Coronavirus – Reducing the Financial Risk

The UK events industry is worth £39.1bn per annum*

The Coronavirus has hit the event industry hard. Many events which were in planning for 2-3 years have been cancelled following the government’s decision to prohibit mass participation events from taking place to contain the outbreak. We are now on lockdown, meaning we have no real way of knowing when events can be postponed or which events in the future can still go ahead.

The larger the event, the bigger and wider the impact has on the whole global economy.

In the last few weeks our spring season of events have taken a huge hit; most have either been cancelled or postponed until 2021, Autumn events are being pushed back not specifically due to the virus itself, but it’s correlated financial impact on all industries and businesses.

As an event management company our goal is to be an extension of our clients. We become part of their team and our primary focus now is to reduce and mitigate the financial impact this will have on their bottom line.

Although we cannot stop the events from being postponed or even cancelled, we can reduce the impact to our clients financially and take away the stress involved in contacting delegates, venues and suppliers.

Here are some of the steps we have already taken as a team;

  • Communication – Over the past few months we have kept our client’s continuously and consistently updated on the current situation and the impact this has on their event.
  • Budget – Creating emergency budgets to show what the impact means financially if attendance was reduced by 20% or even 40%. Looking closely at the budget, analysing extras that would not affect the running of the main conference (decor, entertainment, venue and program changes) to cut costs without lowering value.
  • Contracts – Reviewing contracts with suppliers and venues, specifically cancellation and postponement policies, whilst working on instigating Force Majeure.
  • Inform – Communicating all information to our clients allowing allows them to make informed decisions about their event and the financial impact of any decision they make.
  • Innovation – Providing a solution for live events by presenting a virtual conference platform. We are calling this the “Dynamic virtual world”, an interactive, cost-effective, accessible and environmentally friendly alternative. See our Dynamic virtual world blog post here.

As a team, we collectively have over 100 years of experience in event management. With that comes a wealth of knowledge that puts Dynamic Events in a unique position. Our longstanding relationships, buying power, and mutual respect with suppliers, gives us an advantage to minimise the risk in a situation like this.

Therefore, we have limited and even escaped the financial implications to our clients by re-negotiations and postponement of events to 2021.

“Our long-term partnership with Dynamic Events team is based on mutual trust and a shared vision, and it is a collaboration that achieves excellence for our attendees. Postponing our conferences this year was not an easy decision since they create vital networking opportunities for our member firms. For obvious reasons, our two conferences scheduled to take place in Beijing had to be postponed to 2021. Thanks to the Dynamic Events team’s knowledge of worldwide destination and their contacts, they were not only able to postpone our conferences without any negative financial implications but were also immediately able to suggest alternative locations and programmes.” Paul Ginman, COO and Global Head of Quality – Nexia International, March 2020

The policies and procedures we have in place are purely to protect our clients. Through implementing rigorous contingency plans, this enables, and has enabled, us to react quickly to this current crisis. Whether the client wishes to go ahead with the event, cancel or postpone, we are well equipped to handle any decision they make.

We work with local and national public health authorities, as well as receiving regular updates by the World Health Organisation and continually updating risk assessments. This keeps our clients informed should the situation change, and the event is no longer safe to proceed.

During the event we have an emergency hotline available 24/7 for all delegates, identified isolation zones with venues and contingency plans to organise travel for delegates.

The key to our management is TRUST – our clients trust us as an agency and trust that we shall keep them informed and enable them to react to any situation. Often companies question the expense of having an event management company rather than employing a person inhouse, but our clients will be the first to tell you – we save them time and money. Not just from negotiating more favourable rates with suppliers but should things happen that are out of our human control, like covid-19, our contracts and terms with suppliers protect our clients. 

With our member firms located in more than 146 territories, our regional conferences provide a great platform to build relationships, learn about our strengthening network and portfolio of services and engage in collaborative conversations. When we had to take the decision to cancel this year’s regional conferences, the Dynamic Team kept calm and carried on doing what they do the best. They have managed to renegotiate all local supplier contracts to secure new dates in 2021 with the existing rates and have successfully negotiated for any deposits already paid to be credited against future events. Their quick action and the concise information they provided enabled us to make informed decisions which has been very much appreciated in these extraordinary and uncertain times.Adam Grainger, Chief Information Officer – Baker Tilly, March 2020

Solutions – Virtual conference platforms

We can offer our clients an alternative to having a physical event by creating a virtual conference platform.  The virtual conference will allow delegates to be actively involved in a secure online environment from anywhere in the world – 24/7.

Our platforms are totally accessible, fully interactive and customizable so that your brand is visual throughout the experience.  We can pre-record sessions, have live Q&A’s, hold group chats, share links, hold spaces for sponsors, and have virtual shops to promote merchandise.

Virtual conferences have huge benefits and are available at a fraction of the cost of a live conference

Our virtual conferences offer an enriching event experience with delegates, making them able to interact, debate and participate in online forums, chat rooms, as well as having on demand ‘pre-recorded’ seminars available.

Top benefits

  • AccessibilityMulti language, on demand, mobile platforms, available 24 hours.
  • InteractiveIndividual or group chats, voice, text, video links, search function.
  • SustainableReduced travel – CO2 consumption – reducing your companies carbon footprint; Paper, plastic and organic matter waste generated at real events will be removed.
  • CostThis platform is far more cost-effective than a live event and allows people to attend that may not ordinarily be able to.

If you wish to learn more about our virtual conference platforms or are planning an event in the future, contact my team on 01797223626 we would love to hear from you.