Essay: Financial Management in Events

Sample Essay

As mentioned earlier event management is very similar to managing a business, the only difference that exists between managing a event and managing a business, is the fact that businesses tend to b based on long term and have lasting operation , usually, while the events are small projects which re hosted on a periodic or random basis. The functions in an event tend to come together for the execution of the event only making it much more small scale and short term. Regardless of this, the backbone of an event management, especially that in the tourism industry is the finance management function.

The financial aspect of event management is crucially important as it provides the funding for the execution of the event which provides for the operations of the other functions of event management pertaining to marketing, planning, logistics management as well as the human resource management. Therefore it is important for a company operating in the Tourism industry to have a string financial management function. The benefits of a strong finance function can provide the company with the required funds and in most cases even additional funds which the company can utilize in strengthening the marketing and the positioning of the event or provide the human resource with incentives to work harder and more efficiently towards the successful execution of the event as planned.

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