4 Hidden Costs of DIY Event Planning & Management

In a corporate world mesmerized by productivity gains, efficiency enhancers and cost-cutting, it might seem appropriate for in-house event teams to “go it alone” when it comes to corporate event planning and management. After all, we all know that the fewer folks involved, the faster decisions are made and we have all been taught the rules of the road when it comes to sticking to a budget. But what you may not know is, sometimes, this could actually be a recipe for spending more and delivering less. The complexities involved often reveal pitfalls and hidden costs that can turn a seemingly simple task into a logistical and financial nightmare. Want to know what to look out for? Here are the key challenges associated with DIY corporate event planning and management.
Event Planning

1. Green is Good – But Not Always Great

Many corporate event team members transition from roles in marketing, public relations, operations, or even as administrative assistants. While they are super smart and talented, they may lack the experience and event planning savvy critical for planning, budgeting, and orchestrating large-scale events. This inexperience can lead to problems when dealing with numerous moving parts and multiple suppliers under demanding timelines.

Deep Dive: Professional event planners come equipped with extensive networks, negotiating clout, and event management skills. They understand how to leverage relationships with vendors to secure better deals and ensure smooth execution. This expertise not only saves time and money but also significantly reduces stress and the likelihood of mistakes.

2. Lack of Benchmarks – Operating from an Uninformed Perspective

DIY event planning often suffers from a lack of benchmarking. Without an experiential database of what things should cost, it’s challenging to evaluate competitive bids for different event elements. Should you accept a videographer's extra charge for equipment rentals? How do you negotiate volume discounts on room blocks or protect your interests in a hotel food and beverage contract?

Deep Dive: Professional event planners have access to competitive supplier networks and a seasoned perspective on market rates. They know the strategies for negotiating fair deals and ensuring that you get the best value for your budget. This informed perspective helps prevent overspending and ensures you get the most for your money.

3. Unclear Leverage in Contract Negotiations

Many corporations don't hold events frequently enough to command significant leverage in supplier negotiations. While initial vendor discounts might be secured, money could be left on the table, and future event budgets may suffer. This lack of leverage can lead to inefficiencies and decreased ROI over time.

Deep Dive: Professional event planners bring the power of volume purchasing and industry connections to the table. Their ability to negotiate better rates across multiple client programs means increased benefits and improved ROI for your events. This leverage ensures that you’re not only saving money but also receiving top-tier service from vendors.

4. Mistakes Can Sometimes Be Costly

The possibility of making costly mistakes is a significant risk with a DIY approach. Coordinating multiple internal and external stakeholders increases the chances of errors. These mistakes can be visibly embarrassing and difficult to recover from, potentially damaging your company’s reputation.

Deep Dive: Hiring a professional event planner acts as an insurance policy against such risks. They bring experience and expertise to manage “day of” activities, minimizing the risk of mistakes and ensuring a smooth and successful event. This oversight is crucial for maintaining your brand’s reputation and ensuring attendee satisfaction.

Need more tips? Let's chat!

Whether you choose Metavent or another professional event planner, the investment is well worth it. Professional planners bring expertise, industry connections, and strategic insights that can save you time, money, and stress. They ensure that your event runs smoothly, meets your objectives, and delivers a memorable experience for your attendees.

If you choose Metavent, we guarantee exceptional service and a successful event. Let’s chat about how we can help you create an outstanding corporate event. Contact us today!

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