Comments on: LEARNING THE BUSINESS OF MONEY THE HARD WAY http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/ Preston Bailey is an award winning event designer. He is renowned for his breathtaking weddings, unique floral designs, centerpieces, floral artistry, and inspired table settings. Fri, 24 May 2013 00:11:41 +0000 hourly 1 http://wordpress.org/?v=3.3 By: mia http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-8113 mia Tue, 26 Jul 2011 19:03:46 +0000 http://blog.prestonbailey.com/?p=4981#comment-8113 Your blog is awsome, thank you for your generous advice and guidance. Your blog is awsome, thank you for your generous advice and guidance.

]]> By: CANDY http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7501 CANDY Tue, 31 May 2011 17:32:02 +0000 http://blog.prestonbailey.com/?p=4981#comment-7501 I definitely have all of my clients sign individual contracts with each vendor. Life as an event planner is much easier this way. What I have been running into a bit of trouble with is payment. So grateful you are touching on this sensative subjec. I've been planning events as a hobby for 10 years and about 2 years ago decided to turn it into a business. I would like to have a payment plan (can't wait to see your next post) but I've been charging by a percentage of total cost and sometimes, in the end, clients will go over/under their budget. How do I work around that? smh I definitely have all of my clients sign individual contracts with each vendor. Life as an event planner is much easier this way. What I have been running into a bit of trouble with is payment. So grateful you are touching on this sensative subjec. I’ve been planning events as a hobby for 10 years and about 2 years ago decided to turn it into a business. I would like to have a payment plan (can’t wait to see your next post) but I’ve been charging by a percentage of total cost and sometimes, in the end, clients will go over/under their budget. How do I work around that? smh

]]> By: Coretta's Elegant Events http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7394 Coretta's Elegant Events Thu, 26 May 2011 07:34:29 +0000 http://blog.prestonbailey.com/?p=4981#comment-7394 Great insights! I appreciate you sharing them. I definitely have my clients sign individual contracts with vendors and pay them directly. Great insights! I appreciate you sharing them. I definitely have my clients sign individual contracts with vendors and pay them directly.

]]> By: Cathy http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7281 Cathy Mon, 23 May 2011 19:28:58 +0000 http://blog.prestonbailey.com/?p=4981#comment-7281 Hi Preston, Thank you for this post, it confirms my recent practice of asking for 50% of the estimated total when I hand the contract to my client. I have met very little resistance and will continue to make this request part of my consultation. I am new to reading your blog and must say I have learned so much both creatively and educationally from someone I've admired for a long time. Hi Preston,
Thank you for this post, it confirms my recent practice of asking for 50% of the estimated total when I hand the contract to my client. I have met very little resistance and will continue to make this request part of my consultation.

I am new to reading your blog and must say I have learned so much both creatively and educationally from someone I’ve admired for a long time.

]]> By: Nishaka http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7259 Nishaka Sun, 22 May 2011 10:22:19 +0000 http://blog.prestonbailey.com/?p=4981#comment-7259 Great Blog. I have experienced a negative situation with a vendor that I no longer use. Professionalism and doing the right thing is very important to me. This particular vendor had done well in the past, but due to their continued growth as a business it seemed that they could not handle the demand and the quality of service diminished. Three situations happened and I said no more. Two out of the three I felt like I was able resolve the issues for my clients really well. I do have my clients sign contracts directly with vendor and pay them directly. I gather the contracts for them, review them in detail with highlights of things to be aware of, and then have then sign them. I keep copies of them in the file for the client and make sure they get a copy. I do not sign any vendor contracts. Great Blog. I have experienced a negative situation with a vendor that I no longer use. Professionalism and doing the right thing is very important to me. This particular vendor had done well in the past, but due to their continued growth as a business it seemed that they could not handle the demand and the quality of service diminished. Three situations happened and I said no more. Two out of the three I felt like I was able resolve the issues for my clients really well.

I do have my clients sign contracts directly with vendor and pay them directly. I gather the contracts for them, review them in detail with highlights of things to be aware of, and then have then sign them. I keep copies of them in the file for the client and make sure they get a copy. I do not sign any vendor contracts.

]]> By: Savannah (Pearls and Pages) http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7242 Savannah (Pearls and Pages) Fri, 20 May 2011 13:46:21 +0000 http://blog.prestonbailey.com/?p=4981#comment-7242 Excellent advice and personal experience, Preston. Thank you so much for sharing. I was bursting with curiosity! :) Have a lovely weekend and take care! Hugs from Berlin, Savannah The French Bouquet Blog: www.thefrenchbouquettulsa.com/blog Excellent advice and personal experience, Preston. Thank you so much for sharing. I was bursting with curiosity! :)

Have a lovely weekend and take care!
Hugs from Berlin,
Savannah

The French Bouquet Blog: http://www.thefrenchbouquettulsa.com/blog

]]> By: Kieffer http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7236 Kieffer Fri, 20 May 2011 06:13:31 +0000 http://blog.prestonbailey.com/?p=4981#comment-7236 Wow I wish this would have been up last week, word for word the last situation described something we went through recently, we suggested a vendor and ended up having to refund every single penny to our client as she was unhappy. The vendor quickly denied any wrongdoing and would not even respond to the client. Very good suggestions for handling vendors. Wow I wish this would have been up last week, word for word the last situation described something we went through recently, we suggested a vendor and ended up having to refund every single penny to our client as she was unhappy. The vendor quickly denied any wrongdoing and would not even respond to the client. Very good suggestions for handling vendors.

]]> By: Angela http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7235 Angela Fri, 20 May 2011 04:12:46 +0000 http://blog.prestonbailey.com/?p=4981#comment-7235 Found this article very useful. All advise given were accurate and the best. I learn so much each time. Thanks Found this article very useful. All advise given were accurate and the best. I learn so much each time. Thanks

]]> By: Atosha Barboza http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7224 Atosha Barboza Thu, 19 May 2011 21:30:13 +0000 http://blog.prestonbailey.com/?p=4981#comment-7224 In situation #1 right now! I know the only resolution is communication. Will let you know of the outcome on Monday. In situation #1 right now! I know the only resolution is communication. Will let you know of the outcome on Monday.

]]> By: Shaunda http://blog.prestonbailey.com/2011/05/19/learning-the-business-of-money-the-hard-way/#comment-7222 Shaunda Thu, 19 May 2011 21:13:47 +0000 http://blog.prestonbailey.com/?p=4981#comment-7222 YES ... my first real year going solo and it was for a friend, she didnt do her part with paying the vendor and b/c I was the planner they came after me. That taught me going fwd 1) all vendor contracts are held directly b/w the client and the vendor 2) any final payments are to be handled directly b/w the client and the vendor - the only thing I will do is pass out thank you cards (tips) the day of the event. I love how you handled each case here, especially with you sitting down and just listening. Ive been in customer services since '94 and just the thought of having someone belt out on you can hurt but to just allow them to say whats on their mind is actually better in the end a soft answer will take the wrath away =:) YES … my first real year going solo and it was for a friend, she didnt do her part with paying the vendor and b/c I was the planner they came after me. That taught me going fwd 1) all vendor contracts are held directly b/w the client and the vendor 2) any final payments are to be handled directly b/w the client and the vendor – the only thing I will do is pass out thank you cards (tips) the day of the event. I love how you handled each case here, especially with you sitting down and just listening. Ive been in customer services since ’94 and just the thought of having someone belt out on you can hurt but to just allow them to say whats on their mind is actually better in the end a soft answer will take the wrath away =:)

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