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Main Subject - 30 Tips for Keeping Meeting Expenses to a Minimum
Money makes the world go ‘round. And when it comes to meeting planning, money can probably get you whatever you want. However, few event planners have the luxury of an unlimited budget. Your boss may like to drink champagne on a beer budget. In other words, caution you to spend less, but expect miracles at the same time.
Preparing and managing a r
Preparing and managing a r
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ealistic budget is serious business, but to score “big boss” points you also need to be a savvy negotiator and cost-cutting aficionado. To help you on your way, here are 30 tips in a variety of different areas to keep your meeting expenses at a minimum without losing quality you strive for.
1. Keep your budget flexible. Be prepared to build in a con
1. Keep your budget flexible. Be prepared to build in a con
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
tingency of 10 percent into your total budget to take care of any unexpected expenses and emergencies. Unforeseen or overlooked costs such as, overtime, overnight mailings, phone and computer hookups or speaker substitutions could skyrocket your budget.
2. Check all invoices. Question anything on your invoices that doesn’t compute against the writte
2. Check all invoices. Question anything on your invoices that doesn’t compute against the writte
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
n quotation. Scrutinize your hotel/facility and food and beverage invoices while on-site. Ironing out discrepancies in person is much easier than over the phone.
3. Limit authorization. Only a select few should have the authority to charge items to your master account at the hotel. Make sure hotel has a list of these people, and refuse to pay for
3. Limit authorization. Only a select few should have the authority to charge items to your master account at the hotel. Make sure hotel has a list of these people, and refuse to pay for
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
harges signed by unauthorized personnel.
4. Review accounts daily. To avoid any major surprises or heart failures when you see the final bill, review your accounts with the facility on a daily basis. It’s easier to spot errors or make necessary changes if costs are escalating in certain areas.
5. Schedule during low-usage times. If you have the fl
4. Review accounts daily. To avoid any major surprises or heart failures when you see the final bill, review your accounts with the facility on a daily basis. It’s easier to spot errors or make necessary changes if costs are escalating in certain areas.
5. Schedule during low-usage times. If you have the fl
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
exibility, consider scheduling your meetings during low seasons or days of the week when the facility is less busy. Booking near holidays such as Easter, Memorial Day, and Labor Day might definitely be to your advantageous.
6. Ask for the best rates. Do your research. Check out the rack rates, corporate rates, AAA discounts and so on, and compare t
6. Ask for the best rates. Do your research. Check out the rack rates, corporate rates, AAA discounts and so on, and compare t
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
hem to the group rates you’re being offered. Call the toll-free reservation desk for information.
7. Confirm and reconfirm your dates and event details. Overlooking a detail may cost you big bucks.
8. Request a discount for on-site payments. When the facility doesn’t have to wait for payment because you arrange to pay immediately after the event o
7. Confirm and reconfirm your dates and event details. Overlooking a detail may cost you big bucks.
8. Request a discount for on-site payments. When the facility doesn’t have to wait for payment because you arrange to pay immediately after the event o
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
as the meeting is ending, they may well be open to a discount for prompt payment.
9. Be conservative with room blocks. With more and more guests using discounted hotel sites for room bookings, attrition on unused rooms can get very expensive.
10. Negotiate comp rooms. As part of your discussions with hotel management, negotiate comp or discounted
9. Be conservative with room blocks. With more and more guests using discounted hotel sites for room bookings, attrition on unused rooms can get very expensive.
10. Negotiate comp rooms. As part of your discussions with hotel management, negotiate comp or discounted
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
rooms for speakers, staffs and or upgrades for VIPs.
11. Understand your cancellation clause. Don’t sign anything you’re not completely happy with. Be certain that your cancellation clause is reciprocal, so that both parties get the option to back out of the contract before a specified date, in case of any changes to the original agreement.
12. Neg
11. Understand your cancellation clause. Don’t sign anything you’re not completely happy with. Be certain that your cancellation clause is reciprocal, so that both parties get the option to back out of the contract before a specified date, in case of any changes to the original agreement.
12. Neg
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
otiate set prices. To help with your budgeting, arrange to pay a specified amount on food and beverages during your entire event, rather than a rate per person, per function.
13. Consult a tax attorney. Investigate tax laws for your business location and the event location. You may be eligible for tax breaks that you’re not claiming.
14. Keep room
13. Consult a tax attorney. Investigate tax laws for your business location and the event location. You may be eligible for tax breaks that you’re not claiming.
14. Keep room
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
setup simple. Wherever possible use theater style (where only chairs are used) as it is less labor-intensive than classroom-style (which includes both table and chairs), thus lowering setup costs. Also, plan to keep setups the same from day to day.
15. Check into other groups. Find out about groups holding their meeting prior to and after yours and
15. Check into other groups. Find out about groups holding their meeting prior to and after yours and
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
discuss staging needs. You may find that you can save on setup and teardown if you all have the same or very similar requirements.
16. Investigate sponsorship opportunities. Find sponsors to cover as many of your program expenses as possible, especially speaker fees, audiovisual equipment, and special meal functions.
17. Investigate grants. Altho
16. Investigate sponsorship opportunities. Find sponsors to cover as many of your program expenses as possible, especially speaker fees, audiovisual equipment, and special meal functions.
17. Investigate grants. Altho
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ugh it might be a time-consuming exercise, you might look into specific federal, state, local or corporate grants that might be available for holding your meeting.
18. Use industry experts. To save on speaker expenses, consider using industry experts whose companies often pay expenses. Alternatively, use local speakers where appropriate to save on t
18. Use industry experts. To save on speaker expenses, consider using industry experts whose companies often pay expenses. Alternatively, use local speakers where appropriate to save on t
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ravel expenses. However, check how good they are before hiring them. You may end up with a dud!
19. Avoid renting unnecessary equipment. Double check speaker needs for audiovisual equipment to avoid renting unnecessary items.
20. Keep signage simple and reusable. Consider investing in a laminating machine to make your own signs.
21. Discuss econ
19. Avoid renting unnecessary equipment. Double check speaker needs for audiovisual equipment to avoid renting unnecessary items.
20. Keep signage simple and reusable. Consider investing in a laminating machine to make your own signs.
21. Discuss econ
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
mical audiovisual setups. Limit the number of microphones needed. Check if the hotel supplies a complimentary microphone in each meeting room. Skirt a cocktail table instead of renting special carts for A/V equipment.
22. Use outside suppliers. Look outside the hotel for possible audiovisual suppliers whose prices may be more competitive than thos
22. Use outside suppliers. Look outside the hotel for possible audiovisual suppliers whose prices may be more competitive than thos
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
e in-house. However, the hotel may match the other supplier’s prices if asked.
23. Save on transportation. Use airport shuttles instead of taxis. If you have a sizeable group attending your event, negotiate special discounts with the shuttle bus company. Alternatively, check if the local taxicab company can provide discount coupons.
24. Arrange f
23. Save on transportation. Use airport shuttles instead of taxis. If you have a sizeable group attending your event, negotiate special discounts with the shuttle bus company. Alternatively, check if the local taxicab company can provide discount coupons.
24. Arrange f
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
or one room. For smaller committee meetings that may be held during a larger conference arrange for a buffet luncheon to be held in the same room as the meeting to save on having to rent a separate room.
25. Negotiate food. Negotiate paying for food based on consumption. You can then return food without having to pay for it.
26. Minimize portions.
25. Negotiate food. Negotiate paying for food based on consumption. You can then return food without having to pay for it.
26. Minimize portions.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
Sever mini-Danishes, muffins and doughnuts, or cut larger servings in half. Many people (especially women and dieters) only want half to start with. Alternatively, serve a continental breakfast instead of a full breakfast buffet.
27. Opt for fewer choices. When it comes to hors d’oeuvres, go for fewer choices in larger quantities rather than a larg
27. Opt for fewer choices. When it comes to hors d’oeuvres, go for fewer choices in larger quantities rather than a larg
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
e selection in smaller quantities. And, remember to avoid the shrimp. People inhale it. There’s never enough!!!
28. Check for dead stock. Check if the hotel has dead stock wine available (such as wine that in no longer on the wine list). You may be able to negotiate a great price for some really good quality wine.
29. Store opened bottles. Find
28. Check for dead stock. Check if the hotel has dead stock wine available (such as wine that in no longer on the wine list). You may be able to negotiate a great price for some really good quality wine.
29. Store opened bottles. Find
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
out if the hotel can store opened bottles of liquor from one reception and us them another reception during the same conference.
30. Open bottles as needed. As the banquet captain to open wine bottles only as needed. You pay for every bottle that’s been uncorked.
Bonus tip: Avoid salty foods during receptions as it encourages people to drink more
30. Open bottles as needed. As the banquet captain to open wine bottles only as needed. You pay for every bottle that’s been uncorked.
Bonus tip: Avoid salty foods during receptions as it encourages people to drink more
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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