What do you do when your event budget changes?

2 Communicate with your stakeholders

The next step is to communicate with your stakeholders, such as your sponsors, partners, vendors, speakers, and attendees. Depending on the nature and magnitude of the budget change, you may need to inform them of the situation and negotiate new terms or arrangements. For example, you may need to ask for more sponsorship, offer more value, or request more flexibility from your stakeholders. You may also need to update your contracts, invoices, or receipts to reflect the budget change.

3 Adjust your scope and expectations

The third step is to adjust your scope and expectations according to the budget change. This means that you may need to scale up or down your event, depending on whether you have more or less money to work with. You may need to add or remove some features, activities, or services from your event. You may also need to set realistic and achievable goals and metrics for your event, based on your revised budget. You may need to compromise on some aspects of your event, but you should always maintain your core value proposition and quality standards.

5 Monitor and evaluate your budget

The last step is to monitor and evaluate your budget throughout the event planning and execution process. You should keep track of your income and expenses, and update your budget accordingly. You should also measure your return on investment (ROI) and compare it with your initial objectives and expectations. You should also identify any lessons learned, best practices, or areas for improvement that can help you manage your budget more effectively in the future.

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?