When you’re planning an event for the first time, few things are more daunting than putting together your first budget. To help you get started, events and advertising agency Worx Group’s team of event planning experts put together some tips that’ll turn you into an event budgeting machine.
1/ The basics are fundamental
Before you do anything else, make a list of all the costs (and potential costs) that you’ll have to keep in mind. While bigger event aspects like your venue hire might be obvious, you may be surprised by how many smaller costs there are, and how they can be easily overlooked and will eventually add up.
Take a look at your event as a whole, and go through each and every aspect, making sure you’ve taken into account any and all potential cost implications. If you’ve got it all laid out and written down, you’ll have a much better idea of what kind of budget you’re looking at.
2/ Ask the necessary questions
If you’re in charge, your team will be looking to you for expertise in both coordinating and managing the finances of an event. There’s little doubt that they’ll be dreaming of perfection, which is great, but it also means that they don’t always have the best financial judgement.
Ask as many questions as possible right from the get-go. If you have a good idea of exactly what the team wants and what they can afford from the beginning, you’ll have a much better chance of those aligning.
3/ A first budget draft is important
When you have a clearer idea of how much you actually have to spend, it’s time to build your budget. This will develop a basic structure that you can build and mould from.
The draft will grow, change and develop as you get further into the planning process and collect more specific details. Don’t forget to build in a contingency plan – things almost always cost a little more than you anticipated.
4/ Ways to get a ROI
When it comes to event planning, the ultimate goal is striking the balance between efficient budgeting and delivering on the creative factor and audience experience.
It’s important to deliver a return on investment (ROI) for your company, and we know that aiming to achieve business results against the spend can be scary. Minimise this stress by matching your budget to your audience’s needs to find out if the spend on your event will resonate with the industry.
5/ Know your T’s and C’s
It’s also important to understand the terms and conditions of all your suppliers and partners – some agreements have expiration dates, and finding this out when it’s too late could dramatically impact your budget.
6/ Tie up the loose ends
Keep the event objective in mind and match the cost to the required outcome – if this is not aligned, adjust it. Safety, security and crowd management might not be the most exciting lines on your budget, but they’re imperative to making sure the event goes off without a hitch.