Building Additional Revenue Streams (Part III)
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Keith Cunningham, a guest speakers at a Peak Potentials Guerilla Business School, stated that the number one reason that most businesses fail is that they run out of cash before they can be made to work.
Cunningham's presentation was just brilliant in its simplicity. It exemplified the type of quality that Peak Potentials delivers when you attend one of their Millionaire Mind Intensive training sessions.
It occurred to me as I listened to Cunningham's presentation that meeting planners are in a unique position of leverage because they have access to their clients' money.
Leveraging a Fiduciary Position
Meeting Planners often 'capture' their clients' revenue stream(s) by receiving meeting registration payments. This is especially the case with the collection of credit card payments, which easily represent more than 50% of total registration fee payments collected for any given event. But this cash flow need not be restricted to payments received by credit card. In fact, a properly worded service agreement between the meeting planner and the client should empower the meeting planner to receive client funds.
In addition to collecting an administrative fee for every credit card payment processed, meeting planners get to 'use' the cash flow generated by an event until it is time to remit the funds to the client(s).
Beyond Cash Flow Capture
The process for capturing client flow simply requires a properly worded service agreement with the client. (See Key Cash Flow Clauses In Meeting Planning Contracts.)
§ Credit Card Transaction Services
An often overlooked segment in the range of services required by meeting planning clients. Every event has an accounting dimension. The larger the event, the more labour intensive the task becomes. Accounting and Bookkeeping Services anyone?
§ Price List Supplies (Stationery; Couriers; Postage; Photocopying; Long Distance; etc.)
An often overlooked segment in the range of services required by meeting planning clients. Every event has an accounting dimension. The larger the event, the more labour intensive the task becomes. Accounting and Bookkeeping Services anyone?
Building Additional Revenue Streams continues:
• Marking up Outsourced Supplies
• Add-On Business Lines
See also:
• Building Additional Revenue Streams (PART I)
• Building Additional Revenue Streams (PART II)
• How To Buy Printing
• Translation Affiliate Program for Meeting Planners
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