Basic Principles to Create an Event Budget

“Turn your empty experience of event budgeting from daunting to most comfortable and flexible one”

Event Budgeting is NOT an easy task to deal with, we agree. Do yourself a favor by taking a close look into your haunting thoughts and get the plan correct.

Its difficult to love budgeting your event with such a tight budget in hand but keeping client’s expectations is the key to make your event budget plan right.

Strategize your event budget with the following principles and ensure things are on track.

Give Event Budget a Simple Start

Be organized, focused and prepare a comprehensive checklist that serves as a planning guide

· List of all items

· Projected Expenses

· Logistics

· Marketing

· Technology/Tools used

Borrow figures from the past similar events to establish a baseline and be ready with the initial draft.

Discuss overall budget goals with clients’ up front

Once the items are identified organize a meeting with the client. This will help to get the complete insight of the client’s vision. It will also help in setting the upper limit of the overall budget and meet the desired expectations. Listen carefully to clients needs and wants. Also share with them if there are any actions you can take to cut down the costs.

Consider all the essentials as: -

· Decorations

· Entertainment

· Technology

· Foods and Beverages

· Marketing

· Insurance

· Transportation

· Venue

Track your budget regularly by choosing right tool

In this digital world and enhanced technology used these days, there are tons of event budgeting/management software tools available at your fingertips. Choose a tool of your choice and give your budget a better shape. Using a tool will be most useful only if you keep it updated regularly. This will help your event budget planning and tracking easier of you and your team.

In your tool, make sure you have following categories:

· Item title

· Item description/details

· Assigned vendor

· Projected cost

· Actual cost

· Payments

· Payment method

Categorize your line items and create the budget categories.

Unknown factors to work into your event budget

Seems everything perfect as per your plan! You may be mistaken. With experiences, you should always learn from it. Always keep provision for something unusual and unexpected. Sometimes you may get lots of surprises. Be ready for the contingency plan for the unexpected surprises. Keep a buffer of 5% -25% unwanted expenses and be prepared for it. Remember that the buffer may keep on changing through out the lifecycle of an event.

Always keep in mind the worst-case scenario. Is something could make your event go cancelled? What would be the cancellation cost? How to incur those changes?

Make use of technology to make budgeting easier

In today’s world, don’t portray yourself as a backward person when it comes to the use of technology. Make the ultimate use of tools available today and keep your budgeting easier and flawless.

Apps and other tools will help you to automate your task and keep it simple. You will get more accurate financial picture of your budget.

· Social media marketing tools

· Fundraising tools

· Accounting tools

· Killer mobile apps

Give your clients a very impactful impression by making most of the technology. Create a long-lasting effect and win the hearts.

Its never too late to go for improvement at initial stage. You have enough potential to stand out in the market. Go for it!!!

About us: — Branded Mobile Apps for Conferences/Events | EventRaft — we focus on delivering better value that makes each conference/events worth for its organizers and attendees.