by fairplanning | Oct 26, 2016 | Blog, Fair Planning
Convention season has arrived! Whether it is a Regional, State, National or International convention – it is a great opportunity to meet and network with other professionals in the Fair Industry. Many times the decision to attend a convention or conference is based on “costs” … registration, travel, lodging, meals, etc. In reality, the decision should be made on content, networking opportunities, trade show expo vendors, and learning about industry trends.
So, how do you justify being away from the day to day operations of the fairgrounds to attend a convention? Follow along and you’ll have all the right reasons and maybe even decide to take some Fair Staff with you!
Reason #1 – Program Content of the Event
Convention Organizers spend hours, yes hours and many months, identifying which topics/speakers to present. It is their goal to make sure that your registration fee justifies the expense for your time away from the office, travel expenses and possibly closing your office in your absence, and maybe bringing other staff members to the convention, in order to attend their convention.
Reason #2 – Networking
Conventions offer a wide range of networking opportunities during sessions, meals, social functions. If you attend a convention and come away without meeting new people, then you aren’t really networking – you’re just visiting with friends which isn’t bad…..it’s just not the only reason to attend a convention. Networking allows you to learn about new acts, exhibits, funds, etc. In many instances, you’ll find someone who is or has experienced the exact same issue you are dealing with right now.
Reason #3 – Trade Show Expo Vendors
The trade show at any convention will be filled with vendors who believe they have a solution or opportunity for your Fair – and they do – if not today then they’ll be of value to you in the future. To make your trade show visit more valuable, identify what products and/or services your fair can use. Scan the list of vendors in advance and have a plan to make sure you spend some time with their staff in their booth. Many times the vendors will offer a “convention only” price for their product/service. Take advantage of this – it’s good financial sense if their product or service is something you’ll be using soon.
Reason #4 – Learning About Industry Trends
Review the program material to identify what industry trends are being discussed – I can assure you that there will be one topic at the event that you and your organization/facility are either working on or will be working on in the near future.
Here is another tip to get the most out of your convention, volunteer to be a part of the event: speak, moderate a round table or a presentation, assist with check in, or participate on a committee that has some role/function at the convention. You’ll meet other Fair Industry professionals, make new friends, and learn so much more than you could from just attending a convention. Check with the convention organizers for volunteer opportunities.
So there it is, my 4 reasons to attend a convention or conference: Program Content, Networking, Trade Show and Industry Trends. Do you have other reasons? If so, I’d love to hear from you so send an email to [email protected].
I’ll see you at a convention real soon!
by fairplanning | Jan 19, 2016 | Blog, Financial Management, Monthly Finances
There are 6 reports every Fair CEO should be reviewing monthly. These reports are:
- Income and Expense Statement
- Balance Sheet
- Cash Flow Report for the current period
- Cash Flow Projection for next 6 months and past 6 months actual cash flow
- Accounts Receiveables
- Accounts Payables
Income and Expense Statement
The income and expense statement gives you an overview of the previous months financial activity in detail especially when reviewed along with the check register. There are many examples of income and expense statements available. Each Fair should have an overview income and expense statement for the overall organization, and then one for each revenue center: Fairtime, Year Round Events, RV Camping, etc. that then is rolled up into the overall organization’s statement.
In addition, it’s important to review the check register monthly. Look for abnormality’s, ie missing and voided checks, large purchases, purchases to unknown sources. The check register should identify the payee, as well as brief description of what the item purchased was. For example, Payee ABC Hardware and description: exhibit hall remodel.
Balance Sheet
The Balance Sheet will provide a snapshot of the Fair’s financial position at one specific moment. This document lists all of the assets and liabilities of the Fair.
If you acquired assets make sure that they are added to your balance sheet. When you dispose of assets, they are to be removed from the balance sheet. If you have changes from month to month, can you account for the difference? If not, dig into your financials and find out what happened.
Cash Flow Report For Current Period
The Cash Flow Report identifies what cash came in and what cash went out during a period of time. This is actual cash in and actual cash out.
The purpose of reviewing the report for the current period will educate you on what happens during any one particular month/period. With any business, cash flow changes from month to month, for a variety of reasons. For the Fairs, their cash flow increases during the “Fair” month, and decreases, or may be non-existent, during other months. If your Fair has a low cash flow month, it’s imperative that the CEO understand what expenses must be paid during that time, and which ones can be deferred for a later time. In these situations, weekly monitoring of cash flow may be necessary to provide you with an accurate and timely financial picture.
Cash Flow Report for Past 6 Months and Projected Cash Flow for Next 6 Months
Reviewing the cash flow report for the current period alone will not provide you with the entire picture. This Cash Flow Report will provide you with a good idea of what happened, and what is expected to come. Reviewing this report monthly will also make it easier to identify those months that you may need to “tighten up” on spending.
Accounts Receivable List
This report will provide you with a list of money that is due to the Fair. In most cases this is revenue from renting your facilities although it could be vendor space rental, food vendor revenue or even sponsorship money. Review this list monthly to identify potential problems in collecting funds. For example, if an event promoter has an outstanding balance that hasn’t been paid for in more than 30 days, a written reminder should be sent with an invoice. It’s important to stay on top of potential “bad debts”. Keep in mind that any unpaid accounts receivables could end up in court. Document, document, document any and all attempts to collect the debt. If you do this as you invoice, it will be much easier if you need to go to court.
Accounts Payable List
As with the cash flow reports, the accounts payable report is all about cash – what your Fair owes to others. This could be for supplies, a loan payment, refunds, etc. If this report is not inclusive of all funds your Fair owes then you have an incomplete picture of the Fair’s debts. Not having the full picture is very misleading!
Summary
Your financial picture is made up of many parts that make the whole picture. If any of these don’t look right …. it’s up to you to question, research and understand what’s happening with the financials of your organization!
by fairplanning | Aug 26, 2015 | Blog, Competitive Exhibits, Fair Planning, Fair Programming
County Fair Definitions:
According to Webster: a fair usually held annually at a set location in a county especially to exhibit local agricultural products and livestock.
Wikipedia’s definition of Fairs: A fair (archaic: faire or fayre) is a gathering of people for a variety of entertainment or commercial activities. It is normally of the essence of a fair that it is temporary with scheduled times lasting from an afternoon to several weeks.
Dictionary.com defines a fair as:
noun
1. an exhibition, usually competitive, of farm products, livestock, etc., often combined in the U.S. with entertainment and held annually by a county or state.
2. a periodic gathering of buyers and sellers in an appointed place.
3. an exposition in which different exhibitors participate, sometimes with the purpose of buying or selling: a science fair.
4. an exhibition and sale of articles to raise money, often for some charitable purpose.
Fairs are so much more. A County Fair is a community’s celebration of their accomplishments, a place to reconnect with friends, learn about a new product, be entertained, or just sit and relax.
Any event can have food stands, vendors selling products/services, carnival rides, entertainment, and even competitions (who hasn’t heard of the Hot Dog Eating Contest on Coney Island every July 4th?).
In reality, many events call themselves “fairs”, however, most lack what makes a county fair unique – and that’s their competitive exhibits.
I started my Fair Industry career when I was in 4-H and FFA. I was a member of 4-H for 9 years and FFA for 3 years. I showed some livestock and also participated in what was called “home arts” and can now be considered hobby, arts/crafts, etc..
We would spend all year long preparing our items for the annual county fair. The excitement of completing the item, and then taking it to the Fair to drop it off for judging, getting our animals ready for the Fair, packing up all the feed and grooming items. And then it was off to the Fair.
Opening day we anxiously waited for the exhibit buildings to open to see what our items had won….or in some cases didn’t win. Either way, it was always exciting to see our item “on display” at the Fair!
And that is truly what makes a county fair unique.
by fairplanning | Aug 16, 2015 | Blog, Fair Planning
Have you heard of Sketchup.com? It’s a free software you can use for creating floor plans, layouts, exhibits, etc. If you don’t have the budget for a CAD (computer aided design) software program, this is a great alternative with many bells and whistles. You can create 3D layouts as well. Imagine working with your team in designing a new layout for your exhibit building, or providing your team with an exact layout of how the building will look. You can use to distribute to vendors so they will know where their location is.
This tool can also be used whenever you would provide a layout to anyone – including those who rent your facilities. You can add in this service for an additional fee, or as an added benefit, to a promoter renting your facilities.
Go here to check it out: http://www.sketchup.com/
by fairplanning | Aug 16, 2015 | Blog
There are hundreds of thousands of grants available to Fairs. Unfortunately many Fairs don’t have the staff available to do the work required to find, apply, and monitor the grants. In those instances, Fairs, of any size, could do three things:
1. Find a local non-profit organization with a similar or complimentary message, purpose, audience. Look for other non-profit organizations in your city/town/region and even in the state. You can do a google search for “non-profits in my area”. Review the list, check and see what their mission/purpose is by visiting their website. If you find they have the same or similar purpose, reach out to their management team.
2. Partner with that organization to apply for grants. As a Fair, and especially if your Fair has it’s own separate non-profit entity, partnering with another organization for that grant will increase the strength of your grant application. The non-profit will have it’s own target audience, and added to your Fair’s attendance, the reach of your program is significantly increased.
3. The non-profit organization may have a grant writer on staff/under contract. Offer to pay a portion of their salary for the grant application. For Fairs, staffing is always a challenge for any project. Partnering with another non-profit that has a staff member responsible for grant applications is a great way for a Fair to tap into a highly qualified resource without incurring the entire salary. The Fair could pay the non-profit a portion of their employees salary, make a donation to the non-profit for the salary portion, or even “share” the employee.
The biggest benefit of all of these is that the Fair will gain a new community partner who will become a cheerleader for the Fair and the Fair’s programs. The non-profit will gain a new and, possibly, larger audience to get their message out to.
