Planning an event can be complicated and there is much to prepare and coordinate to ensure that the event is successful. One of the biggest concerns is keeping within a set budget, and realizing a satisfactory return on your investment.
Writing a budget proposal for an event is very important for organizing all the related activities. In other words, the event budget is a boundary for an event coordinator.
Event Budget Checklist
The event ensures the accurate collection of budgetary information, resulting in actionable reporting to demonstrate the ROI (return on investment) of your meetings and effortlessly track savings.
The items which can be included are:
- Capture high-level budget estimates per the second category.
- Input or import granular budget line items (room, audiovisual, food, and beverage, production, etc.) per cost category.
- Track negotiated rates and actually paid against the initial quote to show their return on objectives.
- Create savings formulas to calculate savings in a way that us meaningful for your organization.
- Design customized budget templates to shortcut the budget creation process and ensure consistency.
- Standardize categories, subcategories. taxes and gross loss codes to accurately track and report send across meetings and ensure data integrity.
- Modify budget items in tabbed grid formate, making it easy for planners to update information in bulk.
- Track budget line items in local currencies and establish exchange rates to convert items to base currency for better reporting.
- Leverage aggregate spends to negotiate better deals with vendors and suppliers.
- Evaluate your average cost per attendee and if that is trending in the right direction.
- Analyze key spend metrics through robust reporting engine (aggregate spend by category, subcategory, event, vendor, corporate division, geographic location, etc).
Related: 31 Beautiful Event Budget Templets.
How to Manage the Event Budget in the Right Way
The event manager must manage his budget in the right way bu making use of the followings:
1. Track Site Rental Costs
As a large manager plan the event and meet with the venue sales manager, he has to track all projected rental fees for the event and function space, housekeeping, baggage handling, and related expenses.
2. Estimate Catering Costs
This includes all food and beverage charges, including tips and gratuities which can account for up to 28%.
3. Document Transportation Charges
This includes shuttles, coaches, event transfers, and any related expenses.
4. Add Decor Expenses
Most events include expenses for decor, such as centerpieces, florals, tent rentals, etc.
5. Document Entertainment & Equipment Fees
Common expenses in this category include the A/V equipment, but it’s also a good spot to list honorariums to speakers or if the managers are hiring entertainers.
6. Summarize Printing Charges
Several small items charges actually combine to make a larger expense line item.
These include invitations, name badges, program booklets, event signage, and banners.
7. Line Item for Gifts
The event manager should never allow a guest to leave empty-handed.
So, whatever gift or gifts he provides, he should track the cost for them separately.
8. Identify Activities Expenses
If the event includes activities such as golfing, tennis, spa, rafting, biking, or other activities, he has to note the cost of fees separately.
and can suggest summarize the total cost in a spreadsheet and attach a breakdown.
9. Post-Other Expenses
If an expense doesn’t fall into any of the above categories, the manager can list them as miscellaneous expense items here.
10. Give Yourself a Contingency Fund Category
Depending on the size or complexity of an event.
Despite the best planning, charges will exceed so the corporate event manager must plan well in advance.
11. Summarize Projected Expenses
As the manager builds his event program, he will have a good projection of the total expenses.
This is the information that can be shared with the vent client to make sure they are aware of the event budget so that there are not any surprises later on.
12. Summarize Actual Expenses
This happens after the event has concluded.
The event manager should subtotal the invoices into the above 10 categories and document the actual budget.
If extremely favorable, he should identify savings in actual budget vs the projected budget, demonstrating the value add.