Is Vendor Management really important?

Let me start off with no surprises, YES IT IS VERY IMPORTANT. Loud and clear?

Okay, now let’s dig in to details. Vendor management is a very important part of an event as they bring out what we, event managers plan and design into life. Mismanage one vendor, and the entire event can be a complete disaster. Just imagine your florists arrive with almost dead flowers, the vegetarian dish you wanted added has not been included in the laid-out buffet or the presentation does not work. These are a few nightmares in an event which is why we will discuss how we can better manage and maintain a good relationship with vendors.

A few of the main vendors you will work with at any event would be,

· Venue

· Caterers

· Decorators / Florists

· Audio & visual engineers

· Bands & other entertainers

Now here are a few tips to manage vendors better which will help ou put on a better show:

1. Think ahead

Working with brand new vendors for every event can be quite exhausting since non of the parties are familiar and looking for cheaper options might make you settle for a low quality output. Flip side to this is working with vendors on several occasions and maintaining a long-term relationship which will result in increasing trust and understanding of how you want things done. Not to mention the perks you will have by getting preferential treatment and access to insider / expert knowledge and being able to negotiate prices. So think ahead when you chose vendors.

2. Communicating information and priorities

This does not mean you become completely transparent with your accounts or private and confidential information. It is about providing all relevant information such as the expected audience, objectives, theme, and overall outlook you plan for the event. Be clear about what you want specially what you want to spend more and less on.

3. Negotiate and come to a Win-Win contact

Negotiation is important but it must be completed in good faith, which is why you also need to listen to your vendors and give them benefits as much as you take. Remember they are in a business too. Point one again comes in handy when it comes to negotiations.

4. Get expertise from key vendors in building strategy

Get insights from your vendors when crafting your plan. They will know better which setup will look better for the venue type. Have a briefing with vendors before you present the idea.

Maintaining a good relationship always makes a better event planner. Perks of this, I tell you with experience, comes in so handy!