The day has come for the fabulous event your company has been planning, and everything seems like it’s fitting into place. You’re running on schedule, the inventory is unloaded on time, and it looks like the day is going to be a success. 

That is, until you get a closer look at some of the chairs you’ve provided and realize they’re the wrong color, or the tent you promised is actually waiting to be picked up at a different event. It feels like disaster has struck and there’s no way to fix the damage that’s been done, but risks like these can be avoided, or at the very least, minimized.

There are a lot of risks, both internal and external, that come with running a tent rental company or an event business. The most effective way to reduce them is to be prepared ahead of time so the situation above, and others like it, never occur.

Two Types of Risks: Internal and External

Internal and external are the two main types of risks that event business owners need to be aware of, in order to take the proper steps to reduce them:

• Internal risks, like hackers or financial security threats, are dangers your organization faces from the inside, which take place during any normal day of operation.
• External risks, such as faulty inventory or weather delays, are associated with on-site events. Oftentimes, you may have no control over these risks, but you can prepare for them to minimize harmful effects when they do arise.

Reduce Your Internal Risks

With running an event company comes the internal risk factors. This encompasses everything from financial and security threats to operational challenges and inventory disruption due to poor management and organization. While these risks can be damaging to your property and business, the good news is that most of the time, they are in your control, and you can get ahead of the issue.

#1: Use Conflict Detection to Eliminate Overbookings

It can be difficult to manage every little thing happening in your event business, which can lead to a lot of oversights. A modern event rental software like Goodshuffle Pro immediately flags conflicts like double booking or inventory stock issues on your quotes. You still always have the final say on a contract, but the software will inform you of all possible errors, so you can make the best decision for your client and your business. 

#2: Train Your Team to Identify Possible Security Risks

2023 saw a 72% increase in data breaches compared to two years prior. With the whole world online all the time, preparing yourself and your team for potential online threats is essential to avoid a security or data breach.  

Security training is a great way for your team to learn potential risks, like phishing, which is an attempt to steal information or break into accounts using deceptive emails, messages, or advertisements. Being aware of the methods phishers use to steal company data can save a lot of headache and harm to your event business. 

#3: Implement Password Protection

Being aware of possible security threats is a great way to get ahead of them, but it’s just as important to act against them as well. A 12-character password takes 62 trillion times longer to crack than a six-character password. Implementing a secure password, with multiple protection levels sounds like an afterthought, but is actually an easy way to derail a hacker’s process before it even starts. Imagine if someone did gain access to your business’ confidential information. You have no idea what they’ll use it for and worst case scenarios run wild in your head. 

It could all be prevented with the use of a password manager to keep it safe. A password manager creates random passwords, customizable by length, in a protected log that only you have access to on your device. This way, no two passwords are similar, and the randomized combinations ensure that hackers won’t be able to easily guess your login and access private data.

#4: Reduce Operational Risks

Operational risks are a type of internal risk that can result in a financial loss, usually stemming from human error, inadequate standard operating procedures, and efficiency issues.

Reduce Your External Risks

#1: Put Safety Procedures into Action 

For every event you put on, the main goal is for everyone to feel safe. While you can’t plan for a sudden medical emergency or safety threat, there are measures you can take to reduce serious hazards. 

Talk to venues and make certain that there are actions put into place in case of grave threats that could threaten guest safety. This includes establishing a tent evacuation plan for outdoor events, ensuring a clear and safe exit strategy is available in the event of severe weather. Work closely with the venue’s team and go over safety procedures. It may seem like something minimal because of the low probability, but it’s much more relieving to not have to use a safety plan, than to need one and not have it.

The same goes for first aid and medical procedures. From small scrapes to true injuries, events can have it all. You want to be prepared with at the very minimum, a first aid kit, and the knowledge of where to go and who to call for the quickest and most efficient help. Remember that event-goers’ safety is the most vital external risk to prepare for.

#2: Plan Ahead for Seamless Drop-off and Pick-up 

A big external, on-site risk, is the drop-off and pick-up of inventory at an event. Multiple things can go wrong and put a damper on your event. Planning ahead and coordinating with the venue on timing allows everyone to know where they need to be and when. Like most external risks, traffic is something that we can’t control. Check the traffic patterns on the route to the venue, and allow extra time in case a traffic jam or accident delays your arrival. 

#3: Plan for Contingencies

There are so many factors outside of our control when it comes to events, whether it’s an out-of-the-blue thunderstorm raining out an outdoor party, an out-of-control crowd at a DJ set that threatens safety, or a technological difficulty for a virtual seminar. 

These threats can end up leading to the event’s cancellation if there is no prepared contingency plan in place. Discuss alternate plans ahead of time with your clients and venues, ensure there is proper security, and have substitute ways for a virtual audience to view a hybrid event. Additionally, having a tent on hand can be a lifesaver for outdoor events, serving as a backup venue in case of unexpected weather. Contingency plans guarantee everyone’s safety and lets the show go on!

#4: Prepare Backup Equipment 

Just like with overbooking inventory, you may bring the right equipment to an event, but there is a possibility that it won’t work. If you're bringing technology to an event, always have a backup on hand. You never know when the piece of tech might just give up on you, have water damage, or simply be a bit faulty. 

The same sentiment goes for inventory. There is no harm in bringing extra. If a client has a wedding with 100 people, bring 150 cutlery sets just in case.  Similarly, if you're setting up a tent for your event, consider bringing extra inventory or parts. It's better to be over-prepared than under. External risks may be out of your control, but with the right preparation, it doesn’t have to ruin the event or your event business’ reputation.

Stay Ahead of the Risk

At the end of the day, when it comes to protecting your event business, you want to cover all of your bases. There are internal risks, like password hacking and data breaches, as well as external risks, like damaged inventory and medical emergencies. Be prepared ahead of time and stay vigilant, in order to reduce these risks and put on successful events for your clients.

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Goodshuffle Pro is your one-stop shop software to manage your event rental business and increase profits. The modern, all-in-one software empowers event and party rental companies of all sizes across North America. Goodshuffle Pro’s industry-leading training and support coupled with their clean, intuitive interface makes onboarding a breeze, so you can get up and running fast. When you partner with Goodshuffle Pro, you don't just get the best software — you get the best team.