First and foremost, the core of all business is to identify and satisfy a need, while generating a profit. Simple enough, right? How these two pillars of business come about, materialize, are planned, managed and controlled is yet another ‘story’…. a very complex and dynamic one.
Addressing the challenges of satisfying a need and generating profits, without which businesses- both small and large- wouldn’t exist, organizations are constantly striving to impact their operations in a meaningful manner for the firm itself and for stakeholders. As pertaining to business events, the following are several ways in which these impact firms, communities and people:
Events generate positive business results – Well planned and executed events can help win new customers/accounts thus contributing to generation of income. This applies, regardless of the size of the business. They allow peers, colleagues and sometimes even competitors to come together to innovate and/or advance the cause of a business sector or industry, which may translate into profits. Business events also serve as training or educational platforms, which enhance the performance of organizations. Despite the advances in technology, organizations still rely on face-to-face meetings with prospects to win new customers and expand existing customer relations, thus increasing wallet share, close deals and develop talent. The business outcome of direct, face-to-face contact, primarily in certain cultures, exceeds any other. The ability to personally interact with colleagues and leaders across industries provides fertile ground for collaboration. Conventions and conferences serve as vital platforms for professionals to develop skills and/or learn new ones, come in contact with industry trends, technologies, opportunities to business abroad and better understand competition and identify potential vendors, among others.
Business events enable the development of personal connections – At the core of business development is the nurturing of personal and professional relationships. Business events provide the opportunity for and foster personal interaction and camaraderie, many times leading to acceptance, communication and ultimately trust. The effect of these three elements in establishing a new business opportunity or expanding an existing one, provided our product or service fulfills a need and provides value, is unparalleled. This is likely to become a catalyst of our firm’s path to success in terms or reputation and, even better yet, financial results. Well organized business events, that entail personal interaction, create favorable climates and are effective in grasping the attention of guests or participants.
Events contribute to and enable the strengthening of our communities – Primarily, business events bring people with a common interest, purpose and/or cause together. New business opportunities and/or alliances can result from a business event, which may in turn benefit a sector, city, or community.
Secondly, the contracting of resources, facilities and materials, whether they be people, technology, venues, food and beverage and many others that go into putting together a business event, convention or trade show, creates economic activity (large or small) which favorably impacts communities in a region.
Additionally, contingent to the use and types of technology or media outlets used to disseminate information on a business event, the viral impact of the same can create enhanced awareness and favorable feelings about the area, city or community in which the event was held.
Thus, limiting ourselves to believe that developing, hosting or participating as a co-sponsor in business events are just chances to ‘wine and dine’ is a mislead conception – or far cry- from the actual impact events in general have on organizations, professionals and our communities.
Business events do not need to break the budget and can be, if executed properly, a mechanism for growth and image enhancement for both larger AND small businesses.
Marilyn Santiago, CME, R-706, CWEP
Principal / Owner