How do you keep your live event budget on track?

1 Define your goals and scope

Before you start planning your live event, you need to have a clear idea of what you want to achieve and how you will measure your success. This will help you prioritize your spending and allocate your resources accordingly. For example, if your goal is to increase brand awareness, you might want to invest more in marketing and promotion. If your goal is to generate sales, you might want to focus more on creating a compelling offer and a smooth registration process.

2 Create a realistic budget

Once you have your goals and scope defined, you need to create a realistic budget that covers all the aspects of your live event. This includes the venue, the speakers, the equipment, the catering, the staff, the security, the insurance, and any other fees or costs that might arise. You should also include a contingency fund for unexpected expenses or emergencies. A good rule of thumb is to add 10% to 15% of your total budget as a buffer.

3 Track and monitor your spending

Creating a budget is not enough. You also need to track and monitor your spending throughout the planning and execution stages of your live event. You can use a spreadsheet, a software, or a tool like Eventbrite to record and compare your actual expenses with your projected expenses. This will help you identify any gaps, errors, or oversights that might affect your budget. You should also review your spending regularly and make adjustments as needed.

4 Negotiate and leverage your relationships

One of the ways to save money on your live event budget is to negotiate and leverage your relationships with your vendors, partners, and sponsors. You can ask for discounts, freebies, or value-added services in exchange for your business, referrals, or exposure. You can also look for opportunities to collaborate or co-host your live event with other organizations that share your target audience or goals. This can help you reduce your costs, increase your reach, and create more value for your attendees.

5 Optimize your event format and delivery

Another way to keep your live event budget on track is to optimize your event format and delivery. You can choose a hybrid or a virtual event instead of a fully in-person event to save on travel, accommodation, and venue costs. You can also use a platform or a tool that offers features and functions that suit your event needs and goals. For example, you can use a platform that allows you to stream, record, and replay your live event, or a tool that enables you to collect feedback, data, and leads from your attendees.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?