Event Budgeting Basics Jun 18
The excitement behind an event can quickly fade during the event’s preparation. From scouting for a venue to bickering with your co-planners about which entrées to serve, event planning can prove to be truly stressful. A no brainer that can cure a lot of stress is budgeting.
A budget may sound constraining, but it will set you free!
Below is a guide to making sure you stay in budget and on task:
1. Hire an Event Planner
Event planners are the secret weapons of stress-free events. Event planners are loaded with experience to help create an appropriate budget and execute your game plan.
Use your event planner’s time efficiently by being explicit throughout the entire process. Be upfront with your budget, there’s nothing worse than going into debt over an event.
Event planners will have relationships around your city. Their frequent events could help you swing a deal or bundled deal.
2. Narrow Down Your Must Haves and Your Maybes
Make lists. Many. Many lists. Start with general categories- venue, advertisements, guest lists, and entertainment. Afterward, move into decor, food, and other specifics.
Shuffle through previous event budgets to check where cuts could have been made.
Did you overspend on the venue last year? Were the $100 gift bags three years ago necessary?
Once you pinpoint the things that you tend to overspend on, you will get an idea of the parameters you need.
Planner’s Tip: Always plan for an alternative option within your means. Plan B will save you!
4. Keep Records and Stay Updated
Make sure that you consistently check the planning spreadsheet to stay in touch with any new information. Keep all receipts and quotes. You can’t stay in your budget if you don’t know how much you’re spending. Keep your team involved on your budget to guarantee a seamless budgeting process and a buildup to a great event.