Candy Adams
Candy Adams, aka “The Booth Mom®,” is a hands-on trade show exhibit project manager and trainer. She helps exhibitors maximize the return on their exhibit investment using the best strategic, tactical and training practices.
Things I Wish Somebody Would Have Told Me About Exhibiting
October 18, 2018
No. 6 “Good, Fast, Cheap. Pick any two.” vs. Value
In project management, there is a tool known as “the project management triangle.” This triangle is used to show the opposition encountered between a project’s quality, time and cost.
The project management triangle’s meaning is very easily understood when it occasionally shows up on a succinct office sign that says, “Good. Fast. Cheap. Pick any two.” I saw this sign the first time — almost 20 years ago — and will admit to having one permanently hanging in my office. It’s a great reminder of one of the inevitable glitches of managing trade show exhibits: last-minute challenges.
As much as we plan, Murphy’s Law (or Adams’ Law of Exhibiting in an earlier blog) will kick in, and something will slip through a crack, or change or need to wait for an exhibit-critical decision to be made. And all of these can cause budget-busting expenses. Three of the biggest budget busters I encounter are procrastination-based: last-minute changes to exhibit properties, rush charges for graphics production and last-minute shipping.
Another place that this saying is important is knowing when asking for “fast” will result in rush and late charges from your product and service vendors. I’ve worked with vendors who charged double for anything with less than five working days’ notice and triple for anything under two working days. And, on the other hand, I’ve had vendors who don’t increase rates unless they incur overtime charges for inside work or if their outside subcontractors up-charge them.
When it comes down to our “get-it-done” bottom line, remember that the lowest-cost (a.k.a. “cheap”) provider is not always the best option, especially for last minute purchases. Writer Oscar Wilde cautioned against being the “man who knows the price of everything and the value of nothing.” Keep in mind that there will be times when the loyalty of a long-time vendor, who may not be the least expensive, will pay off exponentially.
This blog is part of an on-going series. Read No. 5 here.
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MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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