How do you use online tools to manage your live event budget?

1 Choose a budgeting tool

When choosing a budgeting tool, you need to consider the size and complexity of your event, the level of collaboration and access, and the cost and features. A basic spreadsheet may be enough for a small event, but a more advanced tool may be necessary for a large one. It's also important to look for a tool that allows you to share and edit your budget online, as well as integrate with other platforms. Examples of budgeting tools include Google Sheets, Event Budget, and Eventbrite Budget. Google Sheets is free and allows you to create, share, and collaborate on your budget online. Event Budget is a paid software that helps you create and manage your event budget in one place. Eventbrite Budget is free and integrates with Eventbrite to create a budget based on your event details.

2 Set your budget goals and categories

The next step is to set your budget goals and categories. Your budget goals are the expected outcomes of your event, such as the number of attendees, revenue, profit, or return on investment. Your budget categories are the main types of income and expenses that you will have for your event, such as tickets, sponsorships, venue, catering, speakers, marketing, or technology. To set your budget goals and categories, you can research your market and audience to find out the average ticket prices, attendance rates, and sponsorship fees for similar events in your industry and location. Additionally, surveying potential attendees can help you understand their preferences, needs, and willingness to pay. Estimate your income and expenses based on your research; historical data, industry benchmarks, or online calculators may be useful. Finally, decide how much money you want to spend on each category and how much value it will bring to your event. Additionally, prioritize costs by importance and identify which ones are fixed, variable or optional.

3 Track and update your budget

The third step is to track and update your budget regularly. This involves recording and reviewing actual income and expenses, comparing them with estimates, and adjusting your estimates and allocations based on new information, changes, or opportunities. You can use online tools and integrations to enter and monitor your income and expenses, sync your data with other platforms, and receive alerts, notifications, or reminders. Additionally, analyze and report your budget performance by using charts, graphs, or dashboards to visualize the data and identify trends, patterns, or gaps. Generate reports such as income statements, cash flow statements, or variance reports to summarize and communicate your budget performance. Lastly, review and revise your budget assumptions with forecasts, projections, or scenarios to anticipate different outcomes. New data, feedback, or opportunities can also be used to review and revise your budget assumptions such as attendance, revenue, or costs.

4 Optimize your budget

The final step is to optimize your budget, which can help you achieve your budget goals, increase your profit margin, or save money for future events. Negotiating with your suppliers and partners can get you the best deals and terms for your venue, catering, speakers, technology, or other services. You can also seek alternative sources of income, such as sponsorships, donations, grants, merchandising, or upselling. Additionally, eliminating or minimizing unnecessary costs by reviewing your budget and using online tools, outsourcing, or sharing resources can help reduce costs.

5 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?