You may have some fabulous ideas for your business event; however, you will need to get your budget planning right for it to be a success. Here we look at how to start budgeting to avoid breaking the bank.
What type of event?
What sort of event you are holding will determine what sort of budget you are looking at. Is it going to be by invitation, sponsored or fee-paying? Be clear which option you are going for before you draft any costings.
Be realistic
Do you really need laser lighting and an extravagant floral display? While you might have an image of the perfect event in your head, you need to realistic about what you can achieve. You will also need to think realistically about how many delegates of sponsors will be attracted to the event.
Venue
The sooner you have a venue in place, the more accurate your draft budget will be. The entire event is dependent on where it is being held; therefore, you need to book the venue to move forward with your planning. Once you have signed on the dotted line and made a deposit for room hire and catering, you can include it in the budget. You might want to consult an event management company such as http://davisevents.ie for advice on how to arrange a corporate event.
Revenue indication
If it is a fee-paying event, work out your price points by looking at other similar events to see how much they are charging. Work out at what point you will break even – what level of revenue is needed for you to cover your costs and make it a viable event? According to Marketing Week, events make up 24 per cent of B2B marketing budgets, but can be great revenue generators.
Create a spreadsheet
Split your costs into categories such as PR, venue, travel, delegates and speakers, and then do the same for revenues, including sponsorship, delegates and advertising.
Have a contingency
Even the best planning will come up with some unforeseen costs. It is advisable to allow a five to ten per cent contingency to allow for these.
Money management
Getting the right budget in place is an essential part of creating a successful event; however, you need to be able to adjust your plans and carry out regular reviews.