Many of my friends and colleagues in the industry are relying mainly on one target group for most of their business, whether it be weddings or non profits or others. This is an unwise business practice in a good economy and will put you in bankruptcy in a bad economy. Now more than ever you need to have your business coming in from multiple channels or markets, of course this is easier said than done. If you own an event planning company and all your corporate bookings have dried up and all your business is coming from social groups like birthday parties, weddings, bar/bat mitzvahs and more, you need to find ways to generate multiple streams of revenue for the business to survive and grow. One way to make sure you do not end up in this situation is to constantly keep in contact with your current clients because you cannot afford to lose the clients you already have as it costs much more to find new ones. You should also be giving extra memorable service in order to generate word of mouth from your clients. You need to do all these things plus more to keep the pipeline full.
Joshua Gair – Impact Entertainment Services