Business Event Budget Planning

Business Event Budget Planning

Planning a corporate event can be a stressful assignment, particularly if the budget happens to be your responsibility. There are countless factors to be aware of and it’s easy to become overwhelmed. Thankfully, there are some helpful planning pointers that can be a great help in even the most difficult of situations.

Remember to Be Realistic

Your budget will need to be solid and reasonable. Sit down and, either with your team or – if you’re working on your own – by yourself, list point by point, to which department or list item your money will be allocated. Keep in mind that your chosen venue will utilize the majority of your budget, with food directly on its heels. Decorations, seating, paid entertainment, such as guest speakers, audio/visual equipment, printing costs for programs, marketing and promotion, and service staff are among the many other monetary considerations to be made.

Take Advantage of Savings

Advantage of Savings

There are some areas in which conserving costs is not an option, and this is often up to personal preference. Some don’t mind foregoing decorations in favour of the venue’s current interior design. Others want to adorn the walls in their brand logos and company colours. It’s important to know the areas in which you feel the spending is imperative and when you think economizing is tolerable.

An excellent cost saving device is to use industry contacts if you have them. Knowing vendors, caterers, or decorators can work to your advantage, and it’s an advantage you should not be afraid to use. Often, venues will offer packages, which bundle food services with space rental costs, and this can be another cost-effective planning recommendation. Many locations also are outfitted with a/v equipment and extra seating, eliminating the need to rent from an outside company. Lastly, try to refrain from ordering excess food. It may feel like it’s preferable to have too much rather than not enough, but this line of thinking often leads to excess spending and waste.

Plan for the Worst

Though it may seem self-sabotaging, being prepared for the worst case scenario is the first step to executing a successful event. Providing yourself with a surplus of approximately 20% is an optimal amount for alleviating budgetary stresses that can come with unexpected expenses. Another invaluable piece of advice is to physically write out what you believe would be the best and worst situation that could befall your event, then plan accordingly. Preparation is key!

Monitor Your Expenses

An important measure in event financing, specifically when working with a team is to audit your expense records from each department to ensure your team is not going over budget in any area. Having your staff check in with receipts or reports to confirm adherence to the budget will keep everyone on the path to a fruitful event.

Take Your Time

It’s Okay to Take Your Time

Last minute event planning can lead to uninformed and financially regrettable decisions. Allowing yourself plenty of time to peruse the market for fair prices from vendors and venues ensures a wider selection of locations, dates, and wares. As well, added time for preparation is fundamental in creating a solid event and budgetary outline, which is a strategy you’ll be more likely to adhere to. You may find, as the date of your corporate event looms closer, you feel the need to expand on your ideas and effect grandiose changes. At that point, take the time to remind yourself that it’s imperative to stick to your plan. If you took adequate time to prepare sensibly, know that your outline is stable and reliable, and success is at your fingertips.

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