Budget-Negotiations, Expenditure Projections - Coursework Example

Student Name: JIAWEI(Kevin) XU ID: 110069667 Sustainability Sustainability is essential when it comes to organizing of events and meetings. There increasing demand for expos and more people seek to be educated through these events. Anything that is not sustainable can lead to depletion of resources and destruction of the environment hence causing problems to the local community. While the key stakeholders in such activities gain substantial economic benefits through holding events and meetings, operators and governments are investing significantly in the development of required infrastructures and facilities to take care this part of the tourism industry (Jones, 2014). The Best Education Network (BEST) has been applied in trying to attain sustainability in meeting and event management. BEST has focused on the development of sustainable tourism curriculum targeting undergraduates and to be provided to universities teaching tourism and hospitality around the globe. Researchers, consultants, practitioners, and educators in the tourism industry offer their experience and knowledge into sustainable tourism. Thinks Tanks are anchored on the strong belief that principles that are sustainable have to be incorporated in all areas of tourism operations (Wates, 2013). Students covering the subject of events and meeting management have to be taught to the principles of sustainability. Cultural experience is drawn from events and motivates people to travel around. Sustainability has to ensure that the social, natural, economic, and environmental impacts of events and meetings are manageable. Events and meetings have several potential impacts that include community and cultural building and development, economic resurgence, and ensuring destination unique brand (Case, 2009). Besides, they play a role in creating a favorable image of a particular destination as image makers and additional attractions. Risks are also associated with meetings and events and can translate into negative environmental-social, cultural, and economic impacts. An event that is not properly managed characterized by inadequate marketing and awareness can result into economic losses owing to low patronage. Meetings and events can also exploit the environment by misusing resources which lead to destruction of the image of a destination. In most cases cultural expression is adjusted to meet the expectations and tastes of tourists. The nature of an event can create cultural and social impacts through community displacement, crowding, congestion, culture commodification leading to sponsor, visitor, as well as community dissatisfaction. These disruptions can affect the lives of locals for the entire duration of the meeting or event. Sustainability translate to adoption of business strategies and activities which meet the needs of the enterprise together with its stakeholders presently whereas there is protection, sustaining, as well as enhancing the natural and human resources that will be required by the same sector in future (Raj & Musgrave, 2009). Managers of meetings and events need to ensure review and consistent monitoring of activities to detect problems early enough and ensure severe damage. The managers have to minimize use of resources and resultant wastes by applying environmentally-sound technologies. The organizers have to make sure there is compliance with operational development plans, standards and targets, and planning conditions for sustainable tourism through providing monitoring compliance, incentives, and activities’ enhancement where necessary (Jones, 2014). Positive environmental messages can encourage visitors who are environmentally conscious hence increasing patronage. The immediate environment where the meeting or the event is organized is preserved for posterity and visitors will be attracted to an event or meeting held in such an environment that enhanced sustainability (Rutherford, 2008). For organizers of events and meetings commitment to environmental sustainable practices demonstrated their respect for the local community as being a partner that is valued. Integrating sustainability into events and meetings requires for organizers to incorporate sustainable approaches like economic efficiency, environmental stewardship, and cultural and social responsibility (Jones, 2014). The UNISA Career Expo management has tried its best to implement sustainability into its practices in the course of the event. The advertisements about the Expo are done online instead of using paper advertisement that would have contributed to environment pollution. Secondly, the organizers of UNISA Career Expo provide free bus transport to students from other UNISA campuses hence protecting the environment from increased emission of CO2 that would have emanated from more buses or personal cars being used. Finance Budget-negotiations The purpose of the meeting or event dictates the manner in which money is spent. Events targeting stockholders and employees may have a conservative budget as a demonstration that the company is cautious about spending. A special event planned to launch a product by use a generous budget. The perceptions of those to whom the planner of the meeting is responsible is also important even that the budgetary allocations. The expectations of a chairman, an officer, a board of directors, or the chairman may be very different from what the meeting planner has in mind (Friedmann, 2011). It is very important to determine the prevailing attitude concerning the quality of programming, services, and facilities with regard to cost. A sample of a budget projection format is shown below. Line item Actual-previous MTG Budget Estimate Rationale Income stream Some groups depend on grants or revenue generated from rental exhibit booths/stands but the collection of registration fees is a major source of income for majority of organizations that need a monetary return from efforts of meeting production. It is important for organizations to maintain fees at a level that encourages participation yet offer revenue that is necessary to cover the costs or at times generate profits. Many planners apply profit center approach in budgeting for meetings. Through considering budget line items being series of profit centers, direct rations of income to expense will be weighted for the quick revising of budgets to avoid any shortfall. Every cost center is regarded as an income line item (Jones, 2014). Exhibit fees are determined on the basis of the direct trade show cost. The main source of income for UNISA Career Expo is booth sales. This income only cover costs of organizing the event since there is no profit that is made out of it. Expenditure projections Expenditure is assiduously determined before there is any identification attempt of potential income. Armed with expense budget previously determined, attendance factors can be used to calculate the reasonable registration fee. If the determined fee is very high as compared to the expectations of the audience; an economic deterrent would invalidate the rationale applied in estimating attendance. Expenses have to be re-examined or alternative sources of revenue explored. The tax laws in several countries place limitations on the ways on which non-profit making entities get and use their income (Wates, 2013). Tourists’ expenditure and taxation revenue have to be included when projecting expenditure. ROI It is very rare that a company will organize a conference for the sole reason of generating direct income. In most cases meetings are related to a planning, marketing, and production function of a company and viewed at a cost of operating business. Safe for those instances where profit gains can be successfully traced to an event, corporate meetings result into a deficit. Revenue can be increased through-encouraging more delegates, encouraging them to stay longer, encouraging them to spend more (Friedmann, 2011). Human resource Organizing team is charge of laying down the plans for the event or meeting and deciding the date as well as an appropriate venue. The event organizers must ensure that there is enough staff to attend to every visitor that graces the occasion. The organizers have to demonstrate competency throughout the event or meeting. Volunteers play a big role in the course of event and meeting organizing. Majority are students from colleges who volunteer their services and the process they come to learn (Raj & Musgrave, 2009). Costs can be substantially reduced through use of volunteer during events and meetings. The service quality has to be up to standard in order to impress the patrons who should not feel let down by the event organizers. Good organization skills on the part of the organizers can enhance the overall preparation of an event or meeting (Quinn, 2013).The organizers must look for people who have high interpersonal and communication skills and understand the purpose of the event or meeting. People skills are needed in the industry. Interpersonal skills are very much needed in this industry. Some of the skills required include Diplomacy flexibility, tact, friendliness, patience, sense of humor, approachability, competence, service-oriented and good organization skills. The UNISA Career Expo staff has a wonderful time frame covering the whole season of the Expo. The Expo is normally opened at 11:00 am to 3: 00 pm. People particularly students have time to attend and go back to college. This makes it possible for many students to attend the UNISA Career Expo. Recommendations The UNISA Career Expo has to be organized in such a way that sustainability is a core value that is considered besides involvement of the local community. Use of online advertisement and offering of business to ferry students has to be integrated with courses in the Expo that emphasize on sustainability. All stakeholders have to be brought on board and thoroughly briefed before the UNISA Career Expo is held. Currently there are no profits that are realized during UNISA Career Expo. The management has to review the fee charged and woe more people to attend the Expo with the aim of reaping some profits in future. Increase of volunteers and provision of more paid for services can help in realizing this goal. The people picked to work in the course of the Expo have to be sociable and easily accessible. How patrons are handled will demand whether they will attend the next Career Expo or not. Organizers have to get qualified people for the job and adequately prepare them. References Case, R., 2009, Events and the Environment, Routledge, New York. Friedmann, S., 2011, Meeting & Event Planning For Dummies, John Wiley & Sons, New Jersey. Jones, M.L., 2014, Sustainable Event Management: A Practical Guide, Routledge, New York. Quinn, B., 2013, Key Concepts in Event Management, SAGE, London. Raj, R., & Musgrave, J., 2009, Event Management and Sustainability, CABI, New Delhi. Rutherford, S.J., 2008, Risk Management for Meetings and Events, Routledge, New York. Wates, N., 2013, The Community Planning Event Manual: How to use Collaborative Planning and Urban Design Events to improve your Environment, Routledge, New York. Read More