Profit From Your Event - Define Your Payment Rules
Below is a MRR and PLR article in category Business -> subcategory Other.
Maximize Profits from Your Event: Define Clear Payment Rules
Overview
Frank Richards, a Business Management Consultant specializing in Service Level Agreements, recently conducted four seminars in major Australian cities. Despite high attendance, he found that ticket sales didn’t cover the costs. Here's how defining clear payment rules can solve this issue.The Importance of Timely Payments
In today’s world of instant transactions, you might assume unpaid registration fees are a minor problem. However, company procedures for payment requisitions can take over 90 days, impacting cash flow and budget management. This highlights the need for prompt invitations?"sent at least three months before the event?"while still addressing non-paying attendees.
Establishing Payment Rules
To prevent such issues, create clear, contracted rules that accompany your invoices and registration confirmations. Clearly state: "If payment is not received 21 days prior to the event, the delegate's spot will not be reserved." Be realistic with deadlines to avoid deterring potential attendees whose finance departments may have longer processes.
Managing Late Payments
Assign a member of your administrative team as a Credit Analyst to monitor payments. Their role should include regular follow-ups with attendees, applying gentle pressure to ensure timely payments. This often encourages attendees to expedite the process, using your terms to prompt action from their finance teams.
Handling Late Payments
In cases where delegates face bureaucratic delays, allow for flexibility. Permit them to attend if they bring a check or cash to the event. This approach balances understanding with firm financial management.
Lessons in Debt Management
Australia faces trillions of dollars in bad debt annually, often due to inadequate debt management. Be persistent in pursuing payments?"events are unique, real-time offerings and you cannot recoup costs from unfulfilled transactions.
Offering Alternatives
While maintaining firm standards, offer alternatives like enrolling in later events or providing one-on-one consultancy to maintain good client relations. This approach respects prompt payers while accommodating others without compromising standards.
By defining clear payment rules and managing them effectively, you can ensure your events are financially successful and sustainable.
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