Some of your line items may differ depending on whether your event is held in person or virtually. You’ll want to list out the different line items for each major cost, so you can keep track of the details. Not sure what costs to list for your event experience? The following are the most common ones to consider when putting together your budget. The better your research, the more closely these two columns will match. Tip: Typical budgets have two columns for cost - projected and actual. If you’re comfortable with them, use formulas (like the ones in this bar inventory spreadsheet) to see profit or loss in real time. Don’t be tempted to lump things like “food and alcohol” together, as you may be sourcing them from different vendors. Once you have your overarching categories defined, you can start to drill down and fill in the costs.īe as specific as you can with line items on a budget. Map out all your expenses so you can make informed decisionsĭefining the focus areas of your event can help you prioritize your spending and invest in what really matters. These will include particulars like rental cost, lighting equipment, and more.ĭon’t have an event budget sample? See Phase 3 below for inspiration. Now that you know your areas of focus, it’s time to list all the line items to track in your budgeting template. Phase 2: Map out specific expenses in your event budget Chances are good that you’ll find someone else who will go lower and your favorite vendor will match their price, or throw in something else like free parking for event staff. Tip: Always get a minimum of three quotes for anything, even if you have a vendor you like working with. A rough budget can help you get an estimated figure that you can revise as you go along. The sooner you can get the green light from your stakeholders to start planning, the better. Get buy-in from all departments and stakeholders Doing so will keep your income on track for your spending. Set targets early on, including how many tickets you want to sell and how much sponsorship revenue you want to generate. Whether you want to increase the amount of money you receive from sponsors or make your money go further without using up your contingency fund, setting goals will keep you focused. Once you’ve identified areas to tighten up your spending, you can set specific goals. If the breakdown is similar for your event, then check out the section below on event marketing for some ideas on how you can trim your marketing spend, no matter the size of your team or event. So where does the money go? For the event creators surveyed, the top costs were: In a past survey of event creators, 9 out of 10 said their budget is insufficient, and 55% said their budget would stay the same in the coming year. If you and your team are facing budget constraints, you’re not alone. That way, you’ve already got a working doc in place to update as you move forward. In addition, you can run your preliminary budget past your clients and your boss for approval if necessary. Once you’ve pinpointed specific things that you tend to overspend on, it’ll give you a better picture of what needs more budget, making it easier to be accurate earlier on in your process instead of repeating past mistakes. Begin by identifying line items that you overspent or under-spent on and see if they’re the same or different from year to year. Unless your event is in its first year, you already know what you spent your budget on in years past. We’ve rounded up some of the best ways to use data that will help guide your budgeting process. Phase 1: Clarify your event budget strategyīefore you dive into your actual budget planning for event management, it’s important to take a step back and think critically about what you’ll be spending your money on. Here’s your ultimate guide to creating and managing an event budget. Tracking your pennies is critical to improving your event’s return on investment and managing your total cost, but you don’t have to be a math whiz to keep your event planning budget on track. Blowing your budget on swanky cocktails or headlining entertainment might seem like a good idea, but if you don’t have any budget left to promote your event, you won’t be able to attract any attendees to sip those drinks or enjoy the entertainment. Coming up with an event budget isn’t the most fun part of the planning process, but without a thorough understanding of every dollar you spend, you’re setting yourself up to overspend.
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