How to overcome the potential impact of COVID-19 on the events industry

We were certainly aware of the initial impact of the COVID-19 outbreak back in March and knew there was going to be an impact on the events industry. Events were being postponed and in some cases canceled. 

We thought we would share our views on the current situation and our tips on how to overcome the impact of COVID-19. 

We strongly believe that the events industry will bounce back from this outbreak. There will be some lasting effects as a result, as we believe a number of companies may potentially have the capability and confidence to run more virtual meetings. Our client Microsoft, for example, hosts a lot of small meetings and they have been able to run some of these virtually. 

Sadly there will also be those companies who don’t make it through this period.  As business owners, who have built this company from the ground up, we really feel for those struggling during these unprecedented times.

What does the future look like?

When the lockdown is relaxed, we believe there will be lots of events to reschedule and only so many venues with large capacity available. The demand will be high and securing dates that work may pose a challenge for many clients.  Planning for us will be key. We will be working with partners to find alternative dates quickly and be discussing flexibility around venue choice.

We feel there will be a tendency to try to run more events virtually and we think this will be a great solution for smaller events, however, networking and face-to-face interaction aren’t possible in this format.

Demand will be high for suppliers and good quality staff as lots of events will be taking place at the same time, luckily here at Pinnacle, we have a vast and experienced team across the UK ready to support the events. 

Our three tips for companies to get through these uncertain times

  1. At Pinnacle our number one priority is and has always been our team, there is no doubt these are testing times financially, technically and socially and we are doing our utmost to support our team in these times.  We may not be able to interact in person right now but we are offering support through the government’s employee retention scheme as well as emotional and social support through ongoing communications.
  2. Of equal importance are our partners. Working with our clients to ensure and minimise the financial impact of COVID-19 on postponed and canceled events.  We must remind ourselves that this period will pass, and we must be ready for when that day comes to do what we do best and support our clients again.
  3. As difficult as it is to do, we’ve tried to find positive’s in this terribly difficult and sad period.  We must do everything possible to ensure the long term sustainability of Pinnacle, for once we have time on our hands and with this time we are focusing on those projects and initiatives that never quite made it to the top of the to-do list, our social media, and marketing activities are ongoing, and we believe it’s vital to use these channels to remain in touch with our industry.

Above all else in these unprecedented times, it’s important to support each other, be kind and consider those who are more vulnerable and do what we can to help them through this difficult time, this time will pass and the industry that we are so passionate about will bounce back.