TH230 Dynamics of Trip\Event Planning Welcome to Seminar Unit 8

Unit 6 Introduction to Event Planning Hospitality Managers: Behave in appropriate manner Manage un-ethical situations Yield not to temptation Be organized

Event Planning: Determine Purpose Know Group’s Interest Develop Timeline Plan/Implement Details

Unit 7 Financial Management Operating Budget for Event Income Expenses Fixed Variable

Income/Revenues Fees from Clients Entry Fees Booth Rentals Merchandizing Miscellaneous

Expenses Fixed Variable Semi-variable or mixed expenses

Fixed Expenses Rent Insurance premiums Salaries Subscriptions Professional memberships fees Office furniture Bands Dancers Speakers/MC’s Decorations Lighting Sound/Audio/Visu al Management fee

Variable Expense Based on Number of People Table Decorations Food/Beverage Band/Entertainer Meals

Break-Even Point Fixed + Variable + Contingency # Tickets Sold Break-Even Point = Above this is Profit!

Profit & Loss Statement Includes: Total Revenues Total Expenses Net Loss or Net Gain (Profit)

Balance Sheet Includes: Assets Liabilities Owner’s Equity A balance sheet shows a company’s financial condition at one point in time.

Cash Flow Analysis: Income Received – Expenses = Cash Flow