In 2022, industries are rising from the Coronavirus pandemic and are struggling to repair the loss they faced during the pandemic. The covid phase has shown the world how vulnerable the Exhibition Stand industry is to crises. Industries will take some time to recover entirely from it, but the show must go on. Exhibition Stands are back in business and industries are ready to be a part of it.
Exhibition Stands provide the perfect opportunity for businesses to interact and showcase their products and services to potential customers in a safe environment. A well-designed and executed Exhibition Stand enables a company to meet potential clients and generate strong sales leads. But it cannot be said for a poorly-planned and managed exhibition stand contractors dubai. Therefore, it is crucial to identify risks while planning a show that can ruin the success of your stand.
But in the current times, companies are getting skeptical about participating in Exhibition Stands. But, there is also a constant need to move forward. So, it is time to have a risk management plan which will help industries in safeguarding their Exhibition Stand from similar disruptions.
Keep in mind that planning a Exhibition stand is no different from managing a project. Thus we have identified and mentioned all the inherent risks of participating in a Exhibition Stand.
What are the risks faced by Exhibition Stands?
Risks are an intrinsic part of all business activities, including Exhibition Stands. You have to know that anything can happen anytime. Hence, you must keep your risk mitigation strategies in place. To design suitable risk mitigation strategies, first, you should know the most critical Exhibition Stands-related risk factors, which are as follows:
Regulatory Risks
You must know about all the industry, federal, state, and local regulations that your event should adhere to. Along with this also keep knowledge about how regulations can affect your Exhibition Stand and event cancellation.
Contractual Risks
Keep in mind all contract clauses you have with event vendors such as the venue management company, technology providers, and the production company.
Branding/Public Image Risks
It is important to know how canceling, hosting, or any other action taken by you can affect your company’s brand and public image. In this matter, make sure that the Exhibition Stand you are planning to take part in, aligns with your company’s corporate image.
Payment Risks
Think about the measures you can take to ensure that all payments made by attendees and exhibitors are accounted for.
Security and Safety Risks
There are several unforeseen conditions that can occur anytime and disrupt your Exhibition Stand including natural disasters, health scares, and political uprisings. These events require crisis preparedness. Ensure that they have measures to mitigate/eliminate them.
Exhibition Stand Risk Management
As the Exhibition Stand industry is recovering from the catastrophic impacts of the coronavirus pandemic, it’s crucial for Exhibition Stand exhibitors to identify, analyze, evaluate, avoid, mitigate, minimize, or eliminate the risks involved with Exhibition Stands. Exhibition Stand exhibitors should be ready to eliminate risks before they disrupt their event and preparations.
It’s best to have a robust risk management plan that can help to take care of situations that could have ended up being disruptive. Here’s how you can successfully manage the risks you face:
Risk Assessment
Risks adhere to both small and big Exhibition Stands. Therefore, it’s essential to conduct a risk assessment to chalk out the risks that your exhibition stand contractor london might face. Assess each and everything related to your Exhibition Stand planning, including the location of your event and even travel itineraries.
To assess the risk properly, you can ask yourself some key questions such as; what are the associated risks with hosting a Exhibition Stand? Do your event’s vendors provide you with a cancellation clause? Is the Exhibition Stand insured? What does the insurance policy cover?
You’ll be able to measure the potential impact of disruptive events on your Exhibition Stand when you have answers to these questions.
Revisit Your Cancellation Policy
Putting on a Exhibition Stand is quite expensive, but these events are also a source of revenue for your company. When risks become a crisis, it will undoubtedly affect your event translating it into monetary implications for your company.
While proceeding with your risk planning, don’t forget to revisit your cancellation policy with sponsors, and exhibitors. It is significant to have a clear picture of what money you have to put aside to refund each group if your Exhibition Stand gets canceled and how that will impact your cash flows and revenue streams.
After evaluating your cancellation policy and refunds, you need to decide whether it is really necessary to cancel your event, or you can just postpone it, or can even organize it virtually. But, keep in mind that each of these options has its pros and cons.
