“We must consult our means, rather than our wishes.” -George Washington
When it comes to planning a corporate event, it can be tempting to get caught up in the “ideal” event and forget you’re dealing in real money. But, for an event to be a true success, it needs to fit within the financial limits of your organization.
This is where budgeting comes into play.
Follow these essential tips to creating an effective event budget and you can create an event that’s sure to impress, without breaking the bank.
1. Establish The Event Goals
What is your company or organization trying to accomplish by hosting this event?
Creating an event budget is not just about putting limits on how much you can spend. It helps you and your company identify where you’re willing to spend more and what your priorities are.
For example, would it better meet your event goals to allocate more to an awesome venue, or to hire a certain celebrity to make an appearance?
Considering what your goals are for an event and what your organization is hoping to accomplish by hosting it, will help you figure out where to allocate more of the budget.
2. Review Past Events
This is an especially important step in creating an event if you’re a new event planner for an organization. Ask for all previous financial records. Take a look at any existing lists of vendors or contacts.
This will save you from starting from scratch and potentially spending more on certain components than you might have without a little background info.
3. Account for the Unforeseen
A reliable event budget will detail out every item you may need to spend on. This includes “small” items. You can’t be too detailed in your plan. Account for spending on everything, including items such as:
- Swag, detail the items and their individual costs exactly
- Drinks, food, appetizers
- Decor, list every type of decoration and their individual costs
- Entertainment costs including music purchases, speakers, DJs, etc.
- Marketing costs, posters, flyers, email blasts, any means you plan on using to inform your target audience
Once you’ve listed out every single tiny detail you can think of, it’s time to add one more budgetary item: unforeseen expenses.
The unfortunate truth is, accidents or unplanned events happen when you’re planning a corporate event. A caterer may drop some dishware, an attendee may spill on the carpet, the marketing materials may be printed with an error.
Having a bit of extra “wiggle room” in your budget will keep you safe. It’s always safer to plan for slightly under your allotted budget than to exceed it by even a small amount.
Plan The Perfect Event Budget Today
Whether you’re planning a corporate gala or a memorable concert, creating the right event budget is an essential part of success.
Don’t let the success of your event fall to chance. Learn about our expert experience in event production. Our team of seasoned professionals can not only help you with your budget needs but in every step of the event planning process.