Meeting News - December 17, 2007 - (Page 48)

Budgeting for international meetings M Planner Emily Lewis eeting planning is a convoluted business—and if you’re orchestrating an event across borders, the complexity can become overwhelming. There are numerous variations in the process, particularly when it comes to budget concerns. Precise financial management is critical to a successful international affair, but obtaining a clear road map can be a long and arduous process. gies, and Sarbanes-Oxley compliance are additional topics be covered. “The most critical aspect of budgeting for international meetings is to take everything into consideration and not make assumptions based on your U.S. experience or domestic budgeting models,” Krugman explained. “You must understand the context within which you will be operating, the business practices of the country in which you will be working, the subtleties of cross-cultural communications, financial negotiation, differing payment terms, taxes, and a host of contingencies that may or may not exist in the United States.” Krugman also points out that the landscape is changing positively for overseas event planning: “Budgeting for international events is getting considerably less complicated for those who know the basics, thanks to improved communications and technology,” she said.“Globalization of services has also helped to streamline many processes.” Here are a few thoughts to consider when preparing cost estimates for international events: G Time: Because overseas meetings tend to require longer planning time, be sure to include overtime and rush charges into labor and production costs. G Meeting Room Charges: In general, hotels overseas will charge for meeting space, regardless of your room block or F&B consumptions. G Taxes: Many countries have a VAT on goods and services that range from 1 percent to 25 percent. G Shipping and Customs: Shipping and customs costs routinely double when planning an international event, so pad your budget accordingly. H —Emily Lewis Emily Lewis plans meetings for meeting planners— no easy task! She is the conference manager for MeetingNews and sister magazine Successful Meetings,organizing multiple Successful Meetings University events across the country each year. Join me… Successful Meetings University Marketplaces that Educate & Connect To help planners parse through these intricacies, I’ve enlisted Carol Krugman—director of client services for George P. Johnson—to speak at our Successful Meetings University – International event in March. Krugman boasts more than 25 years of international event planning experience. The educational session, entitled “Financial Management for International Meetings,” will expound on the current international event environment, discuss key factors impacting event budgets, and offer proven strategies to insure that programs are executed on time and on budget. Hidden financial pitfalls,VAT management, currency strate- Successful Meetings University – International DATE: March 3-5 CITY: New York, NY PROPERTY: New York Marriott Financial Center Hotel International Meetings Survey Results MeetingNews’ International Meetings Survey results will be unveiled at the upcoming Successful Meetings University – International event, being held March 3-5 at the New York Marriott Financial Center Hotel. Last year’s program featured more than 50 exhibitors from Europe, Asia/Pacific, Africa, Middle East, and the Americas. Insider information to be divulged and discussed includes: • Where meeting planners are taking their groups abroad • Lead times for international programs • Key factors used in international site selections • Challenges planners face coordinating programs overseas • Top resources planners utilize for international events Speaker Bio: Carol Krugman Guest speaker Carol Krugman, director of client services for George P. Johnson, has been organizing international meetings for more than 25 years, including those in Latin America, Europe, Asia, Australia, and the Middle East. Named one of the 25 Most Influential People in the Meetings Industry by MeetingNews in 2004, she is the author of two books: Mexico: A Planning and Information Guide and Global Meetings and Exhibitions. A frequent speaker at industry events around the world, Krugman is regarded as one of the industry’s top experts in cross-cultural planning, international operations, and risk management. Visit our Successful Meetings University website, www.MeetingNews.com/SMU, for the latest information about these programs, and feel free to e-mail any questions about the events to emily.lewis@nielsen.com. We’re expecting to hear from you! 48 MeetingNews December 17, 2007 www.meetingnews.com http://www.mimegasite.com/mimegasite/events/marketplace.jsp http://www.MeetingNews.com/SMU http://www.meetingnews.com

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Meeting News - December 17, 2007

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