Planning an event isn’t a walk in the park—it requires time and effort. Failing to successfully plan can cause you to exceed the budget. Read the following tips that will be useful as you plan your next event:

Budget Tips for your Next Event

Image Source: Flickr

Be realistic

Are you really going to get those 20 sponsors and 500 delegates for that first event with no track record or branding in the marketplace? Create your ideal scenario (20 sponsors, 500 delegates). Your realistic scenario (where you are most likely to end up) and your worst-case scenario (your fall-back position when everything that you imagine can go wrong has gone wrong!) Source: EventBrite

Build your budget and expense checklist

Having a budget/expense checklist will keep you organized and help manage expenses. Here are some items that are necessary:

  • On-site expenses
  • Venue costs
  • Food/catering
  • A/V vendor or equipment rental
  • Miscellaneous third-party vendors
  • Event rentals
  • Decor vendors
  • Entertainment
  • Production
  • Marketing and advertising
  • Administrative expenses
  • Temporary or contracted staff
  • Cost overages/emergency funds

Source: BizJournals

Make sure everyone is on the same page

After you create your budget, make sure you share it will everyone involved in the event. You may know how much you want to spend, but the rest of your team might have a different idea. You don’t want the person in charge of food planning for a five-course meal when you only budgeted for some light refreshments. Source: HelloEndless

Use free tools

In this day and age, you don’t have to pay for a newspaper ad or the side a billboard to get noticed.

Ahead of the event, you can do most (if not all) of your promotion through social media and email marketing, without increasing your budget. Social media is also a great way to keep attendees engaged during the event and get their feedback on various parts, and it won’t cost you a dime. Source: Blog.Capterra

Haven’t found the perfect venue for your corporate event, yet? Call us!