It is all about event budgeting, budgeting, budgeting—we cannot emphasize this enough.
Realistically, as a client, any project you invest in, such as an event, should always—and we repeat, always—have a return on investment! What do we mean by that? There should be some sort of benefit and it doesn’t have to always be monetary. Return on investment could be gaining more customers!
It is no secret that the best ideas and connections come from the relationships you have, whether they are personal or business. So, investing in a corporate event is much more than a mere celebration; it can be a financially strategic move. Think of it as an opportunity to deepen the bonds between your employees, customers or prospective event partners.
So are you wondering how Bright Ideas exceeds your expectations and generates future revenue while staying within event budget lines? Then keep on reading!
Set Clear Objectives and Goals
What are your objectives for the event, or what goals do you have in mind? You must have a clear understanding of what you wish to achieve by hosting the event. Whether it is a corporate gala, public festival or a charity fundraiser, event goals and objectives must be set.
Take into consideration who are the people you are planning to invite, what is the goal of the event, and how do you plan to meet your objectives? All of this should be determined before planning begins. It is very important and useful for us (your event partner), since it helps us see the bigger picture.
As we set goals and expectations, it becomes easier to align the event budget with your goals and objectives and avoid unnecessary spending.
Strategic Budget Allocation
Event budgeting does not have to be confusing, and breaking it down is not only a suggestion but a must. Dividing your budget by percentage into components — food, decor, entertainment, etc. Using this system will ensure that you are maintaining control over finances and ensuring essential elements are funded.
Prioritization of Event Budget Categories
Let us break the categories down even further into smaller pieces: ‘must-have,’ ‘nice-to-have,’ and ‘optional.’ For example, ‘must-haves’ are essentials that your event cannot function without, such as catering, a bar, and the venue. ‘Nice-to-haves’ enhance the experience but are not critical for the basic function of the event. These might include a more upscale venue, special decor, or live entertainment. ‘Optional’ elements are those that can be completely omitted without impacting the core experience of the event, such as personalized party favours, added activities or an additional performance act.
By categorizing and prioritizing elements in this way, we can do event budgeting more effectively, ensuring that essentials are covered while finding space for enhancements that can take your event to a whole new level.
Smart Sourcing and Quotes
Follow the ‘3-golden rule’ and obtain at least three quotes for major budget items such as venues, catering and entertainbment. Peruse the quotes to ensure that they all contain significant items in your RFP.
Once you have received the quotes, the first thing to consider is to ensure that all of your key requests in your RFP are included. By doing so, you will have options (whether it is entertainment, caterers, or staff) to decide which proposal gives you the best value.
Incorporating a Contingency Plan
After categorizing and sub-categorizing, the most important thing is to always leave extra funds for emergencies, such as a 5-10% contingency in the event budget. This step can save your event from unexpected expenses and help keep the overall budget on track.
Conclusion
A brief recap of the key points for hosting a successful event within budget includes setting clear objectives, dividing the budget into categories and subcategories, and maintaining a 5-10% reserve for emergencies. It sounds like a winning formula for effective budgeting that costs less and achieves a high ROI. Sounds good?
If, after all this, you still feel unsure, remember that we are the experts with 36 years in the event business. We know how it is done and cannot wait to make your event memorable. To book, click here.
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