New research by American Express Meetings & Events shows that an organization’s policies on time-tracking, contracts, and budget planning for events are often at odds with what actually happens.
Let’s say you’re planning an event. Despite the fact that you have a system for getting things moving, you’re finding it tough to get all the cogs organized. You don’t know how big your budget is, and that’s making it hard to settle details and establish timelines for when things have to be done. And don’t even get started on the contract hassles.
Sound familiar? You’re far from alone.
That’s the key finding in a study by American Express Meetings & Events, which reveals that established standards for budgetary issues, crisis planning, and data transparency are lacking or not followed by many event planners. More details:
The budget kerfuffle: Just because you need it doesn’t mean it’s ready. While 82 percent of the leaders surveyed said a budget is recommended or required for events to get off the the ground, 52 percent of event planners said they don’t have one ready at the time the planning starts. And by the end of the process, things are still messy: The study notes that nearly one-third of leaders said they are unable to report all meeting expenses, and more than a quarter said they have no way to track them.
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