So, you’ve created your annual Event Sales and Catering forecast … great! Now, how do you make sure you reach those targets by the end of the year?
It’s not enough to just run a report each month showing you how much event business you have on the books. You have to break the annual total down into increments, and measure them regularly, to make sure you are maintaining a certain pace. If you don’t, you risk coming up short of your goals by the end of the year. The boss tends to frown at that outcome!
Measuring pace for your event sales is like a runner trying to run a marathon within a certain amount of time. In order to reach their goal, they have to make sure they maintain a certain pace. Pacesetters are monitoring the runner throughout the race and communicating with them regularly to help them maintain that average speed.
The same concept can be applied to reaching your annual event sales goal. Let’s say you need to book $2.1M of banquet, catering, private dining, convention, corporate meeting or social event sales this year. That’s an average of $175,000 per month. Therefore, you need to keep track of your bookings each month to make sure you’re maintaining that pace. You also need to know when that event business will take place to monitor monthly or fiscal period budgets.
Sounds like a good idea, right? However, you’re busy enough just trying to keep up with selling those said events. Who’s got time to create a complicated report every month? To make your job easier, we have some tools to help. To generate this report manually, download our Event Sales Pace Report template. It’s an Excel spreadsheet that’s pre-formatted to present the data you need in a way that you can evaluate your business and make sure you’re keeping up the pace to reach your sales goals for the year.
Or, better yet, use ReServe Cloud® Catering and Event Management software to manage your entire sales booking process and generate the Event Sales Pace Report automatically. You will save yourself hours of time and realize so many other valuable benefits!