Can you plan your own events? Probably so. Then why do you need the services of a professional meeting planner? You don’t. That being said, please accept my challenge:
I guarantee what you’ll find will be of interest to you every time you need to make a business decision requiring your commitment of a large block of time. You need a calculator and a pencil. Stop here and return when you’re ready to churn some numbers.
Ok, first off, take YOUR yearly gross salary, then multiply it by 30% and add the two numbers. (For example if you earn $100,000 multiply it by 30%) $30,000) then add the two numbers = $130,000)
Now, divide the total number reached above by 2000. The number you see here is YOUR approximate hourly wage ($65)
Now, this is an interesting number but the equation isn’t over yet. Part two is a bit more subjective.
Ask yourself:
- What am I presently working on?
- How much revenue do I derive yearly for my firm or organization?
- What major projects take up most of my focus?
- Am I working on a highly visible tangible project such as a new contract, the move of a building or headquarters, the purchase of another company or perhaps an IPO?
If so, ask yourself: “what is the real cost of diluting my focus on these issues?”
Now, in order to complete the equation let’s turn to your event. The one common denominator that transcends the planning of every event or meeting is time. There is of course, the time between today’s date and the actual date of your event. There is the time you must invest in order to produce a world-class event. The two are without a doubt interrelated yet very different. The primary focus of this article is on you and the amount of time you’re able to commit to the planning and execution of an event. There is no getting around it –proper planning takes time and always more than meets the eye.
My argument here, respectfully submitted for your understanding, is that more than likely you can’t afford not to use a professional planner and the numbers truly tell the story. A simplistic comparison: taking one’s clothes to the cleaners. Can I wash and iron them myself? Sure can! But the cost per shirt is nominal for professional laundering when I consider the time I’d have to invest in order to accomplish the same task myself.
Time is money. We’ve heard this over and over again throughout our careers. Why do you think corporations spend millions maintaining fleets of private aircraft? They are not executive perks; they carry busy professionals who don’t have time to waste, men and women whose contribution to the bottom line of their company far exceeds the cost of maintaining executive aircraft.
From another perspective – if you’ve ever had the opportunity to put together a toy or kitchen gadget on a holiday morning, I am sure you can relate to the following point: People who do something over and over again, do it more quickly and efficiently!
In my opinion, that is the best case for using professional planners for your event. In addition to having their ear to the ground about venues, industry issues, etc., they know what “not to do.” They know the risks involved in certain decisions and can clearly see danger well ahead of others who plan meetings from “time to time.”
Returning to my original statement, you are more than likely capable of planning your own event and most probably could do it well, but unless you do it all the time, you’re not going to have access to the information and knowledge base of someone who lives the craft professionally and in most cases, socially as well.
Using our equation model, what is the real cost of your total involvement for countless hours on end? I believe, significantly higher than of a professional planner.
Numbers do tell the story and the model I’ve suggested here today can be used in other areas of your business and personal life as well.
Copyright 2000. Avery Russell, Alexandria, VA, USA. Reproduction permitted.
