All over the world, economies and businesses have been immensely affected by the coronavirus pandemic.
A lot of companies have been forced to lay off workers because they are unable to keep up with the payment of salaries and also operating at maximum capacity due to low or no revenue generation.
A business sector that has also been affected by COVID-19 is the Event Management Industry.
People in this industry are unable to undertake projects since all conferences and events that were scheduled for this year have been suspended due to the ban on social gatherings.
Shows and award ceremonies have either been postponed or cancelled, and that has put a lot of these event management companies out of business.
To get an idea of how COVID-19 has affected event organisers, we spoke to Kofi Yeboah, an Event Organiser at EchoHouse Ghana Limited.
He talked to us about how the pandemic has affected revenue generation, how they are coping and what to expect after COVID-19.
Effect on income
Kofi Yeboah stated that the strategy for revenue generation for event organisers for 2020 has been distorted due to the pandemic.
He adds that it has further resulted in employees of event management companies getting pay cuts while some are not getting paid at all.
He also indicated that for most event organisers, the more projects they undertake, the more incentives they get. He, however, states that they are no more getting such incentives due to the low or no revenue generation.
“It [COVID-19] is affecting our income because we are not meeting revenue targets… the bonuses and allowances we used to get have also stopped coming because there are no jobs to do to bring in more money,” he said.
How they are coping
The coronavirus pandemic has caused a lot of event organisers to adopt new ways of executing their projects. Since the world is now moving into a virtual space, event organisers are also taking up projects through digital platforms.
Kofi Yeboah stated that event organisers like him are now into the digital aspect of the job. According to him, most of the ‘on the ground’ projects that they used to undertake are now being done through digital means.
“We are now doing more digital stuff. A lot of the on the ground stuff that we used to do, are now being done through digital means,” he said.
Possibility of events happening later this year
Kofi Yeboah thinks no event will be held this year, even if the ban on social gatherings is upheld. He is of the view that brands are not ready to take the risk of funding events this year.
“I don’t think events will go on this year… brands are not ready to take risks,” he said.
According to him, it will take time for people to adapt to the new way of living and brands will use the rest of the year to plan and prepare for next year, when they are sure things will be much better.
For event organisers, it will be very difficult for them to get back to doing the usual business if the things don’t return to normal. They will have to find alternative ways of generating revenue to sustain their businesses while a solution is being found to end COVID-19.
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