JUNE | OPINION
Towcester Racecourse managing director Kevin Boothby explains why diversification and community engagement are key to recovery for venues
It is a joy to see event industry venues across the UK back open and welcoming crowds again but for many venues , returning to pre-Covid-19 business models is simply not sustainable . A lot of venues have built up debt to stay alive and continue to operate in an uncertain economic landscape in which consumer habits are constantly changing .
It means venues must continue to stay on top of their game . Despite some ongoing uncertainty , it is a great opportunity , perhaps to do things we have often wanted to but never quite focused on before because our core offerings were always our main revenue drivers .
For many large venues , where running costs are getting higher by the month as inflation continues to spike , diversification is key to developing a stable business that can grow . I appreciate it is not an option for every venue and some smaller venues thrive by offering a unique and clear USP . But for those with the space and capability it will add strength to your business .
Many event organisers and
venues diversified during the pandemic by delivering digital content and hybrid events . The industry is well-versed in adapting to the times . So , to now be able to work with more operational freedom again should be embraced .
While diversification can be a lifeline for venues , it can still just as easily be a
Kevin Boothby
financial black hole . Deciding how and when to invest in new offerings is crucial . At Towcester Racecourse , we ’ ve found empowering colleagues to join in strategy workshops an effective way to help yield fresh business development ideas .
Our approach has been to expand upon and make
“ The industry is well-versed in adapting to the times . So , to now be able to work with more operational freedom again should be embraced .” the most of what we have , by providing the space in multiple ways to create the opportunity to attract different guests .
This has been combined with adding new offerings that support our existing business . It is important to maintain a service that your team can deliver . We have added things such as classic car rallies , foodie festivals and concerts to our events division and created a corporate arm that offers event space for meetings , conferences , weddings and the like .
It is not an overnight fix but does provide a solid platform to build upon . Large venues now need to be in use all day , every day , to be successful .
In addition to diversification , another element I place a big emphasis on is community engagement . Making sure your venue connects with its local community in a meaningful way can be powerful . It is an honour to be the custodian of a venue , but it comes with a responsibility to give back . This can range from providing special rates for community groups and charities , to delivering engagement programmes , working with schools and creating jobs and opportunities .
Venues are not out of the woods yet , but I ’ m confident those that diversify well will have a positive future .
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