All About Budgets

You’ve got the event theme, guests, and catering down pat. You’ve spent months planning, and now it’s time to make sure everything fits together. But! Before you get carried away with the excitement, you need to be sure you have a solid budget in place.

Without it, your big idea can quickly turn into a logistical nightmare.

According to a recent Eventbrite survey, event professionals spend an average of $2,630 on a conference, $1,400 on a seminar or webinar, $1,500 on a workshop or training session, and $950 on company parties and other social events.

These numbers make it clear that there are plenty of opportunities for costs to get out of control if you aren’t careful about managing your spending.

As an event manager it’s your responsibility to manage the project within budget. Without a robust budgeting process, costs can spiral out of control and blow your budget out of the water. 

Ensure you understand every aspect of your event

The first thing to keep in mind is that every event has its own set of needs and expectations. Knowing what your guests want, how many of them will be attending, how much space you need, and what kind of experience they're seeking, will help you hone in on the right budget. It’s important to remember that every event is different, so be sure to consider what you want from the event and work backward from there.

What are your goals? How can you achieve them? What will make your guests or your client feel special? Considering all aspects of an event like this will help you create a memorable experience for your clients without blowing the budget on unnecessary extras.

Break down all your expenses

The first step to managing your budget is to break down all expenses into as much detail as possible. You may have a ballpark figure for certain elements of the event, such as catering or venue hire, but be patient with yourself as you figure out all the elements of your event and how much they're going to cost. 

When renting a venue, remember that there may be hidden costs involved in getting it ready for your event.

Decorating, cleaning, and setting up equipment like sound systems can take a lot of money—and if that isn't part of the service, it's up to you to make sure it gets done! 

If you don't break down your expenses, you're just guessing—and that's no way to be sure there isn't something you've overlooked that could end up costing you a fortune! Artist-Bookings can help you create an event plan covering all your bases to avoid any nasty surprises! 

Avoid taking a ‘wait and see’ approach

When it comes to organising a successful event, timing is everything. Booking your entertainment and speakers early will make sure they’re available when you need them – that means no disappointments, no last-minute scrambling for alternatives, and no unnecessary rush fees.

If you hope to get a good deal on anything from venues and caterers to marketing and transport, you need to book well ahead of time. Waiting until the last minute will not only limit your choice of suppliers but could leave you paying more than you should for less quality service than you need. 

Don’t forget about contingencies! 

Events are unpredictable by nature and budget blunders often occur when people don’t include contingencies in their budgets. Contingencies are important because they allow you to account for things like rainy weather or unexpected supply shortages without throwing off your entire budget. It’s common to set aside 10% or 15% of your budget as a contingency fund which you can use as needed. 

Or - let someone else take care of it. Speak to us today about tailoring an event package to suit your budget needs.