An event going over-budget is any event organiser’s nightmare but it happens more often than one would like it to be. An event organizer has to juggle between a number of tasks and checklists that sometimes the budget takes a hit due to lack of planning or simply oversight in a few important areas.
We have put together a few critical factors that will help ensure your event remains well within budget that will make you and your client extremely happy.
- PLANNING, PLANNING, PLANNING: All successful and profitable events rely heavily on planning and the sooner you plan, the better the outcome. Planning involves not only budget but also all the other moving parts including itineraries, travel schedules, speaker availability, ticket sales, marketing etc. Create a document with all required components, vendors, contact details and delegate tasks well beforehand to ensure smooth operation and delivery. Having a master plan keeps you armed and ready for crisis if it happens.
- INCOME SOURCE: A large part of budgeting includes assessing how you plan to allocate or make the most of your money and where is it coming from, whether it is sponsorships or ticket sales or advertising? You need to know the gaps if any and how to fill them and if you are falling short, do you make the call to ask for more money from your sponsors? Increase the ticket price? Or hike your ad rates?
- CHECKLIST: Mental checklists are important but actual checklists are critical. Checklists are important to break down the tasks to the minutest detail and making sure no surprises pop up on event day. Also, including backup options for catering, rentals, tours, speakers etc. ready might be a smart thing to do too.
- BE THE EARLY BIRD: A number of business including hotels, AV equipment rentals, airlines etc. offer early bird or advance rates to their customers and you must make use of every such opportunity where money can be spent wisely if bookings are made well in advance. It will also save you the hassle of last-minute reservations and crazy expenses.
- CONTINGENCY: Even after all the planning sometimes exceeding the budget becomes inevitable but having some money reserved in a contingency fund will always keep you prepared to incur those unexpected expenses. You can always use the contingency fund for miscellaneous expenses such as printing costs, delivery etc., all of which may seem little but add up substantially around an event
We hope these tips come in handy while organizing your next event and keeping that budget in check.