Pre-planning in terms of the expectations as well as allocation of the necessary budget will guide the post review. Usually the amount allocated and the expected outcome of the event is an estimate that may or may not be achieved. In order to evaluate the success or failure of the event, it is necessary to undertake a financial review of these goals and consieder the future prospects of the event.
A financial review of an event should take place when the event is over and any financial returns containing statements of expenditure have been made by the parties allocated the various responsibilities. The review also takes in account the objectives of the event and whether they were met or not. It gives the organisers an opportunity to review the quality of the event and the money that was allocated to help generate the income.
Fail to raise the expected amount then the reason[s] for the failure can be arrived at through such a financial review of event.
One of the most important aspects in organising any event is to get people to respect the budget by providing written procedures and guidelines for them to follow. This may difficult the first year but with experience comes knowledge. There is a real need to communicate the learnings and document it so that the next time the event is run there is a direct referral to aid the success of the next event.
It is normally through such financial review of event that the organisers are able to identify how it could be improved both in terms of budgeting and overall event planning. It forms a learning point for future planning by providing useful hints and factors that contribute to poor or successful planning and the causes.
Reviewing the planning processes as a group and reassessing the day as it unfolded will gain input from different people, a common understanding can be drawn after consultations for the effective future of the event.