Whiting urges event pros to watch their cash flow, diversify services and markets served, stay competitive, treat employees well, and keep a positive attitude.

“Lowering prices may come back to haunt you!” he says. “A caterer selling a $40 menu for $25 to get a job not only undercuts his profit margin, but will have trouble justifying an increase when stability returns.”

For the complete story, see the May issue of Special Events Magazine.