Have you ever felt out of control when organizing an event? This is very common in the events sector, where costs can rise rapidly. However, with Lab Event, you can control your margin more effectively.
How can Lab Event help you control your margins?
Lab Event is an event management tool that lets you track all your expenses and income in real time. You can enter your purchase price at any level, whether at item level or directly in the quotation..
When you create a quote, you can add each item you plan to use for the event. This can include items such as hall hire, catering, decoration, etc. For each item, you can indicate the purchase price and the selling price.
What’s more, Lab Event also lets you track indirect costs such as travel expenses, personnel costs, marketing costs and so on. You can add these indirect costs to your quotation to ensure that you charge enough to cover them. How? Thanks to the “zero price line” feature.
This allows you to record a purchase with a zero sales price and hide the line in customer view. But this line is visible to you and allows you to adjust the margin in real time.
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As a reminder for non-financiers, the sales price is the amount you charge your customer, while the purchase price is the amount you pay to obtain the item (from a supplier for example, but this can also be the internal cost). Thanks to this feature, you can immediately see the margin you’re making on each item and each quotation line.
Using Lab Event, you can also create detailed reports on the costs of each event, enabling you to see where you can save money in the future. You also have an overview of margins by major family, enabling you to see where you earn the most (or the least) and adjust your quotation accordingly (by negotiating more effectively with suppliers, for example).
Why use Lab Event to control your margins?
Controlling your margins is essential to the success of your event business. Using Lab Event, you can get a real-time overview of your expenses and revenues, enabling you to make informed decisions about how to manage your margin.
In addition, the ability to track indirect costs and add them to your quote is an effective way of ensuring that you charge enough to cover all event-related costs.
Finally, detailed cost reports for each event allow you to see where you can save money in the future and optimize your margins.
In conclusion, if you want to control your margins when organizing events, Lab Event is an essential tool to help you do just that. With its expense tracking and detailed reporting functionality, you can make informed decisions on how to manage your margin and maximize your profits.
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