WHEN you think of hosting an event, one of the first considerations that occurs is “how much shall we spend on this event”. Money is an important factor to having a grand event no doubt; but is also very important to create a workable budget spread sheet in order to achieve your event objectives.
From the initial stage in order to save time, energy and other resources, it is best to base the planning on the available fund. Really as soon as you confirm from the host/clients the amount of money they are willing to spend on a particular event, waste no more time please, only ensure you spend/disburse the money judiciously. Spending just a few minutes going through a budget will not only save you money or better allocate it, but it will save plenty of time by eliminating expensive variables.
Follow these steps to build an effective event budget:
Question Your Clients: By this I mean you should understand theirs needs by asking the right questions. As an event manager you are meant you are seen as an expert here, so your role is not only to see to the smooth coordination of the entire event, but also help your clients in the financial management of the event. Your first meeting with your client is when you should bridge the gap between the client’s budget and expectations.
Outline Event Planning Expenses: Hosting a grand event might come with its ups and downs which might attract different arrays of expenses ranging from the venue sourcing, food and drinks catering, the event decorations/designs especially now that a lots of clients are very particular about the ambience of the event halls; security, music etc. The thing is, overlooking even one expense category can have a disastrous impact on the entire event. So, it is very important that you draw out all the elements that you’ll spend money on. Doing this perfectly will help you create an awesome event.
Build A Basic Event Budget: Never you be caught in the trap of insufficient funds at any time during the planning process. Sometimes some clients might keep on adding or changing some elements against the initial agreement; it is better for you to let them know ahead of time that any change or increase will possibly attract more funds, which must also be included in the written contract you have with the client. To Be on a safe side, so it is best to build in a buffer zone of 10% to avoid running out of funds. Please also note that all unused funds shall be refunded to the client, Afterall, one of your roles as an event manager is also to be their funds manager and save as much money as possible for them.