Planning corporate events can be a difficult process, there is a lot to organize and staff to manage to make sure that your event is a huge success. One of the most stressful parts of the whole process is making sure that you can keep to the budget you have set or have been given by your boss. If the event is specifically designed to raise funds or make a profit then you will be expected to make a more than satisfactory return on the money you have spent.
If a corporate event is to be seen as a success then you must make sure that you effectively manage your budget. Here are some really great tips that will help anyone preparing for a corporate event draw up a budget, they will also make sure that the money invested does not go to waste.
One of the first things you need to do is identify the basic expenditures, the things that you cannot do without. I know that this seems very obvious, but if you do not sit down and make an outline of everything you need to fit into your budget then it is all to easy to go over budget the closer your event gets. If you are planning a corporate event, be it a conference, charity event, product launch or staff event, then the cost for these basic items should always appears on your budget sheet:
- Speaker/special guest
- Renting equipment; sound system, wifi access and other items such as projectors
- Decorations and any other furnishings
- Promoting and marketing the event
- Catering and staffing costs
If you have all this down on paper before you start to plan your event then you are much more likely to be able to stick to the budget that you have set.
Getting a return on investment
Once you’ve calculated how much you will spend on the basic expenditures it’s time for you to figure out what you want to achieve from the event, more importantly how you will measure the success. It is easy if you are charging an entry fee for the event because you will be able to see the amount of profit that you made. When you are working out the amount you should charge then remember that you want a ticket price that will maximize attendance. If the idea is to educate or train your staff then obviously you won’t be able to see the direct impact immediately, but you may be able to work out a system to see the improvement made in the future.
It’s always good to try and save money wherever you can, there are always ways to save money. Here are some great tips that can save money when you are planning your corporate event.
- Stop impulse buys – you need to be strict with yourself and stick to the budget that you have set yourself. It is very easy to be looking at decorations or gourmet food and get carried away.
- Save on catering – One of the biggest mistakes people make is that they order much more food than they need. You need to have as little waste as possible after the event. A great little tip is to set your catering budget and then reduce it by ten percent, you will still have more than enough food for everyone.