Jo Why Lee

London - United Kingdom

    10 Tips to Budget Like an Event Pro

    September 5, 2013

    Events

    Whether it's corporate gigs, conferences or seminars, budgeting for any event has never been easy. While there are a plethora of factors to put into consideration, the value of careful and calculated planning cannot be underestimated. It’s an absolute must for any upcoming event , regardless of how big or small it is. It is for such reasons that some businesses opt for an events agency to help them put things into perspective. But how can you be able to manage your event budget without enlisting the services of an events agency?

    Regardless of whether you're new to event planning or an all-time seasoned pro, you can be able to keep an event budget, stay organized and ready for any client’s inquiry without exceeding the budget without having to use the services of an event agency. To get right budget is the difference between a stress-free event and one marred by missing equipment. Even without the services of an events agency, you can be able to manage event budget like a pro by following the 10 tips to budget like an event pro.

    1. Identify all the costs and expenditure

    There is a need to break down the budget into daily schedules and ensure that everything is captured ranging from cost of venue, AV requirements, the cost of your speakers, printing, decorations, promotional costs to client travel insurance and ticket charges if your event is open to the public.

    2. Have a realistic budget and how to measure ROI

    Once you have gained insights into the budget, you can then look at the projected income which is required to balance the budget. With such, you can be able to know how much you exactly need for the event and the Return on investment (ROI) you can expect.

    3. Contingency budget

    A contingency plan is always vital. Regardless of whether you have the best planning, there is still a probability that something may not work, will cost more or you'll need to add something. It’s usually advisable to have a 10-15% allowance on the budget in case of a rainy day.

    4. Use Events Apps

    Like any events agency, you can employ the use of events apps available in both iOS and Android to help make the planning and budgeting of the event much easier. Accounts Tracker is one of the popular expense management apps which are immensely used for bill tracking and budget management.

    5. Avoid shopping at the last minute

    There is a tendency to buying things at the last minute. However this increases the chances of you losing track of spending.

    6. Venues take up a big chunk of the budget

    This is fact that you need to accept and deploy the right strategy to get a cheaper venue. The times and season of your event will influence the cost of your events venue. It’s thus advisable to always shop around before making your final decision.

    7. Plan for f&b the reduce 10%

    It is a fact that most planners order too much food at events. To cost save and stay within the margins of your budget, you should make a small reduction of approximately 10%.

    8. Record every expense

    Such records come in handy when you're auditing everything later. As such, ensure that you always have your receipts with you.

    9. You don't have to be a financial scrooge

    But it’s always vital to keep an open eye especially if you’re allowing credit card purchases. This will help you gain financial responsibility while protecting your business.

    10. Ask for help from local CVB's

    As CVBs are more experienced, they can offer insights into the best deals and recommendations which could count strongly to your budget.

    Kenneth Fabian, Founder & Owner of OGL Asia - a brand activation company specialising in Events, Exhibition and Design Communications since 1989.

    With 27 years of experience, Kenneth was able to gather the right contacts, strategies and resources to ensure an effective brand engagement.

    Read Jo's other blog entries >

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