By Jeeni Peter
Planning for events is fun, but preparing a budget for an event is certainly a hard nut to crack. Planning a budget is a pain and no matter what you do, it somehow becomes impossible to stick to the budget.
If this is the case with you, these handy tips will help you prepare a perfect budget and most importantly, stick to it.
Here is how to prepare a corporate event planning budget.
Do Your Research
Much before you put your plans in action, you need to do a little homework. Start by researching the cost of everything that you are going to include in the event. From photography, sound arrangements to catering, you must know what everything costs. Research the costs online. This will help you to figure out a rough budget.
Make a Rough Budget
Once you know what everything costs, pen down a rough budget. Figure out what you can afford and what you cannot. Define a budget range. Try to stick to the defined range but allow a little flexibility. If in case you need to stretch the budget, define how far can you go?
Based on these pointers, prepare a rough budget. Discuss it with other members of your team. Once you get a nod from everyone involved, you can proceed to the next step.
Break Your Budget into Categories
Split your budget into categories and prepare a quote for each category. You need to define a range for every budget item to make sure that you are still under the overall budget range.
Keep Updating the Budget
Keep updating the budget every day. Incorporate new advances and developments. You can take a little help from the latest technology. There are certain mobile applications that help you to keep tabs on your budget.
Never Rely on a Single Quote
Negotiation is harmless. Negotiate with the vendors to get a better deal. Do not agree on their quotes. Get multiple quotes from the vendors. Get in talks with more than one vendor. Get quotes and compare the different quotes. Finalize the one that fits in your budget.
As already mentioned, you need to be a little flexible when it comes to planning a budget for an event. Keep room for some additional add-ups. You never know what could crop-up at the end moment. If you keep a flexible corporate event planning, the end moment flare-ups won’t disturb you.
Change the Sponsorship Packages
Play with the sponsorship revenue. See beyond the bronze, silver or gold packages. Changing the sponsorship packages according to the needs of your sponsors will help you to establish a sound partnership and get additional sources of income.
Maintain a Budget Document
When you create a budget document, incorporate all the income as well as expenditure. Include every single item of expense. This will help you to figure out the current profit and loss.
If you stick to these above-mentioned tips, you would be able to crack the code of perfect budget planning for a corporate event.
Also, as an additional bonus here is your Event Planning Checklist with 5 most important factors to consider when planning your next event:
Event Planning Checklist to Ensure Every Event Goes Off with a Bang
Events today are a symbol of your stature and hence need to be well planned and strategized. Since every successful event is an outcome of arduous hard work and management a mistake of any kind can play a huge spoil sport.
Before planning any event, it is a general rule that you prepare a list of must-do’s and don’ts’ so that there is no last moment confusion and hush-hush. The article focuses on the list that if followed can make your event a grand success. Let’s take a sneak-peek into these most essential must to-dos.
1. Finalize a Venue and Date
The first and foremost thing to do in an event is to finalize a date and venue for the event. Most of the corporate event management services leave no stone unturned to make their events a great success. From availability of the preferred venue on the decided date to mapping out essentials needed in the event, all has to be done as soon as the event organization sprouts up.
2. Set Objectives
Objectives here imply to the reasons and parameters of your event organization. To give your planned event an edge it is a must do to make crystal clear objectives and goals.
3. Follow a Publicity Plan
Promote your event creatively. Leave no media for its promotion, the best these days though is social media, but the print media is also effective. A well-planned publicity tactic can attract the attention of many.
4. Enlist Speakers, Curators or Representatives
As soon as the objectives and goals of your event are charted out start concentrating on the team you would need for the same. Event management is not a cup of cake as it thoroughly is an outcome of team work. An understanding and determined team never fail, so team up with members who share equal determination with you to make it a success.
5. List Up Guests
It is an established fact that guests are the ultimate people who decide the success ratio of your event. Categorize and make list of guests according to their presence and timings. Send invites and passes on time so that they attend your event. Also, do not forget to buy gifts as token of thanks for attending the event.
The secret behind every successful event is in the planning process. So, just relax and chart out not to be missed must to-dos so that you end up organizing a triumphant event.Featured photo credit: Depositphotos
Now I’m a little disappointed. You’ve mentioned to breaking the whole budget into different categories but there’s nothing more than that. How we’re going to categorize? On what basis? Would’ve been great if there were a proper explanation.