Gorgeous Instagram posts. Positive survey results. Lively discussion and reshares on Twitter. Gaining new followers on LinkedIn. These are all great results for any event. But let’s face it, if you come in over budget, all of that positive feedback may not really matter.?
Don’t despair though. Your event budget can be your ultimate guide to overall event success. If you use your event budget as the source of truth for your spending and revenue tracking, you can ensure accurate financial management and make informed decisions throughout the entire event planning process.
Here are 5 tips to help you unleash the power of your budget:
- Start with a solid budget estimate. We’ve written about budgets before and how important a budget estimate is to an event program, but it is worth repeating here. Do your due diligence and think through the entire event program and make an effort to anticipate the things you’ll need to spend money on. Give yourself a buffer too. Even a few hundred dollars here and there can make a big difference in your final budget reconciliation.
- Refresh your vendor list. We all have our favorite vendors, but don’t miss the chance to work with a new vendor who might offer different or less expensive services. Use your network to get referrals of new vendors and then include them (along with your favorite vendors) in your RFP process for the event. Who knows - you may find another fantastic partner or confirm your current vendor is still the best option. Either way, you win.
- Implement technology solutions to cut some costs. Is a monitor with a digital agenda (that can also be updated with last minute changes) a better (and even cheaper) solution than a large agenda sign or printed agenda handouts? Can you leverage digital check-in solutions at registration and reduce the number of people needed (labor hours can be very expensive)? Technology solutions can not only modernize your event and elevate the event experience for your attendees, it can also turn out to be a cost saving measure.
- Increase sponsorship revenue. While cost-cutting measures are often the default reaction when dealing with budget impacts, don’t forget looking at your revenue model. Are you securing enough sponsorships for your event? Nurture those relationships and really understand what your sponsors need and work to create that value for them. You’ve got a fantastic sponsor prospectus, but do you have enough potential sponsor contacts? Take a look at your sponsorship outreach strategy and see if there is an opportunity to get new companies involved as sponsors.?
- Look at ticket bundling and discounts. Do you have a lot of solo attendees registered for your event? Some companies are sending only 1 person to conferences these days when they used to send groups of people (their own cost cutting measures). Can you offer a BOGO ticket to those companies? They have 1 person already registered, can you give them a free ticket if they bring an additional person? What about limited time discount offers tied to a holiday? Don’t hesitate to be playful and creative with your ticket discounts, but make sure you don’t discount beyond the early bird or cheapest price you have already offered.
In conclusion, using your event budget as the source of truth for spending and revenue tracking provides a solid foundation for effective financial management. It enables you to maintain control over your expenditures, assess the event's financial performance, and foster transparency and accountability among your team. By making informed decisions based on accurate financial data, you increase the likelihood of hosting successful events while maintaining fiscal responsibility.
