Minimization of real estate and facilities costs

Events are widely recognized as providing opportunities as a strong tourism and economic generator. Events also have provided wide range of social benefits to the host communities. Over the past few years, the number of events organized in different part of the world has increased at a rapid rate (Andersson, Getz & Mykletun, 2014). Specifically, event management is regarded as the second most important sector after tourism in Singapore. In fact, evolution of event management sector has provided assistance to the Singapore tourism to attract more people from all across the globe. It has increased the business opportunities for the organizations dealing in the event management sector. As a result, it has revolutionized the event management sector in a major way. It has also increased the level of competition event management organizations will have to face in order to achieve sustainable growth in the market. The increasing level of competition has induced event management companies to focus on different strategies for fulfilling business objectives appropriately.

In this study, the focus would be on a Singapore based event management company namely Essential Werkz. Here, the focus would be on the different types of strategies that Essential Werkz needs to implement to grab the attention of the maximum number of potential customers. On the other hand, Essential Werkz also will have to focus on reducing the costs required for fulfilling all the business activities. Specifically, as the number of event management companies is growing in the Singapore market, it has become essential for Essential Werkz to provide best offers to the customers for capturing the major share of the market. The study would also focus on highlighting all the risk factors that event management companies will have face for sustaining popularity in the Singapore market.  

As highlighted by Daniel, Bogdan and Daniel (2012) appropriate selection of locations or areas is critical for the success of any events. For that reason, all the event management companies will have to focus on providing best possible locations for the events for ensuring success in the market. Now, in order to provide appropriate location to the clients, Essential Werkz will have to assess the transport facilities from the location. The number of crowd in can include during the program will have to be analyzed the by the organization for providing the best possible options. On the other hand, in order to book popular location for an event, Essential Werkz will have to focus on developing long-term relationship with different real estate service provides all across the Singapore market. It has been assessed that long-term relationship would help the organization to avail best possible locations at a very cheaper rate (Hallak et al., 2016). Therefore, it would help to minimize the overall costs associated with the development process of an event. As a result, it would help Essential Werkz to achieve cost advantage from all its competitors, which would play a significant part in gaining major share of the market.

Increase organizational agility and flexibility

As mentioned by Dredge et al. (2013) organizations need to be flexible with the implemented strategies for handling unexpected challenges in an appropriate manner. Now, event management sector is evolving continuously for the past few years. For that reason, organizations like Essential Werkz will have to be extremely flexible with the initiated strategies. Essential Werkz is working with three full time staffs, which often creates challenges for the organization in fulfilling all the objectives. As a result, Essential Werkz will have to be flexible enough to increase or decrease the number of volunteers based on the project requirements. In addition, technological evaluation has provided new dimension to the overall operational procedure of the event management companies. As a result, it has influenced all the event management organizations to change entire procedure of the operations. Thus, Essential Werkz will have to agile enough to understand the changing needs and demands of the market. Otherwise, it will be very difficult for the organizations to achieve sustainable growth in Singapore. Baker (2014) has highlighted the significance of conducting market survey for assessing the changes required in the event management sector. Therefore, the initiated strategy of Essential Werkz will also have to focus on including market research technique for changing the operational process effectively.   

Effective use of communication is necessary for businesses in all sectors for achieving success in the market. According to Bearzotti, Salomone and Chiotti (2012) appropriate communication network and channels would help organizations to eliminate any type of confusion from the workplace. As a result, it would allow all the employees to perform to their best of the potential. Now, Essential Werkz does not have too much man power for fulfilling all the requirements. In fact, it will have to depend heavily on the volunteers for conducting events. For that reason, Essential Werkz will have to develop appropriate communication system between employees and volunteers so that everyone able to understand about their roles and responsibilities appropriately. Boone and Kurtz (2013) have highlighted the fact that appropriate use of communication network would help all members of an organization to collaborate with each other in an appropriate manner. Therefore, it would help organizations to handle different complex challenges effectively. On the other hand, event management organizations also have to deal with different other business entities for fulfilling all the requirements of a particular event. Therefore, it would have to be collaborative with other business opportunities for capturing major share of the market.   

Improve communication and collaboration

According to Fifield (2012) creativity is one of the prime requirements that all the event management companies will have to consider in order to achieve success continuously. In fact, creativity is the dominant factor that event planners try to utilize for satisfying the clients appropriately. It has been assessed that all the top event planning organizations recruit best talents from all across the world for ensuring the developed design can fulfil all the responsibilities appropriately. However, creativity often associated with the huge amount of investment that can increase the overall cost of the operation. Therefore, small organizations like Essential Werkz might face lot of challenges in including creative people. Still, it would have to provide as much innovative solutions as possible for achieving success in the market. Now, Eisen et al., (2012) have mentioned the fact that creativity cannot be at its best without the appropriate use of innovation. For that reason, Essential Werkz will have to invest maximum amount on assessing the innovative trends in the Singapore market for fulfilling business responsibilities effectively. Essential Werkz would also have to focus on introducing appropriate advance technologies for fulfilling all the innovative requirements of the Singapore market.     

The term employee satisfaction focuses on assessing the mental condition of the employees. It has been assessed that satisfaction level of the employees can have major impact on the overall performance. For that reason, organizations need to keep their employees satisfied for motivating them towards the professional roles and responsibilities. Moreover, satisfied employees are likely to remain connected with the organization for long period of time, which will eventually help organizations to keep talent associated for long period of time. Herzberg motivation hygiene theory has highlighted the fact that satisfaction and motivational level of the employees is likely to take more responsibilities of the organization. Now, satisfaction level of employees depends on several motivators’ factors like challenging work, responsibility, achievements (Getz, 2012). On the other hand, hygiene factors including salary, job security, working conditions and fringe benefits can also have major impact on the satisfaction level of the employees. For that reason, Essential Werkz will have to focus on utilizing all these factors effectively for ensuring success in the Singapore market. However, Essential Werkz has focused on using volunteers for fulfilling all the requirements. Therefore, management of the organization will have to provide proper working atmosphere with effective support and guidance for maintaining the satisfaction level of the customers in an appropriate way. Capell (2013) have highlighted Maslow’s hierarchy of needs theory for satisfying the customers effectively. The Maslow theory have mentioned psychological, safety, love, esteem and self-actualization needs that organizations need to fulfil for maintaining the satisfaction level of the employees. Therefore, Essential Werkz would also have to focus on developing strategies which would ensure all the needs of the employees fulfilled in an appropriate manner. Moreover, Essential Werkz would also have to focus on providing additional benefits to the employees so that it can minimize challenges associated with the employee attrition rate.       

Increase creativity and innovation

Work life balance reflects a concept that focuses on proper prioritization between individual’s professional career and personal life (Masterman, 2014). In the modern competitive business environment, employees have to take on huge amount of pressure for fulfilling all the responsibilities of the organization. As a result, they have to provide additional effort for ensuring success of the organization. Specifically, employees working in the event management sector have to work on 24×7 basis regularly. As a result, work life balance of the employees remains at the very lowest level. For that reason, Essential Werkz will have to focus on developing strategies, which would ensure work life balance remains at the desired order. Therefore, Essential Werkz will have to segregate the entire responsibilities of the organization in to different parts, which will reduce amount of pressure employees will have to face on daily basis (Rojek, 2014). Moreover, Essential Werkz would also have to provide proper training and development facilities to all the employees, which will also reduce the pressure level in a significant manner. Moreover, Essential Werkz would also have to focus on assigning responsibilities to the employees on the basis of their specialization. It would help employees motivated towards the work and also help to balance personal and professional life effectively.    

Brand is distinguished as a symbol, sign or words that organization creates to differentiate its products from the competitors. Moreover, development of popular brand would help to enhance the trust and benefit level of the customers (Pernecky, 2015). For that reason, Essential Werkz would have to focus on initiating different marketing strategies for enhancing the brand value in the Singapore market. Essential Werkz needs to target online media and social media platform in order to reach to all the potential customers effectively. Moreover, it would also have to focus on utilizing sales promotion technique in order to provide in-depth information about the kind of services and facilities it provides to the clients. In addition, Essential Werkz would also have to focus on display advertisement technique for maximizing the popularity in the Singapore market. Allen et al., (2012) have highlighted the fact that organizations need to focus on assessing the target customers appropriately for maximizing the impact of the marketing strategies. Therefore, Essential Werkz would also have to focus on segregating the entire market in to different division to establish brand identity in an appropriate manner. On the other hand, Essential Werkz would also have to focus on formulating healthy organizational culture so that it can able to induce employees to share their thoughts and perspectives on a regular basis.  

Increase employee satisfaction

Human resource department would also have to play a significant role in recruiting best possible talent available in the market (Gilligan & Hird, 2012). For that reason, Essential Werkz would also focus on developing different recruitment strategies for attracting best available talents in the market. Essential Werkz would have to focus on providing details about the job responsibilities to all the popular job portals so that people can able to understand the requirements appropriately. Moreover, Essential Werkz would also have to share information on the social media platforms like Facebook and LinkedIn for providing message to the maximum number of people. Moreover, Essential Werkz would have to maintain unbiased approach at the time of selecting employee so that best talents can be included within the organization. On the other hand, Quinn (2013) have emphasizes on the fact that organizations need to provide proper benefits to all the employees, which would help them to remain associated with organization effectively. In addition, Essential Werkz would also have to focus on initiating supportive leadership approach for maintaining the psychological perspective effectively. Furthermore, Essential Werkz would also have to focus on employee performance measurement, recognition, training and development perspective for retaining the talents for longer period of time.

Over the past few years, maintenance of environment has emerged as one of the prime responsibilities of the organization. Aapro et al., (2014) have mentioned the fact that appropriate maintenance of environment or CSR activities can help organizations to enhance the popularity level in the market. For that reason, event management companies like Essential Werkz would also have to focus on minimizing the adverse impact on the environment. For instance, it can focus on utilizing green supply chain management procedure for eliminating the possibility of creating adverse impact on the environment. Moreover, Essential Werkz would also have to focus on using perishable products for different works, which would also reduce the amount of adverse impact on the overall environmental condition (Thomas & Thomas, 2013). In addition, strategies of Essential Werkz would also have to include CSR activities like creating greenery or providing educational facilities to orphan children. It would also help the organization to represent itself as a responsible corporate citizen.

Healthy work environment allows employees to remain motivated towards the professional roles and responsibilities. Therefore, it would help organizations to fulfil all the responsibilities in an appropriate manner. However, healthy work environment depends on several factors including leadership or management style, recognition, benefits, teamwork, training and development perspectives (Salem, Jones & Morgan, 2012). For that reason, Essential Werkz would also have to utilize all these aspects effectively. For instance, it would have to provide enough opportunities to the employees so that they can able to understand the behavioural pattern of each other effectively. As a result, it would help organization to utilize effective team work perspectives effectively. On the other hand, Essential Werkz would also have to focus on including diversity within the work environment, which would also create positive impact on the development of healthy work environment perspective. In addition, Essential Werkz would also have to focus on the analyzing the performance level of the employees in an appropriate manner. It would help the organization to provide recognition to all the desired employees, which will in turn develop healthy work environment.  

Conclusion:

The above discussion has highlighted the fact that event management companies will have to consider different areas for achieving sustainable growth in the market. The strategies initiated by the event management organization will have to consider present market situation, as it would determine the overall effectiveness of the strategies. In fact, Essential Werkz will have to consider both internal and external factors for fulfilling all the business objectives. The study also has established the fact that event management companies need to maintain the motivational level of the employees for countering different market obstacles effectively.

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