Belmont University Venue MGT 1, Eric Holt
open air, permanent stage, permanent/lawn seating, concerts/stage presentations
open floor area, permanent/portable seating, permanent/portable stage,sporting events, concerts, family shows
flat floor, stage at one end, balcony at one or both ends, small concerts, community events, religious meetings
two or more venue types, single management structure, based on venue type
state-of-the-art meeting rooms, may provide sleeping rooms, small-scale meeting and conferences
indoor venue, large exhibit areas, various sizes of meeting rooms, conventions, trade shows, consumer shows, banquets and receptions
permanent stage, permanent seating, sloped floor, concert, ballet, Broadway shows.
open-air or dome, fixed seats or bleachers surrounding a field, sporting events, concerts, civic events
administration/management, finance, booking, marketing/ sales, ticketing, ancillary revenue sources, venue operations, event management, safety/ security
-organized as a government department, budget approval form government entity, restricted by bureaucratic red tape, depends on other departments for services
-typically created by a government entity, enables venues to operate more businesslike, government body appoints members, alternate to private management.
-organized as an individual department within the institution, other university departments provide support, provide educational, training, and employee opportunities for students/staff.
-cost of private management may be offset by increased revenues/decreased expenses, rfp process to selection best option, negotiate fees with incentives, industry expertise and resources
local control of fulfilling the mission, venue operations, revenues/ expenses, booking policies, sensitivity to local market expectations and conditions
-fewer bureaucratic controls, may provide investment dollars to the venue, industry connections to drive event bookings
ability to negotiate, ethics, managerial leadership, team building abilities, entrepreneur instincts, ability to communicate.
-rental agreements, service contracts, maintenance supplies & landscaping, F&B services, talent contracts, labor agreements.
-fundamental principles of right and wrong, reputation for honesty, integrity, forthrightness, and consistency, IAVM code of ethics
-strong IQ and strong EQ, extensive understanding of each managerial function, must be knowledgeable, flexible, and excellent motivators/leaders
-recognize importance of building a successful team, utilize the unique skill/abilities of individual employees, create a positive work atmosphere
-seek opportunities to maximize venue resources to generate additional income, importance of creativity
monitoring, reports, forecasts all financial activities of the venue, detailed analysis of past performance to enhance future strategic planning.
oversees all venue business functions, gathers, interprets, and provides venue financial information, must be able to view the venue's finances through the eyes of the venue manager
-anticipated annual operating revenues/expenses, identifies resources allocated to fund shortfalls, provides management with monthly reports and analysis of YTD revenues/expenses, considered a roadmap for venue management
research and preparation, presentation, approval, execution
identifies projected major expenses, responsibility of venue manager and finance director
cash-on-hand is a persistent concern -
-issues: embezzlement insurance, point-of-sale systems, security, cash audits, venue checking account, petty cash, investment of cash
Payment Card Industry, businesses that accept credit cards are responsible for proper management of the information acquired as a result of any transaction
track and account for tangible items acquired for use in venue operations, depreciation overtime.
venues spend significant amounts of money on purchasing goods and services, all purchases must be verified.
between venue and event promoter, outlines financial responsibilities of each party, finance director's pre-event estimates are needed for negotiations.
review of venue's finances, operations, management processes/practices
internal/ external
scheduled/ unscheduled