budgeting taking notes

As was the case for most entertainment businesses, 2020 was a unique year for music venues. Moving into 2021, venues will be tasked with determining how to safely hold live shows and generate revenue. This will not only require ingenuity and creativity, but also, efficiency; in short, concert budget spreadsheets and other simple tracking tools are relics of the past. 

If you’re a tech-savvy music venue manager, then you know that managing a music venue in the modern market requires efficiency and fiscal savvy. This is a hard combination to establish through unwieldy spreadsheets.

Also, managing a music venue requires more than just financial know-how. It also requires you to be an effective manager, overseeing your team’s efficiency and creating an environment of productivity. Given how quickly things can change in the music business, you and your team have to be prepared to adapt quickly. 

If you’re looking for tips on managing your music venue in 2021, here’s our insights on how you can move beyond concert budget spreadsheets. 

Ditch Concert Budget Spreadsheets

The problem with concert budget spreadsheets is that they only do one thing – and not even that well. You can plug numbers into a spreadsheet, but unless you’re a formula whiz that can set everything up to calculate by the column and on command, you are still working too hard. 

An all-in-one music venue management platform can provide multiple functions that allows you to manage more effectively. Removing spreadsheets from your process eliminates the need to jump between several different places to track ticket sales, booking calendars, profit margins and more. 

Moving to a consolidated system is key if you need to take a show from conceptualization to completion in a more efficient way. 

As a venue owner, it pays to have everything in one place so that at any given time, you can view your business at a glance in real time. This means that if you have an upcoming show, you’ll know well in advance how ticket sales are doing and what they are (or are not) contributing to your bottom line. 

Set Realistic Budgetary Expectations

One of the great things about using a platform like Prism is that you can realistically set and achieve budgetary expectations as venue owners. Spreadsheets just can’t show you everything you need to make decisions about budgeting. However, when you see this information in one place, you are more likely to make responsible fiscal decisions. 

The music business is precarious enough without adding financial worries to the list. Unrealistic budgeting due to poorly performing and archaic spreadsheet software can lead to poor fiscal decisions. With 2020 dealing a blow to many venues, being realistic about your budget for 2021 is essential. 

Once you stop using concert budget spreadsheets and gain access to a mobile platform like Prism you can set realistic expectations that will ensure your venue thrives in 2021. 

Eliminate Fiscal Redundancies

One of the biggest pitfalls of managing a music venue, especially using outdated systems like spreadsheets, is that you may not even realize where you have redundancies in your budget. Prism has features that will not only point out areas where you can reduce these repetitive line items, but also, makes your fiscal responsibilities clear so that you can make your budgeting process even more efficient. 

Track Everything

As a concert promoter, one of the most common mistakes you can make is failing to track every single detail. It’s an easy mistake to make, too, because managing a music venue means overseeing many different moving parts. From calendar dates to ticket sales to promotion and marketing for the event, it seems impossible to track every component of your business. 

This is where a program like Prism, designed by music venue owners, stands apart from the competition.

Anyone who has ever owned a music venue gets it – you have to keep track of everything. It is not enough to track the budget on a spreadsheet if you’re tracking ticket sales in an entirely different app. It’s great to know how many tickets you’re moving, but tedious to have to log in to yet another app hunt down production notes or contact information for the act. 

Prism keeps it all together, which is as it should be. Spreadsheets just can’t give you this kind of organization. And sometimes, even the most minute detail can create complications in venue management. If there were one stand out reason to get rid of concert budget spreadsheets for 2021, tracking everythiing in one place is it. 

An all-in-one platform like Prism makes it simple. One log-in, one app and everything at your fingertips, so that you can do what you do best: manage. 

Focus on Efficiency

One of the reasons that, as a music venue manager, you should ditch the entire concert budget spreadsheet concept is because it is just not an efficient way to do business. Your time is valuable and right now, you need more time than ever to be creative in how you book shows with added safety precautions and court customers.

After all, while fans may have been content to sit out 2020, they are definitely on the prowl for great live music events for 2021. The venues that can create a safe live music experience are the ones that are going to net the ticket sales. 

This means that you need to be prepared and efficiency is going to be your best friend in this process. 

You don’t have time to deal with slow and sluggish spreadsheet programs. You certainly won’t have the bandwidth to go in and out of various apps and programs each time you book a show. 

Prism is the start of a much more efficient approach to managing your music venue in 2021. Start with an all-out assessment of your business model to ensure maximum efficiency moving into 2021.

HIre and train staff to fill open positions if possible. Comb through your administrative processes to make sure everything is operating as it should. Change up any process  – such as budgeting via spreadsheet – that is a waste of your time. 

You need to be ready to deliver on a great experience and managing everything in one place is the best way to gain enough efficiency to do just that. 

Set Dates – But Be Flexible

As everyone looks forward to 2021, many music venues have begun booking shows once again. Setting dates is a great idea because it gives customers something to look forward to, but just make sure that any terms set are completely flexible. 

Prism has a calendar feature that makes it easy to track bookings along with ticket sales in one place. Then, if you have to reschedule a date for safety purposes, you can easily glance at the calendar to figure out where you might have openings. 

Track all contingents through the Prism app and remind acts that you may book to remain flexible as well. After all, safety remains paramount to successfully holding showing in 2021. So, use your app to reschedule when necessary and track precautionary measures to ensure your venue underscores customer safety. 

Promote Your Venue

Moving on from concert budget spreadsheets is important, but so is actually getting people into your music venue. The Prism app can help with this as well with features that help you figure out how to allocate your promotional resources. 

Enhance Communication Among Venue Staff

Use the Prism app to enhance communication among staff when it comes to promoting events. In fact, this is one of the benefits of managing everything in one place. Not only does this allow everyone on the team to share messages with one another, but also, it ensures that everyone who needs to be in the know has access to pertinent information. 

This features allows team members to enact changes as needed, keep a record of messaging and historical information and track venue changes. The communication feature even allow you to assign tasks and deadlines to staff members so that you can track what is being done in a way that promotes greater accountability. 

For more information on how Prism can help you more effectively manage your music venue or for more ideas about how to move on from concert budget spreadsheets and increase financial management for your venue, visit https://prism.fm/product/

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