Mistakes happen, it’s just an inevitable part of life but with the proper tools and anticipation mistakes can be avoided. Decision making and problem prediction are fundamental pieces of working in promotions. As all decision makers are aware, ensuring the proper channels are being utilized correctly is the key to efficiency. Knowing all that could go wrong, event management software from Prism.fm can help you fine-tune a solution.
In an industry that is seemingly jam packed with private affairs between insiders it’s no secret that being able to manage stress while performing effectively are crucial to success in the music business. Mental health issues within the industry are rampant; 73% of independent musicians display symptoms of mental health and this number is even higher amongst industry professionals such as show promoters and venue operators. A survey conducted by Skiddle in 2018 revealed that over 80% of people working in the music industry suffer from constant levels of stress, anxiety and depression. Lack of financial security, fear of failure and damage to interpersonal relationships are the 3 main causes of stress, anxiety and depression within the industry; 45% of professionals working in promotions said what bothers them most about their job is “no regular income” and 25% said working within the industry has had a negative impact on their interpersonal relationships. Approximately one-third of people working in promotions reported that they have been spoken to in an unacceptable way. More than 60% reported frequently feeling an “intense and unmanageable” level of stress.
Working 9+ hours 6 days a week takes its toll both physically and mentally and allocating the time and resources to properly unwind and decompress can be quite challenging. Finding the time to devote to an exercise program that works or scheduling that dream vacation can be a lot of extra work; and popular trends in restoring your body and mind can be extremely complicated as most require an entire lifestyle change. Many professionals working in the live music industry are surrounded by drugs and alcohol and many will find their own coping mechanisms some of which unfortunately may lead to addiction. Resources for addiction, although extremely helpful can be costly and time consuming. Time is a valuable resource and its management is conducive to success in any industry.
The many variables associated with booking and venue operations are bound to cause some stress and performing under stress eventually leads to making mistakes. Continually making mistakes is a surefire way to lose money. A simple solution to cut back on work induced stress and accurately make decisions that positively impact your business in a succinct manner is to utilize an event management software.
It’s easy to overlook seemingly simple things without the proper tools and often times an efficient event management tool does not have the ability to integrate with other necessary systems such as your POS systems, employee scheduling system, budgeting & payout systems as well as other task management systems. Mistakes in this industry could potentially cause everything to come crashing down and having multiple separate systems that do not integrate with each other will become confusing for you, your staff and the many departments in which they work.
Underpaying or overpaying artists is more common of a mistake than one may think. With guarantees, tickets sales and bar cuts all contributing to an artists payout it can be easy to slip up and make an accounting error. What seems like a small mistake may have large and long lasting repercussions which can damage relationships and negatively impact your business.
Leaving an artist on hold for too long could potentially damage an important relationship. Word of mouth is important in every industry and to thrive you will need artists and their agents supporting your business. Settle payouts, manage artist holds and book shows swiftly with Prism’s budgeting and calendar features. Never be in the dark about how much profit you will be generating on any given night. Data visualization is a critical piece of an event management platform, which allows you to project profit from a certain show, night, week or month and even make future projections. Data is the currency of efficiency which can be used to optimize profits; determining if a show is financially viable or not is a breeze when you’re using solid software to manage your events.
Easily assign tasks with deadlines to any employee in their corresponding department with a task management tool. The task management tool, like all of Prism’s features works in real time and can help venue operators see hangups within their process and find out exactly what is causing delays in progress. Approve expenses with ease and send weekly or daily updates to any employee to whom tasks are assigned. Always be aware of a tasks status with Prism’s toggle view which allows tasks to be viewed categorically; simply select by entire organization, specific departments, particular employee, or by task status.
It is easy to become overwhelmed when pitfalls are seemingly waiting around each corner. Allocating resources can be tough to optimize; but Prism makes it all easy. Prism is an all in one tool that reduces room for errors and alleviates stress. It’s an expert digital assistant that can do it all the way you want it done. To learn more about the capabilities of Prism or to schedule your personalized demo visit here.