How to set up a business event budget
Setting the budget for a business event is one of the most important steps to ensure that it will be a success. In general, the document consists of all the products and services that will be hired for the occasion and their respective values. The budget worksheet is the ideal tool to organize this information and ensure that the cost of the event is initially stipulated by the client. Here’s how to set your event budget and learn how to set up a spreadsheet to manage your costs: See http://8mgdesign.com for details
Pre-plan the event
Planning and organization are the keys to the success of any business event. For everything to happen in the expected, it is important to start with financial planning, knowing, first and foremost, what money is available to the client for the event. Then it is necessary to divide this total value among the products, services and professionals that will be hired for the occasion. Values at this stage can only be estimated as it is possible that you have selected suppliers and / or have no answer on the exact price that will be charged for the products and services. This price estimate is fundamental because it is possible that, adding all that is necessary for the accomplishment of the event, the total value exceeds the client’s budget. If this happens, two ways can be followed:
Define the areas that should be entered in the budget worksheet
With the total money to be spent on hands, it’s time to create your budget. The first step is to distribute the total value to the areas that are necessary to make your event a reality, such as local, drink, food, decoration, advertising, etc. To define these areas, it is important to take into account the profile of your event. The press conference with the presence of authorities will certainly require the hiring of security guards, care that may not be necessary for a team workshop. An end-of-year party will necessarily have a budget area reserved for decoration, which will not be necessary in the case of a small group talk, for example.
Organize the data in a worksheet
With the defined areas, it’s time to organize the data and create your budget worksheet. From the separation by areas, with their respective items. The Employees area should have items such as Security, Cleaning, Kitchen, Bar etc. Then, set the values that you estimate to spend in each area. An important point is that the sum of the estimated values is a little lower than what you actually spend to have a margin of error if the area exceeds the initial value or in case of unforeseen circumstances. When creating the budget worksheet, leave a space to place the total amount and then the current total for each item. Maximum detail always helps control. Even small expenses can not be left out. Budget ready sheets can be a hand in the wheel, but you have to be aware: the more personalized the planning,
Search for more competitive values and keep an eye on quality
With the structured budget, it will be necessary to start searching for suppliers and research enough to get the best prices. The internet is an essential tool for this task. With a quick consultation, you’ll find product and service provider options you need. Before asking for a quote for each of them, browse the site, check the list of customers they have and check the credibility that companies have in the market to avoid possible problems in your event. Ask for the quote, select the suppliers with the best prices and ask to make an evaluation of the product or service to make sure about the quality. If it is a hotel, make a technical visit. In the case of a buffet, taste the foods that will be served, etc.
Prepare for contingencies
Unforeseen happen at all events, regardless of the size. Therefore, it is important that your budget worksheet, in addition to the margin of error per area, still has a margin of error in the total cost. This will ensure that you have to take money from something unplanned happens, such as an increase in the number of guests, a vendor’s hole, or some service that has to be hired at the last minute.
Do not hesitate to ask for discounts
To reduce your expenses for the corporate event, stay tuned for promotions and do not hesitate to ask for discounts to factories if the quantity of items requested is large or you hire more than one service with the same company. Begin your price survey by companies that you have worked with so you can request a more competitive price or a better deadline for being a loyal customer.
Adequate your budget worksheet to your financial reality
Even with all the efforts and negotiations with suppliers, your event may not close. In this case, cutting some expenses may be accurate. In order not to risk giving up product or service essential to the success of the work, carefully analyze your worksheet and see where you can save without compromising the quality of the event. Disclosure, for example, can be concentrated on virtual media to save on the cost of printing promotional material. The buffet can have a smaller number of dishes, while staff can be reduced at less busy times.
The budget worksheet is your primary ally to keep the costs of the event under control and ensure that it will be a success. Do you still have questions about how to set up your worksheet and control the costs of an event? Leave in the comments!