Event planning, love it or hate it, it’s a vital step in making sure your upcoming event runs seamlessly and securing an unforgettable experience for your guests. So, what’s one of the most important factors to consider when organising your event planning checklist? The event budgeting, of course!
With costs rising and event budgeting more crucial than ever, it’s time to sharpen your strategies with OEC Sheffield’s top tips – where we cover all your questions, from ‘Why is budgeting important?’ to ‘What do I include in my budget?’.
Event Budgeting 101: Tips for Event Planners
Whether you’re starting out with your event planning or days away from the big day and taking a fresh look at your event planning checklist, why not take advantage of our 10 top tips below.
Define Your Goals & Priorities
Get the party started by identifying the primary objectives of your event. Is it to raise funds, celebrate an occasion, or promote a product? Once you have a clear understanding of your goals, list the essentials that will contribute to achieving them; along with any areas where you can potentially cut costs.
Find Old Data/Figures from Similar Events
This will provide a starting base for your event budgeting and planning. For example, if you are organising a corporate networking event, look at past events’ attendance numbers, costs for catering, and feedback on the networking opportunities provided. It can highlight what went well and what could have been improved.
Early Bird Budgeting
Consider all potential expenses, including venue hire, catering, decorations, emergency funds, and entertainment. Setting a detailed budget early in the planning process will help you stay organised, avoid overspending, and ensure that every aspect of your event is financially covered.
Allocate Funds Wisely
Divide your event budgeting plan into categories based on your priorities. Allocate more funds to key elements that align with your event goals, such as venue and entertainment.
Track Expenses Diligently
It’s time to get techy with your event budgeting. Use spreadsheets or software to monitor costs and stay within your budget limits. This will also be invaluable for future event planning, providing insights into cost management and helping you refine your event budgeting and strategies.
Build in a Contingency Fund
Plan for surprise expenses by setting aside a portion of your budget for any of those ‘whoopsie daisy’ moments. Every good event planner knows to expect the unexpected.
Negotiate with Vendors
Before settling with vendors, do your research. Don’t forget to scope out the scene and ask about discounts, payment plans, and perks they can offer to help lower costs without sacrificing quality.
Consider Alternative Options
Explore cost-effective alternatives for various aspects of your event, such as opting for DIY decorations. You can also get crafty by renting equipment or buying second-hand items to save costs. Not to forget, consider digital solutions rather than printed ones.
Review and Adjust as Needed
Stay flexible and willing to reallocate funds to address changing priorities or unexpected expenses. Regularly review your event budgeting to assess whether your initial allocations need tweaking.
Why is Budgeting Important?
Now that you’ve considered all of our top tips, you’re probably wondering why all of this is so important? Event budgeting is crucial for providing a roadmap to your event. By allocating your funds wisely, you can not only make informed choices but also reduce overall stress!
Whether it’s keeping in control of your finances, achieving your goals, or preparing for the unexpected, event budgeting ultimately leads to event success and a happy event planner.
Here’s the good news
At OEC Sheffield, our expert team has meticulously planned thousands of events, making event budgeting a seamless part of our daily routine. So, if you have any questions or concerns about your strategy, we’re just a phone call or email away to put your mind at ease.
