Budgeting often raises the question of “how much did we spend and how much did we gain/lose.” The event budget is a vital component of any corporate event, and there are always negative and positive entities that affect it.
An event budget consists of a need for awareness, strategy, and purposefulness in your approach. If budgeting is done incorrectly, it could entail your corporation overspending or not being financially prepared to bear the event’s costs. That is why we want to give you our top 8 tips for building a strong event budget in less time with less stress.
1. Allocate your event budget into categories
How organized you are in your event will be reflected in the success of it. That is why using this simple tool will allow you to not only make sure basic needs are met for the event, but you get to choose how to spend the money that you do have. Breaking things down will give you powerful insight into where your money is going and spending areas that might be causing problems. We recommend breaking it down into simple categories, do not make it too complicated for yourself.
2. Assign a food and beverage cost per person
After determining how many confirmed individuals will attend the event, delegate a food and beverage cost per person. Doing so will allow for greater savings financially and less waste.
3. Book a venue that charges by the hour instead of day rates
Some big event setups can take long hours and require renting the venue a day or two before the complete setup. To help save money leading up to the event, determine your exact setup and take down needs and adjust your venue rental accordingly.
4. Multi-purpose use of Entertainment
Try to maximize your use of event entertainment and use it for more than one purpose. For example, having multiple uses for your entertainment allows you to maximize the investment. For instance, by hiring Butterfly Girls, their original intention was to have them model their beautiful wings. However, they ended up being décor and an activity where they posed with guests; thus, they were an excellent investment. You can see all about it here!
5. Save money on the little things
The stress of planning a corporate event often involves worrying about the little things that many of your guests will not even notice. For example, the flower arrangement in the corner of the room will not always lend itself to creating a memorable experience for your guests. That is why saving money on certain decorations can allow you to not only minimize the cost but be able to invest in the things that do matter.
The best way to minimize decoration costs is to choose a venue that already looks nice on its own without much additional decor. Corporate event venues with outdoor spaces, especially rooftop venues with lovely views, are a great option. With outdoor venues, the beauty of the natural surroundings may be all the decor you need.
6. Look at related event budgets
Previous corporate events that you organized will allow for incredible insights for future ones. Looking at previous event budgets with similar visions and ideas will allow you to identify areas of improvement, so you don’t commit the same mistake twice. For example, if you overspent on food during one event, you might want to cut back on the next event.
7. Set aside a portion of your income for other unexpected event expenses
Aside from spending on fixed expenses, make sure to set aside a portion of your income for other unexpected event expenses that may come up. Keep in mind that lowering your fixed event expenses can significantly impact your budget. There are always surprises throughout the process of creating a successful corporate event, which is why it is always better to be prepared!
8. Being Strategic
Some venues often provide multiple services within their rates so take advantage of them whenever possible. These amenities, along with the venue space, will allow you to have a greater return on investment.
Even at the end of your event, a budget is a critical tool that allows you to measure progress and identify improvement areas. Creating a budget can be overwhelming, especially when handling a huge list of expenses. Often you are unsure where to start and how to take account of every detail. However, having a clear budget can help you avoid making any hasty decisions.
This is where an Event Consultant is worth their weight in gold and you should explore event consulting services with Sharon Bonner. When working with Sharon on your event budget, she will guide you through the budget formulation process and be there with you to evaluate the budget after your event.
Reach out for more information on how Sharon can help you with your event budget.