Financial Management is a Must in a Seminar

Putting together a seminar is a major decision. It takes a lot of time, budget, resources and a lot of serious planning to be able to deliver quality seminars, but of course the benefits are worth it. Just think about the outstanding seminars you've gone to. What made them so good? What sets them apart? Were you able to apply the information that was taught in your own business? If all the answers are positive, then that seminar was a success. You should be able to identify what they did right and effectively apply it to your own seminar. This way you can successfully market your own expertise, products or services to your prospective clients, or even join forces with other colleagues to produce a good profitable seminar.



Why Do a Seminar?



Seminars are meant to educate, but also to sell. Seminars are more like a soft Selling Marketing Strategy giving you the opportunity to get up-front and personal with your target market. It also gives you the opportunity to engage in a discussion where you are seen as an expert that offers possible solutions.



The advantage is that you are seen as someone who is knowledgeable enough to endorse rather than a sales force behind a company. Your audience will be impressed and that can convert them to buying customers. Seminars are one of the ways to establish a connection to help build an environment where a relationship can be created, which is an opportunity to sell strategically.



Financial Management in a Seminar



The key factor that affects the planning of a seminar is the financial management side of it. To achieve a profitable turnout for a seminar is to be able to effectively plan the budget for it. The number of attendees usually dictates the overall cost of a seminar. The following is what you should consider once you come up with your tentative or final number of attendees:



Invitations

Publicity materials

Speakers fee (if you are getting one aside from yourself)

Rentals (this include the venue and the following if it's not included in the venue chairs and tables, audio and video equipment, and lights and sounds)

General office expenses (usually the office supplies, photocopying, calls and faxes, shipping fees etc.)

Staff payroll (usually if it is a big seminar)

Meals (a seminar would not be complete without it)

And other related cost



Budget planning is a key factor to achieve a successful seminar. Usually it should take at least three months preparation time, to be able to organize especially if there will be external participants. Some seminars which include high-status speakers oftentimes take a year in advance to set-up.