6 Mistakes Every Business Owner Should Avoid Making Right Now

June 25, 2022 Jessica Stewart

Here we are, mid-summer, and you’re probably knee-deep in event planning for the coming weeks. But as you continue to tackle each new event, you don’t want to lose sight of your overall business trajectory. At the beginning of this year, you set goals for yourself, maybe regarding new clients or benchmarking revenue. June and July tend to be good months to take a moment and pulse check your progress for 2022 to make sure you’re still on track. Here are some mistakes to look for that you can quickly correct to guarantee you stay on point to meeting those year-end goals.

1. Falling Into the Price Trap

Here’s how it goes. Early on, you tell yourself that you’re going to stick with pricing that directly reflects your talent and worth. You’re committed to not falling into the discount price trap or undercutting your services. Fast-forward six months, and upon reflection, you realize you’ve done just that. To land a big client or to try and compete, you’ve cut your pricing a little here, maybe a lot there. And now, six months into the year, you’re wondering if you can recover. Yes! You’ll have to stick with the pricing you’ve already agreed to for now. But moving forward, fight the temptation to undercut your rival bids and focus more on selling your value.

  • Know the industry pricing variables
  • Sell your big ideas, not just your event planning services
  • Understand all your costs and be transparent with your clients

2. Mismanaging Your Time

Time is money. But time is also valuable for taking breaks, catching your breath, and planning ahead. Some of your events will be more involved than others, which is to be expected. But if you’re spending too much time on certain tasks, you’re robbing yourself of that additional time to network, land new clients, or grow your business. Now is a pretty great time to look for ways you might have been mismanaging your time over these last few months. Try using digital solutions, like time management apps, to help you stay on course. Dedicate set hours of the day to responding to emails, careful not to inadvertently spend five hours in front of your screen. Look for ways to streamline your event planning efforts with automations and timely schedules. And remember those moments you do get to take a pause; take them.

Consider other ways to improve your time management, including:

  • Hiring assistants, virtual or in-person
  • Collaborating with colleagues about time management methods that work for them
  • Digital reminders and alarms to notify you of how much time you’ve spent on one task

3. Are You Still Trying to Do Everything All by Yourself?

We’re halfway through 2022, and you should reflect on how many times you’ve asked for help this year. If you’re routinely outsourcing where you can and networking for the betterment of your profession and business, you’re doing great. Keep it up. But for the rest of you event planners who are still trying to do it all by yourself, stop. Don’t be afraid to seek the resources, additional help, or advice you need to accomplish the task at hand. Even the most successful New York event planners need a little help sometimes. And if you want to reach your goals this year without burning out, you’re going to need the assistance of others.

4. Are You Sticking with Your Processes?

If you’ve been an event planner for a while now, you likely have some processes and procedures in place that are critical to event success. Maybe it’s your process for securing vendors or sending out invites that you’ve mastered. And those processes will serve your business well, especially if they’re scalable. On the other hand, if your event planning business model is still operating by “the seat of your pants,” you’re going to run into some roadblocks. Your gut instinct and creativity are critical to your success. But not sticking to a process means running the risk of detail oversight, mistakes, and worse, lost revenue. Make the checklists every time. Systems work. They’re replicable for different types of events, and they’ll grow with your business over time. Follow your order of operations for planning every detail. Otherwise, you’re performing your tightrope act without a net.

Here are some tips for establishing your system:

  • Develop and outline your process for billing, payment, and deposits.
  • Draft an outline that spells out basic event planning procedures and checklists.
  • Educate your supporting staff on each layer of event planning, even if it’s not their primary responsibility.
  • Create templates and necessary forms ahead of time that you can customize as needed.

5. Neglecting the Value of Strategic Partnerships

This is the year of strategic partnerships. If you’ve learned anything over these last few tumultuous years, it’s that sticking together gets us through anything. Midway through the year, you might realize you’re just trying to “full steam ahead” your way to success. But don’t neglect the value of building relationships. Devote time expressly for networking with other event planners, event vendors, and new venue representatives. Meet people. Ask what they’re doing that’s working. Share struggles and challenges with each other. The events industry may forever be changed. But it’s the strategic partnerships that will ensure your company’s success, no matter what happens next.

6. Not Getting in the Room

Digital marketing, virtual conferences, and online engagement are the name of the game these days. But as a New York event planner, it’s a mistake if you’re not actively trying to get in the room with those pivotal decision-makers. Don’t forget the power of a personal meeting or power lunch. RSVP right now to that last networking event invite you received. You’re going. And once you’re in the room, you can represent your event planning business, your strengths as a professional, and your unique differentiators as a service. Get in the room and make those impressions count!

If you’re looking to spot other business mistakes you might be making, start with your list of current challenges. Chances are, there’s a way to reposition your strategy or your thought process to overcome those obstacles. And there will be so much more to learn when you attend The Event Planner Expo 2022 this October. Get in the room, collaborate, and celebrate with some of New York’s brightest influencers. If you really want to make a professional impression, showcase your brand at the Expo by becoming a sponsor or an exhibitor! Contact our team and explore remaining availability today!

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