By: Desmond Lomas
We have heard the doom and gloom about our faltering Canadian dollar vs. the American dollar. As a meeting professional in this industry you know this has its disadvantages, while you are used to adapting to change and stretching resources. Here are 5 ideas to take advantage of the low Canadian dollar:
- Think BIG: Encourage your American colleagues and their partner organizations to come to Canada. Holding joint meetings or meetings back to back will potentially save money, leverage your spend through economies of scale and help the Canadian economy!
- Think locally grown: If you weren’t insisting on locally grown food already you now have another reason – the cost of food is steadily rising. Work with your Convention Service Manager to ensure food is sourced locally where possible.
- Canadian content: Whether for gifts or conference speaker items think Canadian. At this time you may find savings with the exchange as well as shipping.
- Learn from experience: Research what business was like before the low Canadian Dollar and how things changed as a result. Ask if you can prepay for an item in this current rate. The one certainty is rate fluctuations.
- A well-oiled meeting plan: One of the reasons for the Canadian dollar falling below $0.70 US is the Canadian resource-based economy. In harder hit regions of the country, consider speaking to them now for a future meeting. They may be more open to negotiate to secure future bookings as a base for their forecasts.
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