Creating a budget is an essential part of organising a successful event and should always be your first step in the planning process.
Whether it’s a Christmas party, residential conference, wedding or team meeting a budget will help you stay organised and save you from
making costly mistakes. Here are a few steps in how to set an event budget and stick to it:
Work out how much you have to spend on your event and create your budget to suit. Understand which elements are most important to your event and ensure you have allowed enough of your funds for these key items. For example, if gourmet catering is important to you then you will need to allocate more of your budget to an upgraded catering package.
Create a Microsoft excel spreadsheet or Google Doc to record and track your budget. Always show estimated (projected) costs/expenses and actual costs/expenses on your budget.
Determine your event destination and venue. This will give you a clearer idea of local options and projected expenses for your event. If you haven’t a lot of funds to theme your event my tip would be to find a unique
venue located in an idyllic setting where minimal theming is required.
Determine all of the key factors of the event and be clear on what type of event you wish to deliver, for example:
- Attendance – How many people will attend?
- Theming – Will you require theming? (Centrepieces, marquees, florals etc)
- Transport – Are you providing transport? (Shuttles, taxis, event transfers)
- Photography – Are you planning on having a professional photographer or videographer?
- Activities – Will you be hosting any onsite or offsite activities for your guests? (Golf, tennis, team building, spa etc)
- Audio Visual equipment – Do you require a data projector, screen, microphone, sound system?
- Entertainment – Will you require an MC, DJ, Band etc?
Once you have determined all of the elements of your event add a line on your budget spreadsheet and begin to record your estimated costs.
Build your event checklist and time line and schedule regular budget reviews.Continued tracking of your expenses will make sure your spending stays within the limits that you have set.
It is to be expected that there will be numerous adjustments to your event budget throughout the process as it is not possible to know every cost from the start. Always allow for a contingency fund when setting your initial budget as despite the best planning there are always going to be small changes / amendments which could exceed your projected plans. By allowing a 10% buffer to your budget you will be able to stick to your budget every time.
Budget management is essential for producing and delivering a successful event. It helps you plan and stay organised and prevents you from over spending. Regular tracking of your expenses will make sure your spending stays within the limits that you have set.
For sample event budgets or for assistance in planning your next event please contact the team at My Venue Finder on +61 3 9459 8576 or email email@example.com