In the Event Service industry, it is critical to have a complete understanding of all the resource costs prior to and during an event. However, often times organizations have a difficult time determining the actual costs associated with labor due to the fact that the TRUE cost of a crew member’s time and efforts can be a challenge to uncover. This is a very important element to consider though, because it can directly impact the profitability and scalability of the business.
Event workforce management software provides businesses with the data and insight needed to successfully forecast labor costs and view actual event profitability of the event beforehand. Automation makes labor processes easier on the staff and gives teams the opportunity to make more strategic crew management decisions before costs are even incurred. This enables Event Service companies to improve their event profitability and also provides the opportunity to further scale the business in new and exciting ways.
Tips for Improving Your Overall Event Profitability with Event Workforce Management Software
Here is a basic outline that can be used when strategizing for and executing your event in order to ensure it is not only successful, but also profitable:
- Define the Objectives of the Event – What type of event or production is this? What are your client’s goals? What are your goals for this event as a company? Where is the event? What are the labor resources required? What objectives do your crew need to understand in order to accomplish these goals and create the best possible experience for the audience?
- Define the Measurement Criteria for Success – Basically, what has to happen for your event to be successful? What needs to be done to ensure your clients are happy? What metrics will be used to determine if an event was successful or not? What are your internal goals for profitability? How do you measure the success and performance of your crew members?
- Define the Tools – What tools will you use to meet your objectives for the event? What tools will you use to measure your success along the way? In addition to reporting systems after the fact, using technology, such as event workforce management software, to your advantage before an event helps make forecasting more accurate so you can see the path to success as well as to your profitability goals.
With a detailed event plan in place, and the right tools on your side, your business will be able to account for all expenses, including labor resources, to ensure profitability.
Automation, Technology and Crew Management Drive Scalability
Investing in technology that helps you automate traditionally manual and cumbersome labor and crew management processes will also help you scale the business in different ways. If your team is freed up from the tedious tasks typically associated with scheduling, time tracking and payroll, you can focus more of your efforts on improving overall event experiences and/or managing an increasing amount of events for your clients.
Learn more about how LASSO’s event workforce management software helps companies improve event profitability and drive scalability through successfully understanding and forecasting resource costs associated with labor prior to and during an event by contacting us today.