your business model.

Keep your insurance updated

Be prepared for anything and everything. Make sure you have liability, business and workman’s comp insurance to keep your business safe from unfortunate events.

Price your services carefully

We price ourselves to fall a bit on the higher side so we don’t have to compromise the level of service for which we are known. This maximizes profits allowing us to save and reinvest in our businesses, and it also shields us from total devastation if the economy should take a downturn.

Nurture your professional relationships

When the economy is strained, some will fall victim and either need help to keep going or will have to close their doors. If you have a strong network of business associates, you may be able to seek and receive help during difficult times. Attend association meetings and other networking gatherings regularly to maintain your current relationships and seek new ones. Help others in time of economic hardship by sending referrals, and graciously accept help when it is offered to you.

The economy is a powerful factor when running a business, but with some forward-thinking you can prepare your business.

Kevin Dennis is the editor of WeddingIQ and the owner of Fantasy Sound Event Services, a full-service event company based in Livermore, California. Dennis is the past president for Silicon Valley NACE, and national vice president for WIPA.

» Are You Too Busy To Be Successful?

Photo by Dana Lynn Photography

This article was written by WeddingWire Education Guru Alan Berg, CSP.

One of my presentation titles is: “Are you too busy to be successful?,” which, like many of my topics, came from discussions I’ve had with wedding & event professionals like you. Being busy is easy. Whether it’s email or social media, family obligations or volunteering, staying busy is easy. Getting the things done that you want and need is another story. And since we’re not getting any more hours in the day, what’s the answer for busy wedding and event professionals?

And the answer is…

Well, the answer is the same for you, as it is for me, and it’s one word… priorities. We simply make the time for the things that we prioritize. Sounds simple, doesn’t it? Then why is it so hard? We have to realize when we’re controlling our priorities, and when we’re allowing others, or outside forces to control them. We also have to realize that we can change our priorities whenever we want. Still sounds simple, doesn’t it? Not so fast.

What’s my priority today?

Have you ever gotten a call from a friend who offers to take you to the ball game, or show, or concert, on short notice? You had plans for that day/time, but you change them so you can go with your friend. In other words, you changed your priority for that time slot. Sure, whatever you were going to do probably still needs to get done, it just moved down a notch, or two, on your priority list.

But I just. Can’t. Stop…

I know, from personal experience, that there are times when we’re doing something other than what we know we should. Maybe we’re spending time on Facebook, when we know there are emails to be answered, or proposals to write, or laundry to do. Sometimes there’s an invisible force that tells us “I’ll just look at one more post” or “I’ll only click one more link…”, but one leads to four, leads to ten, leads to another hour lost. Hey, we’re only human. The first step in correcting this behavior is realizing that you’re doing it. Then, you need the willpower to cut yourself off. In other words, you need to change your priorities.

The most important word you need to know

Something else that makes us too busy is taking work on which we know we should pass. If you’re relatively new in your business, it’s likely that you’re taking any, and every customer that comes your way. That makes sense, but eventually we all learn that we don’t want every sale. The pressure often comes when we chase the big dollar sale, only to have it take way more time and resources than we anticipated. That time is taken from your core customers, and your family time, and you may even have to pass on some smaller, yet more profitable customers to accommodate the one big one.

When I’m consulting with businesses, like yours, I want you to focus on profitability, not just top line growth. Getting more revenue is great but keeping more of it is better. I recently had a client tell me they wanted to be the biggest company in their market/category. I suggested that they focus on being the most profitable, rather than the biggest. My favorite expression for that is that I don’t care about feeding your ego, if it’s not feeding your family. So, the most powerful word you have is “No.” it’s hard to pass on more sales. Believe me, I know from firsthand experience. I raised my rates so I could take less work this year, but it backfired. I’m busier than ever. Clearly, I haven’t learned to say “No” as much as I should.

Stop throwing money at me

I did say “No” to the highest paying speaking gig I’d ever been offered, because I wasn’t the right fit. They were even offering to change the date of their event, and it was a significantly higher fee than I had been getting at the time. But my expertise doesn’t extend to their industry. It’s close, but they really should have someone who understands the nuances, and legalities of their world. While I could learn them, it would have taken me away from my core audience. Also, if I were the customer, I wouldn’t want someone learning my industry on my dime. I would want to hire someone who is already an expert. Isn’t that why your customers hire you? Because you’re already the expert.

Can you be successful without being busy?

I’m sure you can, but busy isn’t a bad thing. It’s being too busy to get to do the things you want that is bad. If you’re not spending time with family and friends, that’s bad. If you’re always playing catch-up, getting things done at the last minute, that’s bad. If you’re not getting to your big-picture, to-do list items, that’s bad. I wrote in a recent post titled Self-Help versus Shelf-Help,” which includes a section about keeping only two or three things on your big To-Do List, so you can get more done. You really can be more productive, without being too busy. I’m a realist, so I know that your wedding season is going to be busy. But, if you prioritize what’s most important, and learn to say no a little more often, you’ll be able to see when you’re creating more busy-ness than necessary. Here’s to your success!

WeddingWire Education Guru Alan Berg, CSP has over 20 years experience in wedding related sales and marketing, and is an author, business consultant, a member of the National Speakers Association, and the wedding & event industry’s only Certified Speaking Professional®. Learn more at alanberg.com.