The sky is blue, water is wet, and event production is expensive. Budgeting- we’ve all been there; a seemingly impossible but crucial step to managing finances. Even a modest event requires a sizeable budget. And if you’re not careful, costs can quickly add up that and in turn cause a major financial black hole.
While sticking to — or even just under — your budget is always ideal, a little overrun is to be expected. It’s when costs spiral out of control due to lack of planning or poor management that you find yourself spending more than expected. Here are some practical tips for sticking to your allocated budget on your next event.
Get Started Early
Getting bookings done early usually allows you to get exactly what you want for your event, at a price that’s great for you. Additionally, travel is usually cheaper the earlier it’s booked, allowing for more wiggle room.
Any complications that arise can be dealt with early on so you can adjust your budget accordingly.
It’s better to need to book a new venue or speaker while there’s time and money left in the budget,
than at the last second, that way, your marketing team can start to gather materials and promotions for the event as well.
Take Notes from Previous Events
Each event provides a wealth of knowledge you can use to learn and plan from. Looking at your budget and spending from the last event you ran — were there things which blew out of proportion unexpectedly? Did you use everything you paid for? Was there anything that ended up being cheaper than anticipated? Overall, compiling a list of tasks to continue doing and straying away from will aid in visually representing the correct allocation of time, money, and effort.
You may also discover attendees were unsatisfied with certain prior aspects and that may need to budget for this time around. Make the most of your prior events by learning from them for your new ones.
Compare Quotes
Sometimes you’ll get an amazing quote from a vendor and be tempted to sign the dotted line right there and then. Don’t. Hold onto that quote and ask a few more people. You may end up finding that original quote was indeed the best option — or you might find someone who’s willing to match that quote and throw in a little extra. Compare and contrast between all offers.
Hotels often have their own AV systems, but will charge commission fees a lot of the time. You might find the same or better service for the same price from an outside vendor — or incur fees for bringing in outside help. Ask around, and know what your expenses are.
Keep the Team Focused
A loss in productivity equates a loss in money. Make sure your team is focused on the task at hand while making the most out of available time and resources. An uninvolved team can result in additional costs, a misuse of resources, and possibly put the event at a disadvantage. Providing an employee plan creates clear priorities, procedures, and deadlines for everyone to stick to.
Have a Plan B, or Six.
Contingency plans will help you overcome unexpected problems without incurring obscene additional costs. By planning for the worst case scenarios from the beginning, you’ll help stay within your budget should the worst occur. Unexpected mishaps are one of the biggest budget — busters you’ll ever have to deal with, so plan accordingly. Prepare, Prepare, Prepare!
