Taking Mobile Payments At Your Event

February 4, 2013 By Leave a Comment

At past events taking credit cards was a little tricky. You either had one of those big bricks with carbon copies to swipe cards or used a fancy machine that cost a lot of money.

Now taking credit cards at your event has become very simple thanks to the introduction of several apps and card swipers that plug into your mobile device.

Here is a sampling of some credit card readers and their apps.

  1. Square is one of the most robust of these. The apps that work with Square includes being able to setup a register and keeping track of inventory for if you are selling shirts or other merch. Square is 2.75% per swipe with no additional fees. The card reader is free via their website (squareup.com) or $9.95 in stores.  That amount is later credited to your account to make the card reader free.
  2. PayPal is one of the most commonly used methods of taking payments. If you’ve purchased anything from eBay, you have a PayPal account. With the PayPal mobile app, you can take payments with a card reader or transferred from an attendee’s PayPal account. PayPal charges a fee of 2.7%, and you can have access to those funds the day you take payment.
  3. GoPayment is a great option if you use QuickBooks for your business books. GoPayment is also free, but working with QuickBooks is the major difference between this app and the others. Find out more info at GoPayment.com to see if this is the right card reader for your event.

All of these apps work with an Apple or Android device, and that’s great flexibility for whoever is helping take payments.

In the interest of fair disclosure, I’ve only worked with Square. It was quick to learn and easy to use, but what we found was it took longer to get our money. When we tried to contact them to ask about that, no one returned our email. When using an app like this, finding a company with the best customer service is very important.

Have you used an app and card reader to take payments at your event? What has been your experience?

Filed Under: Budget and Pricing, Meeting Set-Up Tagged With: , , ,

Christian Meeting Planning Resources – November Update

November 30, 2012 By Leave a Comment

Here are some great articles we’ve read in November, I hope you find something useful as your making plans for your upcoming meetings and events.

I hope you find these helpful and remember we have many more that might interest you  in the Meeting Planner Resources section of the blog.

 

Filed Under: Budget and Pricing, Christian Retreat Ideas, Cost Saving Ideas, Food and Beverage, Marketing and Promotion, Meeting Set-Up, Post-Event Follow-up, Pre-Event Planning, Site Selection Tagged With: , ,

When The Bottom Line Is The Bottom Line

November 16, 2012 By Leave a Comment

As discussed in another post, an event’s financial outcome is only one factor to consider when assessing an event.  Today’s post takes a closer look at how to use Profit and Loss (P & L) statements to measure an event’s financial health.

  • Tie expenses to each specific occurrence of an event, even if the expenses occur in a different fiscal year than the event itself.  This allows you to assess each event occurrence on its own financial merits.
  • Code expenses to different categories to provide a better look at how you’re spending our money.  Category examples should fit your event and organization, but could include:
    • Office/Printing/Postage
    • Advertising and Marketing
    • Travel
    • Honorarium
    • Supplies
    • Miscellaneous (a catch-all category…don’t use it for too many items, but it’s usually helpful to have it for one-off expenses, etc.)
  • Separate program fee revenue from other revenue.  This allows you to determine how the event would fare on program fee revenue alone as well as reflect on what other supplemental revenue streams (ex: merchandise sales) you might want to consider.  When considering  supplemental revenue streams, remember:
    • Providing value for attendees is important.
    • Fostering a perception among your attendees that you are providing value is vital.  Beware of creating a “nickel-and-dime” culture.
    • Merchandise with event information (ex: t-shirts, bags) can provide a financial benefit of advertising as well as strengthen a connection between the participant and the event.  Perhaps these benefits even justify providing some items free of charge rather than selling them.
    • Include attendance figures.
    • P & Ls show each event’s margin (bottom line divided by revenue).
    • Keep historical data so you can view an event’s financial outcome in the larger context of how it’s done in other years and explore reasons for significant differences.

Update the P & L monthly, to track an event’s financial health both before and after it occurs.  Also take a more in-depth look in an annual “fully allocated” P & L in which you include the program revenues and expenses as well as estimates of labor costs within your office (based on how much time each individual spent on that event).  This provides a more detailed analysis of an event’s financial impact to your company and your stewardship of the resources required to plan and hold it.

So, how do you measure an event’s financial health?  What ideas can you share?

Filed Under: Budget and Pricing, Leadership Helps, Post-Event Follow-up Tagged With: , , , , ,

Go With The Flow

October 26, 2012 By Leave a Comment

When budgeting an event, most of us think about revenues, expenses, and attendance.  We take it to a another level when we consider fixed expenses versus variable expenses, and plan how we might control the latter if attendance falls short of what we expect.  For the typical meeting planner, the financial planning process goes no deeper.  As a result, anxiety can increase significantly in the weeks leading up to the event as expenses begin to hit before the actual event even takes place.  If only such meeting planners would “go with the flow.”

What flow?  Cash flow.  In simple terms, planning cash flow is the “when” consideration in creating a budget.  A planner should consider not only what expenses will hit, and what the anticipated revenues will be, she should also reflect on when the expenses will hit and when she’ll have the cash necessary to pay for them.

Expenses hitting prior to an event often include:

  • Advertising and Marketing
  • Deposits/Appearance Fees: For speakers, music groups, and other performers
  • Deposits Owed to the Meeting Site/Facility: For meeting space, caterings, audiovisual rentals, and other items.  (NOTE: Some facilities will offer direct billing subject to the payer passing a credit check.  An event planner should discuss with potential host facilities early in the planning process.)
  • Travel Arrangements: For you as well as those who are part of the platform/program (if required by your contract with them).
  • Giveaway Items: Such as t-shirts, bags, binders, and flash drives.  These items not only provide a keepsake for attendees, they can also provide advertising benefits for future events.
  • Miscellaneous Expenses: Supplies, staging materials, decorations, programs, name tags, door signs for meeting rooms (What will the meeting facility provide, and what is your responsibility?).

How can an event planner have sufficient funds on hand to pay invoices as they arrive?  Here are some possible solutions:

  • Partner with an organization that agrees to provide the funds needed up front in exchange for a share of the revenues or profits when the event occurs.
  • Recruit companies to serve as sponsors for the event, and collect the sponsor fees early enough to use the funds to pay for expenses that hit prior to the event.  Many events offer various sponsorship levels to widen the circle of potential sponsors (and increase the amount of funds that can be raised).  Focus on companies that will benefit from being visible to attendees at the event.
  • Determine what deposit amount a registrant must pay when signing up for the event.  Not only does requiring a deposit encourage fewer cancellations because a registrant has “some skin in the game”, it will also provide funds for you to use as needed prior to the event.  In addition to deciding the amount of the deposit, you should also carefully think about your cancellation policy, including deadlines for cancelling and what portion of the deposit is refunded at those deadlines.
  • Encourage early registrations.  Offering a discount off the event fee might make financial sense if it incentivizes people to sign up and pay deposits earlier, thereby providing you with cash you can use as event expenses begin to occur.

Don’t get carried away by the current of expenses that can occur prior to an event…instead, think about cash flow during your planning process, and “go with the flow”!

Filed Under: Budget and Pricing, Leadership Helps Tagged With: , , , , , ,

Don’t “Take It to the Limit”, Maintain Margin!

October 8, 2012 By Leave a Comment

Like the margins in a book provide space between the words and the page limits, maintaining margin as you plan and execute an event will provide a buffer to absorb challenges and issues prior to reaching the limits of your event and you!  Consider the following areas in which having margin can make a tremendous difference in the success of your event:

  • Time (Attendees’): Before finalizing the schedule for your event (onsite registration, large sessions, breakout meetings, meal-times, breaks, etc.), review it to ensure your schedule includes some margin.  What if a speaker runs over his allotted time?  What if a catered meal takes longer than expected?  What if there are audiovisual difficulties?  You want to offer your attendees the best experience possible, but keep in mind this includes providing opportunities to network with other attendees, take breaks to refresh their minds and reflect on what they’ve experienced, and not feel rushed throughout the event.
  • Time (Yours): What about your schedule during the event?  Even when things run smoothly it’s likely you’ll be quite busy during the event as you meet with attendees, communicate with the host staff, take care of your speakers, and handle the myriad of scenarios which come along with serving as an event planner.  Consider holding blocks of time on your schedule when you schedule nothing.  Doing so will provide sufficient time to take care of unexpected issues that arise as well as allowing you valuable moments to re-charge your batteries so you can lead your event more effectively.
  • Emotional: Prior to traveling to Africa to pick up the two children we adopted in 2010, my wife and I spent almost two months in a hospital several states away from our home as one of our other children dealt with some health issues.  Suffice to say, by the time we left for Africa we were spent, both emotionally and physically.  While not always possible, taking time to get away and recharge before an event occurs can help an event planner tremendously.
  • Physical: Rest well and eat well, both before and during the event.  Any event planner knows this isn’t always easy, but doing so will provide you with the physical margin you need to be at your best.
  • Financial: Margin is one financial measure of an event’s success.  In simple terms, it’s found by dividing an event’s profit by its revenue.   For example, an event with $10,000 in revenue and $3,500 in profit has a margin of 35%.  Careful budget planning can help ensure you’ll have the funds needed to cover planned expenses as well as those that pop up unexpectedly.  Planning your cash flow will help ensure you have the funds when you need them.
  • Spiritual: As in so many other ways, Jesus Himself served as a model for us in the area of margin by living in such a way that He always had time for what mattered most, the divine appointments with people that came His way each day.  Unfortunately, these unexpected meetings can often seem more like annoyances to a meeting planner low on margin.

If the idea of having margin appeals to you, consider the following resources which have been a great benefit to me in this area:

  • Margin: Restoring Emotional, Physical, Financial, and Time Reserves to Overloaded Lives by Richard A. Swenson, M.D.: This book is one of the most helpful I’ve ever read (on any topic).
  • Take It to the Limit by Andy Stanley: This six-part sermon series can be found online by searching for North Point Community Church.

Both of these resources will challenge you to live with margin and provide practical ways to help you do so.  Both you and those attending your event will benefit!

Filed Under: Budget and Pricing, Cost Saving Ideas, Leadership Helps Tagged With: , , ,

Top 10 Posts – 3rd Quarter 2012

October 1, 2012 By Leave a Comment

Fall is here and I for one can’t wait for the changing leaves and cooler temperatures.   This means the 3rd quarter is behind us and it’s time to share our 10 most read posts over the past 3 months. Hopefully this will help you find a great post you might have missed…

  1. What’s A Hollow Square – As in any industry, hotels and conference centers sometimes have a language all their own. Here’s a little help in translating…
  2. Ridgecrest Recipe:  Rutland Chicken – Have you been looking for something new to do with chicken?  Enjoy and then let us know what you think!
  3. 5 Things To Do AFTER Your Meeting Is Over – Everyone has gone home and you want to relax but here are a few things that still need to be done and will definitely help you in planning future meetings and/or retreats.
  4. 8 Ideas For Promoting Your Church Retreat –  If you don’t also spend time on strategically promoting your retreat, you may end up with a great retreat that no one attends. With that in mind, here are 8 ideas for helping to promote your upcoming church retreat.
  5. 3 Steps To More Productive Brainstorming – Brainstorming with your planning team is a great way to ensure you provide an event your attendees will find engaging and worthwhile.  Here are 3 steps to take that will go a long way to making your next session more productive.
  6. 3 Tips To Creating An Unforgettable Event – Here are 3 tips on how to turn your event into an unforgettable experience.
  7. Creating A Standout Womens Retreat – A podcast interview with Chris Adams and Betsy Langmade, 2 of LifeWay’s long-time women’s leaders sharing what they’ve learned about planning women’s events.
  8. 5 Tips For Programming Effective Youth Camps – Brian Mills serves as student pastor Long Hollow Baptist Church and is passionate about reaching young people for Christ. Here are his thoughts on how to program your youth camp for maximum spiritual impact.
  9. 7 Tips For Getting The Most From A Site Visit – Once you decide to make a site visit, here are 7 tips to help you maximize your time.
  10. Meeting Planner Survival Kit – Many planners need to be prepared to address last minute needs and emergencies. Here is a starter list of items you need to have in your meeting planner survival kit to be prepared at your next event.

Which post have you found most helpful?

 

Filed Under: Activities/Recreation, Budget and Pricing, Cost Saving Ideas, Marketing and Promotion, Post-Event Follow-up, Recipes, Site Selection Tagged With: , ,
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