I attend a local business networking group in Peterborough. It runs once a month of a morning. It’s been running for over 10 years now and has always been free to attend. It takes place in a local well-known restaurant and attendees are encouraged to buy breakfast to support the business. But recently it seems that they are chasing the big money but losing the bigger money.
There are between 15 and 25 attendees at most events. Everyone has at least a coffee and croissant, with many having a full buffet breakfast before, during or after the event. On average, attendees spend £7.50 at each event. There is no charge for the event, and everyone pays for themselves each time. We set up the space ourselves and put it back before we leave. It’s a space that is not used at that time of the day.
So, last month the organiser was spoken to by the manager at the restaurant. They would now like to charge the networking group £70 for the space. No food or drinks are included. That is just the charge for the space.
This definitely caught the organiser of guard. So, the question was asked to the group. Do we all want to pay towards the £70 for the hire of the space. In which case, who would take this role on as it is extra work and money management. Or should we go elsewhere.
It was decided that we would go elsewhere. This means that by the company chasing the big money they are losing the bigger money. 15-25 people will no longer be attending an empty space in the restaurant once a month, spending around £7.50 each. Instead, another company will gain that extra business.
While it was annoying, it got me thinking. Are you at risk of chasing the big money but losing the bigger money? Yes you could make a couple of extra quid – but is it worth the risk of losing what you have?
