Make Meetings More Profitable
ASSOCIATIONS NOW, February 2011 , Intelligence
Are your meetings and events leaving profits on the table? Probably, according to James Hollan, president and CEO of International Meetings Group LLC.
In his previous work as a financial turnaround specialist for nonprofits and associations, Hollan typically kickstarted a turnaround by focusing on the organization's meetings. "And they would say, are you nuts? They are the only thing that's been making money for us for these last couple of years," Hollan recalls.
But that initial disbelief would change when delving into the meeting budgets showed the potential to increase profit fivefold or more. "Because they were making a profit, people assumed that they were making a reasonable profit," Hollan says.
Your meeting may have untapped profitability potential, too. Hollan suggests you begin with the following:
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