Risky Business: The key to being prepared

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December 14, 2016

As Warren Buffet once said, “Risk comes from not knowing what you’re doing.” This rings true in the events industry especially, as preparation is key to any successful event.

When planning weddings, corporate events, bar/bat mitzvahs and other special events, there’s always the chance of something not going as planned. However, the difference between a small slip-up and a full-blown crisis can be as simple as having a risk management plan in place. Chances are that you won’t have to use it, but if something does go awry, you’ll be able to mitigate the negative repercussions and safeguard your business.

One of the biggest components of a solid risk management plan is to take a look at all aspects of the event and identify any potential risks that could happen.

When and where are the deliveries being dropped off? Is the pathway clear to the event space? What will happen if it rains? What happens if someone gets hurt? Is there somewhere to store perishable foods during the day or will you need to provide it? What is the backup plan if a vendor doesn’t show up? What happens if the power goes out?

Of course, every event is unique and comes with different moving pieces, so the questions you ask yourself will vary depending on the logistics at hand. Regardless, be sure to leave no stone unturned as you explore potential risks – it’s better to be prepared for something that will never happen than to find yourself caught off-guard!

With these answers, you can put together a basic risk management plan that can be tailored to each individual event. From there, be sure to send over the plan to the rest of the event team so they can review and weigh in on things you may not have considered.

Consider setting up a monthly call with the rest of the team just to ensure that everyone is on the same page and are making progress towards the event day. Not only does this build fellowship among the team, but it also keeps everyone accountable for his or her contributions.

The good news is that you most likely won’t need to touch your risk management plan, but you and the rest of the event team will feel much more at ease knowing there is a plan in place should something go wrong.

 

Jennifer Taylor is the owner of Taylor’d Events Group, a planning firm that specializes in celebrations of all kinds in the Pacific Northwest and Maui. She is also the creator of The Taylor’d Plan, a self-administered class for wedding planners who are new to the industry and looking to grow and develop their skills.

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