Strategic Planning - Domain A - 15 Questions Flashcards
STRATEGIC PLANNING
Strategy involves the “what” and “why” of a meeting, which then drives the “how to achieve the values of the corporation” in the planning of the meeting.
Strategic Planning = the end in mind, long range plan of action - process of developing long range plan of action
Goals - broad general statements of purpose (WHY having this meeting?) —>
Objectives (how to reach your goals!) - clear, specific, measurable —> a clear roadmap on planning event
example: educational, attendance, monetary etc.
STRATEGY OF EVENT - START - SUPPORT - QUESTIONS of NEEDS
This chapter will focus on the role of the event professional in delivering on an org.’s strategic objectives in a way that drives the BUSINESS VALUE (based on what outcomes are expected by the business i.e. financial, better sales, networking)
BUSINESS VALUE = goals and objectives
- Development Role in Strategic Planning - DEVELOP GOALS
- Implementation Role in Strategic Planning - DEVELOP OBJECTIVES TO ACHIEVE GOALS
- Roles in related to Event Professionals
- Event Professional to be part of the strategic planning process, actively involved in answering: how will we achieve our org.’s mission through our meeting.
- Strategic goals are already made, and the planner is to fully understand these goals to then implement them in the planning of the event. This role should answer: how will this event achieve goals and how do we best achieve these goals to meet org.’s expectations.
Strategic Planning: long range call to action for a company or org. Includes 3 distinct elements:
1. Discovery - know the organization hosting the event
2. Analysis - data of past events
3. Planning - developing strategic plan
STARTING TO ASK QUESTIONS!
- Discovery - Know the organization! What are their objectives? What are their current processes? What is the purpose of this event? Internal assessment of company - what is the core culture, business cycle, business environment (economic, political etc.)
- Analysis - Data! A variety of information on past events should be collected: types of events, results of events, total costs, internal resources.
- Planning - Development of event’s strategic plan - Mission Statement & Goals and Objectives, Business Environment Analysis, Implementation Plan, Sales, Marketing and Communication Plan, Financial Plan, Key Performance Indicator’s (KPI’s).
- Mission Statement
- Goals
- Objectives
- Imperative to develop your strategic plan, and defines the purpose of the org. It generally remains unchanged over time.
- Goals are broad and general, achieved over a long period of time
- Objectives are specific and narrow, used to achieve a goal.
Creating SMART Objectives
(SMARTER: adds in Ethical and Recorded)
examples: Sales Focused, Education Focused, Exhibit Focused, Sustainability Focused
example - Training participants will raise test scores by 15%
SPECIFIC: call out actions, results, behaviors to be achieved
MEASURABLE: what element of the objective is to be measured and how?
ATTAINABLE: challenging, yet realistic goals
RELEVANT: focused on what matters to the org., and participants
TIME-BASED: achievable by a certain time
Determine the Feasibility of the Event: Internal and External Factors
Internal:
History - what worked, what didn’t, attendance history, growth or decline?, satisfaction results.
Financial - cost/revenue analysis, need to understand event costs and potential revenue sources.
Role of the event - is this THE moneymaker? More care needs to be taken to determine feasibility. What does the org. expect of event?
Human Resources - enough staffing? enough time? is out-sourcing an option?, commitment from the whole team, marketing and branding
External:
Audience - find our the who, what, where, why of the audience - can then determine who could partner/sponsor and who are competitors.
Industry - what is the competition doing successfully? what are the current trends?
Economic - analysis of economic climate needed.
Legislation/Regulations - usually pertains to gov’t or healthcare - how will these rules affect attendance, spending, your event as a whole?
Communities - what will the short-term –> long-term financial and social impacts of the event have on the hosting community, if any?
Risks (internal and external) - identify risks, make contingency plans
Strategic Planning - Producing an Event
- Develop Financial Summary (how will it be funded, what is financial goal, what is the budget, how to handle shortfalls and cash flow concerns?) - Look at historical data, budget for best and worst case scenarios, and always remember who is the company?
- Monitor Strategic Plan - with measurable objectives (KPIs) and monitoring tools and processes (updated financial reports, check-ins with progress), and feedback and modification process (get feedback, and if revision needed during stage, what is your process?)
Key Performance Indicators (KPIs) - can happen during critical path as long as it is measured, and after event
Quantifiable measurements of critical success factors for an organization
Can be applied to events in order to measure how effectively goals and objectives are being met
Examples: Budget vs. Actual revenues and expenses, post-event survey results, staff satisfaction surveys, meeting milestone dates in the critical path, social media statistics etc.
SKILL 2: Develop Sustainability Event
Sustainable/Green Events - reduce impact on environment and can improve financial outcomes for organizations
Sustainable Event Definition: an event with a balanced approach to economic activity, environmental responsibility and social progress.”
Sustainability Management Plan: as soon as possible in the strategic planning. consider environmental, social, economic factors - integrate these factors into planning process.
Start with 4 R’s - applies to most resource consumption at events
Rethink
Reduce
Re-use
Recycle
Sustainable Event Standards - each help to create an accepted, customary approach to integrating the sustainability into the meetings industry.
Goal = sustainable events will become the norm
*Planning a sustainable event does NOT require any of these programs, they are voluntary! - But, you will have a verifiable focus on sustainability
Accepted Practices EXchange/ASTM Environmentally Sustainable Meeting Standards: metric performance requirements that planner/supplier must follow - checklist of nine areas of event management (accommodations, AV, communications, destination, exhibits, F&B, meeting venue, on-site office, transportation)
International Organization for Standardization’s 20121 (ISO 20121) - process-oriented management program. does not require a checklist, requires processes to track and record performance - overall management processes.
Global Reporting Initiative Event Organization Sector Supplement (GRI EOSS) - NOT a standard, guides organizers on what and how to report on economic, environmental, and social outcomes of event. a reporting portocol.
Elements of a Sustainability Plan
Implementation of Sustainability Plan
Vision
Principles
Important Issues
*(DIFFERENCE btwn. principles & issues = issues you want to address, principles guide you on how to approach issues
Objectives - SMART
Action and Initiatives
Measurement and Reporting
Developing Guidelines - RFP
Communicating Objectives Internally
Negotiating Sustainable Practices - Suppliers
Informing Attendees
On-site Verification - discrepancies should be remedied
Promoting Sustainability - be transparent!
SKILL 3: Develop Business Continuity or Long-Term Viability Plan of Event
“If the worst happened, what would we need to continue providing (product or services) to our customers, clients or members?
THINK - COVID PANDEMIC
Business Continuity = ability of organization to operate during and after an emergency, crisis or disaster.
Contingency Planning - addresses the ability of the event professional to carry off the event as planned, while Business Continuity Planning addresses the BUSINESS as a WHOLE.
Determining the long-term viability of an event is related to business continuity!
Develop an Evaluation Plan - evaluating effectiveness of event for the stakeholders
- Establish how success is defined - financial, value of education, networking - will differ per stakeholder
- Determine Measurable Objectives - follow SMART criteria
