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Howes 101Each group and organization that we work with has a different way of managing cash flow. By the time we reach the actual exchange of deposit requirements, all sides have agreed to the conditions within the contract and this task is essentially an action of commitment. With the amount of time that takes place from the time of signature to the program execution, it is only fair that a hotel ask for a deposit, while how much and when to pay are important details to clarify. A 5% deposit is quite typical if you have a typical program.

Cash flow for most groups begins once delegates start to register for the conference. Many organizations prefer to structure their conferences to be independent of external funding, so the scheduling dates to which they will agree to, are timed to match when they know their cash flow will begin to cycle.

While the dates for the deposit are often clear, more detail is often required for the conditions of the deposit. The questions to clarify include: Who holds the deposit? What happens in the case of a cancellation? How does the hotel wish to receive the payment? How will this deposit be applied?

Similar to saving money for our own futures, having specific targets ensures that schedules are followed. During the reconciliation, the advance payments are always a welcome line item to apply to your master account.

You are now reading the small print: As an update to our January blog, the Smartphone debate has been settled with a pledge to the BB10. In the weeks to come you may jeer or cheer that decision. Thankfully the worst case scenario is easy to fix!

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