Meetings Blog Jan 19, 2017
Sticking to the available budget is indispensable in the M&E business. However, it is not easy to avoid exceeding your initial resources to organize an budget event. It is essential to have clear objectives if you want to stay within your budget and make the event a success.
Here are 5 key steps to avoid the most common mistakes when planning the budget of your meeting or conference.
Depending on whether the goal is notoriety, loyalty or sales, the services you should invest can be different. It is also very useful to refer to previous events if it is not the first edition of it.
Of course, target audiences are key in planning the event. If you plan a foodie meeting, for instance, catering will be one of the priority items: you should focus your efforts in this area to make your event a real success.
The expenses of the perfect venue, catering and equipment, are the basic costs of any event and should be the first thing included when elaborating your budget. If you book your space with NH Hotel Group for more than a hundred attendees you will automatically, and with no additional cost, enjoy Ambassador service with an exclusively assigned representative who advises you through every step with an exceptional service that goes beyond the tasks of contracting, producing and billing your event.
In addition to the budget of your event, you may have extra money coming from sponsors or ticket sales. Having a realistic estimate will help you avoiding unpleasant surprises. If you can rely on this money as an extra budget, perhaps you can provide additional experiences to your guests, invest in higher-ranking speakers, or use it to attract more attendees. It’s up to you.
Be sure to organize your event with experienced staff who can help you to point out clearly expendable expenses and likewise define your list of needs. In NH Hotel Group you will have at your command a Personalized Professional Answer that will include in the first budget a breakdown of services according to your needs and the big picture of every included service is clear from the beginning. In addition, our experts in the Specialized Advice Service will help you maximize your budget thanks to their experience and knowledge of each business.
Fixed expenses are those you fix from the start, such as the venue, conference speakers or audiovisual equipment.
On the other hand, variable expenses – such as catering, printing expenses or welcome kits – usually vary with the number of attendees. Take note on how that fluctuation can affect your budget. Be clear about conditions, services contracts, cancellation policies, etc., as these items can hide unwelcome surprises in the small print.
Plus, it is crucial to be able to rely on a partner who understands the imponderables of event planning. In NH we understand that 100% of the forecast is not always right. That’s why we have flexible rates that allow customers, for instance, not to pay the full amount of food and drink if a certain number confirmed guests do not attend an event.
Identify the point at which available resources and expected expenses are met. Work on your budget around that break-even point.
Whether you organize your own live event or organize it for a client, it is fundamental to always have a small budget line available for contingencies included in the original budget, but not allocated in the expenses.
This will let your managers or your customers know that in case of failure of any of the above points, you will not have to pull an ace out of your sleeve to make your budget event a success. In case you do not use it, it will be a saving from the initial budget.
And finally, do not miss any of the details of your budget with our checklist of services for events we provide you that can be used as a guide and that will help avoiding last minute fuss.
