Money before and after.
WHAT THE PATTERN IS
Suppliers require deposits before the event; the client may pay after.
WHAT THAT PRODUCES
Cash committed with nothing received.
WHAT TO ESTABLISH
A payment schedule from the client that funds supplier payments.
WHAT THAT LOOKS LIKE
A deposit on booking Staged payments tied to supplier deadlines Final balance before the event
WHY BEFORE THE EVENT
Collection afterwards is substantially harder, particularly for private events.
WHAT TO NEVER DO
Fund an event from your own resources.
WHY
A single non-paying client ends the business.
WHAT TO DO ABOUT CLIENTS WHO RESIST
Explain that suppliers require payment in advance, which is true.
WHAT TO ESTABLISH ABOUT DEPOSITS
That they are non-refundable to the extent you have committed them.
WHY
Cancellations leave you having paid suppliers.
WHAT TO PUT IN THE AGREEMENT
A cancellation schedule: what is retained at each stage before the event.
WHY A SCHEDULE
Your exposure increases as the date approaches.
WHAT TO ESTABLISH ABOUT POSTPONEMENT
Whether payments transfer, and what costs are incurred regardless.
WHAT TO TRACK
Payments received against supplier commitments.
WHAT TO ENSURE
That you are never committed beyond what you have collected.
WHAT TO DO FOR CORPORATE CLIENTS
Establish their payment process before agreeing terms.
WHY
Corporate payment cycles are long and they do not bend for event dates.
