Some Useful Tips to Monitor your Event Budget
All the event planners know the importance of building a consistent event budget, which allows figuring out the relevance and size of the event. It’s the only way to understand what you can afford with a given amount, and what should be removed from the list, because exceeds the budget limit.
A good budget planning could help us monitor our financial resources, splitting between catering, entertainment, venue, rentals and all the expenses closely connected to the event.
Analyse all the expenses:
In the initial phase of event planning, you have to define the budget available and prepare a checklist of the event key factors to take constantly under control, while monitoring the single expenses.
Since is quite common working with the same suppliers of a previous event, probably you already know their service and pricing. Therefore, we suggest you to fill out a detailed list of your suppliers, with the respective quality of service, costs and payment method.
Establish goals and measure ROI
Once you have defined the budget and created a list of suppliers, it’s time to measure the ROI of your event. If you are organizing a business conference and are selling the tickets for the participants, try to track how many attendees have been recorded from the moment you have launched the online campaign. You can easily do it thanks to specific event management software.
Never lose sight of your goals and frequently monitor your budget in this way:
- Bring the budget plan with you and share it with your team.
- Update it constantly, in order to have a clear vision of the money spent.
- If you need to include in the budget some elements not considered in the initial phase of budget planning, try to organize a small meeting with your team, in order to understand whether these items should be added without any discussion or are not necessary.
Create an action plan
Staying under budget is fundamental, but it can happen that there are extra charges to be addressed. This is the reason why you may want to allocate a small emergency fund to be used only in cases of necessity.
Therefore, it would be useful to create a small “event survival kit” for all those who work to the realization of the event, so that no one remains disoriented in case of schedule changes or budget.
In conclusion, if you follow these small simple steps, you won’t have problems to manage your budget and face, without any fear, even last-minute problems.
