How to establish a perfect budget for an event?
Now as you all know, Budgets are an important part of organizing any event, be it a simple birthday party, or a big gala night. Budgets will vary according to the role you play in the process. If you are a planner, one of the the main things you have to consider is how much is allocated for the event and I strongly believe it is necessary to stick to it throughout. However, today we are going to be talking about how you can have the perfect budget if you are doing the planning yourself. This can also mean, you are handing over a budget for a planning to adhere to.
Let’s get to it.
Budgeting is to set up approximate figures for each activity involved in an event. What we want to stress on today is what you should not forget when doing a budget and how you can organize to establish a perfect budget.
Here's the thing, before you get started, you HAVE to know what your requirement is and how much exactly you can spend. Like we always say, you can’t plan a million dollar event without a million dollars.
But to be honest, all well executed, Pinterest worthy events don’t have to cost you so much. There are alternatives that come out even better. Your focus should always be to spend appropriately on the important things.
- List Down The Activities
We suggest this is the best way to go so you don’t miss out on anything. Have your agenda in place and then list down the expenses involved in that specific activity. For an instance, if you are planning a conference, some of the costs will be LED walls and screens, Audio Visuals, Refreshments, Giveaways etc.
TIP: Use an excel sheet for the above.
2. Check Competitive Pricing
Let’s say you have a venue in mind and you know the cost for a plate, we still suggest you check other similar venues, so you have your options open. For others, like audio visuals, take competitive pricing so you could negotiate with your best option or use another incase it goes beyond budget.
TIP: Take at least three quotes prior to confirming the budget.
3. Determine Your Source Of Income
Basically, how and how much can you really spend on your event. This is when you can decide how much more and how less can you allocate for difference items in your budget. For an instance, you want to spend extra on getting your guests unique and quality food where as you can afford to do without one dance item in your agenda at a gala night.
4. Organize Vendors
Your budget is now complete as per your agenda. Chances are you are using the same vendor for different activities through out the agenda. Here’s when you can organize the costing according to the vendors. For an instance, the vendor providing tiffany chairs for your outdoor function can also provide decorations for the gala night. You could sum the total vendor costing for the entire event.
5. Log Details
VERY IMPORTANT. We suggest you maintain the same sheet to note down the breakdowns of the advance payments, dates paid, balance due dates, reference numbers and comments to remember details on each item. Always keep the receipts and log in the details of the reference so you have everything in on document.
And that’s how you establish a perfect budget!
One more tip before you go, ALWAYS budget extra and keep a margin for miscellaneous expenses.
