How to Create a Successful 2020 Annual Event Budget?
Spending money for any event can be stressful. No one enjoys seeing their hard-earned money running out of bank account. But organizing an annual event can be a profitable way of marketing. 2020 has been an exhausting year for business and companies. Many organizations had to lose on their potential clients and are running out of errands. An annual event is your one-time opportunity to recover the loss and win new clients. But again, hosting a yearly event requires a budget, and budget needs proper planning way ahead of time.
Our event consultant in Pune has come up with some incredible strategies and steps to create an event budget and how to make the best out of your hard-earned money in times of crisis.
Focus on the goal: The first step to creating an event budget is to sit down and to make spreadsheets to list down every item that could possibly incur a cost. Mention every part of the event from entry décor to exit send-off. You can refine the expenses by talking to the vendors and quoting exact prices.
Mention everything: While creating your own spreadsheet, mention every minute expense and draw a column for each such as Description of items, needed amount, estimated cost, and actual price. This spreadsheet will work as a reference for the coming years or in “rainy-days”.
Research the costs: Now that you know your areas of expense, start researching the process to get actual price estimation. Talk to the vendors; ask them to provide general figures to give you a better idea of what budget service you are searching. There will be vendors who may offer the lowest bid but make sure the services don’t compromise over the quality and feel of your event. Remember the end goal of hosting your event is to make your guests enjoy it and give them a mind-blowing experience.
Do your homework: Pick the vendors that fit your vision, budget, and you enjoy working with. Look for the past records of event expenditure and find out how many guests attended the event, what were their reviews, was there any unnecessary expenditure you can avoid this year? If your event is going to be hosted on a grand level, keep everything proportional using multipliers.
Research the miscellaneous costs: It’s not just the vendors, décor, and catering you will have to count, but also the travel expenses and venue booking. Check for how much will it take to fly your entire team to the event? How much price will the cab ride take to help you reach your destination from the airport? If you are riding by bus, check for the best offer prices on bulk booking. Are there any hidden costs? In case something gets damaged at the venue, how much will you be charged for it?
The Marketing cost: Set your budget for contest prizes, traditional marketing, Facebook Ads, video production, photography, and Wi-Fi coverage at the venue. These costs may get overlooked at times, but a well-budgeted plan is where you consider the slightest cost on-board. Most importantly, stay clear with venue cancellation prices. In case of any catastrophic incident, you don’t want to be on a losing side.
You don’t need to under-price an item or overspend on something just because it looks good. Save a good amount of money for the “rainy-days” because you never know when something could possibly go wrong. You should be prepared for the best and the worst too.
Being the best event management company in Pune, Events Jack has always understood the concerns and expectations of our clients. Therefore, we ensure nothing invested goes into waste. We pick the best services, vendors, and event venues to help you make the best event arrangements that leave your guests, team, and your boss impressed!