Jim Business Facts

Archive for November, 2009

If you have not done the exercise from my previous article, I strongly suggest you get a copy of it and do it now! You cannot do the following exercise without the first part – but you can still gain information from this reading. With these figures, we’ll now skip around to the top of what will be our operating statement — the Gross Sales.

What should your gross sales be? Do you have a figure in mind? Write down that amount. Here we’ll use $100,000 as an example, as a starting point. Right off the bat, you can slash off 50% for your cost of goods. In other words, the widgets you sell for $10 each will cost you $5. For some businesses this will be more, for other it may be less, it depends on the type of industry one is in.

So, with our example here we’re left with not $100,000 but $50,000 in what we call gross margin. If your total expenses you listed in the last exercise came to $20,000 a year and you want to make $30,000 salary, there’s your 50K used up!

Your next step is to look at this and adjust the figures. If you need another $10,000 to take care of other expenses you may have forgotten, or to grow, or if you decide you want to make $20,000 more in order to hire some part-time help as soon as possible, go back to that $50,000 and add your $20,000. We now have $70,000 in expenses right at the top, before operating expenses.

What’s the best venue for your conference or business meeting? You want your event not only to run smoothly, but also to deliver on your promises to delegates and business results upon returning to work. Choice of venue is central to these needs. Planning a conference is a big job and there are many factors to consider, such as timing, location, style, and on-site facilities.

Budget and Cost
Always start with a budget and try to stick to it. Your budget will help you in not only choice of venue, but also how many delegates you can invite, conference length, interior decorating, what meals and accommodation you can provide. Get a fixed quote from the venue ensuring that there are no hidden extra costs. Costing varies from venue to venue. Some charge by room hire, some by the number of delegates. Ask if the price can be negotiated or if there are any discounts available, especially if you’ve narrowed your choice down to two or three venues. Finally, ask when a deposit and full payment is required, and payment method.

Location
The location of your event is probably the most important decision of the planning stage. There are two general options: an urban or rural location. The perfect venue for your conference should reflect the theme as well as how you want your staff to feel before, during and after the event. A town or city centre location will have a busier, focused atmosphere while a rural setting will be more relaxed and is ideal for team-building, reflection and inspiration.

Fixing the Date
Decide whether your conference must be held on a particular date or have a choice of dates, as this will determine what venues you can add to your short list. How flexible are venues if you need to change the date?

Accommodation
Will you need accommodation for delegates? Not all conference venues have onsite accommodation so consider the convenience of staying in one location or moving to a separate venue for meals and overnight stays. Determine the number of delegates and check with your choice of venue if there are enough rooms available. Ask the venue if they have rooms available before and after the conference. Your dates may be available, but some delegates may want to arrive a day early or leave a day or two after.

Onsite Facilities
There is a long list of facilities that a successful conference needs. Can your choice of venue supply equipment or will you need to hire it or bring your own? What type of rooms are available? Is there a variety of rooms – not just for meetings, but break out areas? Are they well lit and laid out with adequate table and floor space and seating? Is the venue accessible with good access for the disabled?

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