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Event Business Plan Essay

Words: 2588, Paragraphs: 11, Pages: 9

Paper type: Essay

[pic] Event Business Plan Template An event Business Plan serves to communicate the strategic plan for taking the event forward, usually over a period of three to five years (if it is not a one-off proposition). Every event should have a Business Plan.

Regardless of the scale, age or history of your event, the Business Plan is an essential tool that will: • Communicate the vision, purpose and benefits of the event to others • Enable you to focus on the event’s potential to develop and grow • Illustrate and help secure the event’s viability and sustainability in the longer term • Show how much money is needed and what it is needed for • Help you plan the resources, delivery and operating structure • Help you raise funding • Help you measure success

It is recommended that all business plans being submitted in conjunction with National Programme Applications contain the following: • An Event Overview including: – Vision and Mission Statement – Key Outcomes/deliverables – The Event – Target Market – Stakeholder involvement and benefits – Delivery mechanism • Development Plan including – Strategic Development – SWOT Analysis • Financial Plan and Considerations – Income and Expenditure projections – Economic Impact Estimation Key areas to be addressed in an event business plan include: • The event’s vision and mission – i. . what it ultimately aims to achieve • Who the key stakeholders are, what benefits they will accrue and how the event fits with their strategies • The relevant experience and track record of the organisers • The event’s background and an overview of plans for the current year • The SWOT analysis (identify strengths, weaknesses, opportunities and threats) • Key objectives and achievement strategy for the current year • A development plan – how key aims and objectives will be realised going forward (beyond the current year) • Marketing and communications planning Event requirements – staffing structure, facilities, services, venues, etc • How much the event will cost – budget projections over 3–5 year period • How will it will be paid for – identifying income streams • Management and business controls • Risk management and contingency plans • Future considerations For further information on creating your own event business plan please refer to Event Management: A Practical Guide which can be found on the Funding and resources pages of the EventScotland website: http://www. eventscotland. org/funding-and-resources ( ) () () Contents Page Executive Summary . Background & History • Event Management/Experience • Event History 2. Event Overview • Vision and Mission • Key Outcomes/deliverables • The Event • Target Market • Stakeholder involvement and benefits • Delivery mechanism 3. Development Plan – Going Forward • Strategic Development • SWOT analysis 4. Event Requirements • Facilities • Services • Production • Legal & insurance 5. Marketing and Communications Plan 6. Financial Plan & Considerations • Income and Expenditure Projections • Economic Impact Estimation 7. Management and Business Controls • Event Action Plan Template • The Business Monitoring and Evaluation of outcomes • Risk factors 8. Appendices Executive Summary The executive summary should be concise and should contain an overview of the following: • What the event is • The event’s vision & mission • Its objectives • When and where it will take place • Why the event has been developed • Who the event aims to attract (the market) • What the key benefits of hosting the event are – to the community, sector, stakeholders, etc • Who developed the event and Business Plan • Statement as to the estimated event income and expenditure • Business Plan review (i. . plans for monitoring and updates) • What the main sections of the Business Plan are 1. Background & History This section should include information on: Event Management/Experience – outline who you are and what your relevant experience and track record is Event History – is this the events first year; where did the idea come from; have there been similar events; has it previously been staged elsewhere; what kind of event is it; who does it attract? 2. Event Overview – Current Year This section should set out plans for the ‘live’ event year:

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Vision – A short statement that describes, in broad terms, the event’s long term aim Mission – A more detailed statement which provides detail on how the vision will be delivered: Key Outcomes/deliverables – Targets/Objectives – This is an opportunity to define and communicate the objectives and deliverables of the event. These should help to deliver the vision and mission. Set timescales and identify who each action will be led by (i. e. which organisation/individual). They need to be clearly set out and should follow the SMART principle: Specific, Measurable, Achievable, Relevant and Time-Based:

The Event – describe the event and its various elements in more detail. Give an overview of the intended event content/programme and any new developments Target Market – give an outline of the existing audience/spectator/participant profile (if there is one) and state targets for growth and development (you should go into more detail in section 5) Stakeholder Involvement and Benefits – describe the involvement and benefits each stakeholder should expect (event partners, public funders, sponsors, supporters, host venue/city, the local community, etc).

Make sure you state where the event and stakeholder strategies align Delivery Mechanism – 3. Development Plan – Going Forward This section should present an outline of how the event will develop over the next 3–5 years: Strategic Development – with your vision and mission in mind, outline your key objectives and how they will be delivered and developed beyond the current year; set timescales and identify who will lead each action (i. e. organisation/individual) SWOT analysis Strengths |Weaknesses | |Unique event in calendar |Potential for weather to affect programme | |Point 2 |Point 2 | |Point 3 |Point 3 | |Opportunities |Threats | |To grow into new markets and invite in different age groups |Clashes with other events taking place in the local area | |Point 2 |Point 2 | |Point 3 |Point 3 | 4. Event Requirements This section should outline what is required on an operational level to deliver the event:

Facilities – what facilities are required in terms of public utilities, accommodation (on and off site), catering, communication, other technology (such as timing equipment for sporting events), etc Services – what services will be required and who will provide them: medical, police, child protection, fire, traffic management, health & safety, security, media, etc Production – detail the production equipment required such as power, fencing, staging, sound, lighting, vision, heavy plant, etc Legal & Insurance – consider the implications of contractual arrangements and the necessary insurance required to cover all aspects of the event 5. Marketing & Communications Plan

Details of how to construct an effective marketing and communications plan can be found on the Funding and resources pages of the EventScotland website: http://www. eventscotland. org/funding-and-resources 6. Financial Plan & Considerations This section is crucial. You need to show that the event is financially viable and achievable. EventScotland recommend that you utilise the ‘Annual Budget Template’ below. If this is not possible, we recommend that you include, at a minimum, the following: Income and Expenditure Projections – present detailed event budgets and cash flow projections for the period of the plan Economic Impact Estimation – the additional income that holding the event will bring to your area/economy ANNUAL BUDGET TEMPLATE | | | | | | | | | | | |  |Total Budget Value |Total Budget Value |Total Budget Value |Notes | |INCOME |2009/10 |2010/11 |2011/12 |  | |  |  |  |  |  | |· Local Authority Funding |  |  |  |  | |· Scottish Enterprise Funding |  |  |  |  | |· Other Grants/Public Funding |  |  |  |  | |· Amount requested from EventScotland |  |  |   | |· Trusts/Foundations |  |  |  |  | |· Sponsorship |  |  |  |  | |· Ticket Sales |  |  |  |  | |· Merchandising – Trade site fees / Hospitality / Programmes |  |  |  |  | |· Other Income |  |  |  |  | |Total Income |? 0 |? 0 |? |  | |  |  |  |  |  | |EXPENDITURE |Total Budget Value |Total Budget Value |Total Budget Value |Notes | |Administration |  |  |  |  | |· General Administration |  |  |  |  | |· General Insurance |  |  |  |  | |· Travel & Accommodation |  |  |  |  | |· Staff Salaries & Fees |  |  |  |  | |· Management Fees |  |  |  |  | |· Other Administration Expenses |  |  |  |  | |Subtotal Administration |? 0 |? 0 |? |  | |Event Costs |Total Budget Value |Total Budget Value |Total Budget Value |Notes | |· Event Evaluation/Bid Costs |  |  |  |  | |· Sanction Fees (if appropriate) |  |  |  |  | |· Facility/Venue Costs |  |  |  |  | |· Other Production Costs (Plant, Equip.

Hire, Crew, Security) |  |  |  |  | |· Health & Safety |  |  |  |  | |· Event Insurance |  |  |  |  | |· Ceremonies |  |  |  |  | |· Entertainment/Artistic Programme (fees and costs) |  |  |  |  | |· Hospitality |  |  |  |  | |· Cost of Merchandising   |  |  |  | |· Travel, Accommodation & Services |  |  |  |  | |· Communication (Radios etc) |  |  |  |  | |· Other Event Expenses |  |  |  |  | |Subtotal Event Costs |? 0 |? 0 |? |  | |Marketing and Promotion Expenses |Total Budget Value |Total Budget Value |Total Budget Value |Notes | |· Advertising |  |  |  |  | |· Design Fees & Print Production |  |  |  |  | |· Direct Mail/Distribution/Display |  |  |  |  | |· Internet |  |  |  |  | |· Promotions |  |  |  |  | |· Market Research |  |  |  |  | |· Ticket Production |  |  |  |  | |· Other Marketing & Promotions Expenses | |  |  |  | |Subtotal Marketing and Promotion |? 0 |? 0 |? 0 |  |   |Total Budget Value |Total Budget Value |Total Budget Value | |  |2009/10 |2010/11 |2011/12 | |TOTAL EXPENDITURE |? 0 |? 0 |? 0 | |CONTINGENCY (10% OF TOTAL EXPENSES) |? 0 |? 0 |? 0 | |TOTAL EXPENSES + CONTINGENCY |? 0 |? 0 |? 0 | |SURPLUS / DEFICIT |? 0 |? 0 |? 0 | 7. Management & Business Controls

In this section you need to show that you are set up to manage the event appropriately Event Action Plan – (See overleaf) Event Action Plan – set out a clear timetable covering all aspects of event delivery |Event Action Plan Template | |Event Name: | |Date of Event: Plan updated on: Version: | Activity |Responsibility Insert Name) |J |F |M |A |M |J |J |A |S |O |N |D |J |Status | |Update Business plan | | | | | | | | | | | | | | | | |Steering Meetings | | | | | | | | | | | | | | | | |Marketing | | | | | | | | | | | | | | | | |Agree Objectives | | | | | | | | | | | | | | | | |Engage Designer | | | | | | | | | | | | | | | | |Designs Approved | | | | | | | | | | | | | | | | |Print Ready | | | | | | | | | | | | | | | | |Etc | | | | | | | | | | | | | | | | |Press | | | | | | | | | | | | | | | | |Engage press Officer | | | | | | | | | | | | | | | | |Agree Milestones | | | | | | | | | | | | | | | | |Long Lead research | | | | | | | | | | | | | | | | |Launch | | | | | | | | | | | | | | | | |Features Placed | | | | | | | | | | | | | | | | |On site Photo-op | | | | | | | | | | | | | | | | |Etc | | | | | | | | | | | | | | | | |Fundraising | | | | | | | | | | | | | | | | |List and Insert milestones | | | | | | | | | | | | | | | | |Programming | | | | | | | | | | | | | | | | |List and Insert milestones | | | | | | | | | | | | | | | | |Production | | | | | | | | | | | | | | | | |List and Insert milestones | | | | | | | | | | | | | | | | |Licensing and Legal | | | | | | | | | | | | | | | | |List and Insert milestones | | | | | | | | | | | | | | | | |Monitoring and Research | | | | | | | | | | | | | | | | |List and Insert milestones | | | | | | | | | | | | | | | | |On Site | | | | | | | | | | | | | | | | |List and Insert milestones | | | | | | | | | | | | | | | | |Live Event | | | | | | | | | | | | | | | | |List and Insert milestones | | | | | | | | | | | | | | | | |Take Down/De-rig | | | | | | | | | | | | | | | | |List and Insert milestones | | | | | | | | | | | | | | | | |Reporting | | | | | | | | | | | | | | | | | The Business – describe how you will keep track of the business; describe the management and administration systems that will ensure the smooth running of the event Other Records – explain the other systems you will put in place to monitor progress of each operation, when will you do it, who will do it, etc

Monitoring and Evaluation of Outcomes – how will you measure objectives and outcomes against levels of achievement (marketing, budget, etc) and how will you provide reports? Risk Factors – identify key risk factors (e. g. with respect to your objectives, programme, finances, operations, reputation, legal, audience, health & safety, etc). Show how you will manage and mitigate risks and provide an initial risk assessment 9. Appendices These may include appropriate documents such as • Additional financial information • A site/venue map • Previous research and economic impact information • Equal opportunities policy • Health and safety policy • Ethical practices • Code of practice/staff briefing document

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Event Business Plan. (2019, Jun 20). Retrieved from https://paperap.com/paper-on-essay-event-business-plan/

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