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Ways to Minimize Your Corporate Event Planning Budget

Retro Businesswoman is Making Loads of Money

Event planning can be a challenging affair, especially when it comes to the budget. There’s simply so much to consider and prepare. That’s why every corporate event planner needs a planning budget.

This will help you prepare for every aspect of the event and ensure you save instead of overspend. By using an event budget template, you’ll be able to plan in detail and prepare for the unexpected.  

Aspects of an Event Budget Every Event Planner Should Consider

An event budget is an estimation of the costs an event will incur based on plans made as well as research. Whether you are planning a small event or a large sophisticated one, your corporate event cannot exceed your budget. Make the best choices as you prepare for your event by using a budget plan template that includes the following:

Travel & Accommodation

Will your corporation need to provide accommodation for anyone who will attend the event? If so, how much will this cost? Though this can be an overlooked aspect of your budget, depending on the size and grandeur of the event, be sure to place this estimation at the forefront of your budget to avoid underestimating the finances you’ll need to make your event a success.

Food

How much will food cost? This will depend on the number of people you expect to attend as well as how extensive the menu will be. Estimate costs according to the scale and type of event you are organizing.

Staff Compensation

To avoid financial difficulties that may arise due to a poorly budgeted event, also include staff compensation in your event plan template. Event directors or managers will need to determine how many staff members will be required to organize and help facilitate a successful event. Determine how much time will be spent and the appropriate compensation required.

Facility Expenses

Facility expenses include money spent on acquiring the venue. Make a budget based on what you think would be a likely cost. Also consider hidden costs that may arise such as costs associated with security, lighting or heating.

Logistics (event insurance, contracts, permits, etc.)

Do you need special contracts, permits or insurance in hosting your event? Each of these considerations fall under logistics, an important aspect of any budget. Your ability to estimate how much this will cost will depend mainly on the venue of your corporate event.

Marketing & PR

Marketing is an important aspect of any event. It can account for a significant percentage of your corporate event budget as well especially when organizers expect to gain profits through event entrance fees or other charges. Consider the tools you intend to use to market your event and make your choices based on which are most aligned with your budget.

How to Create an Event Planning Budget

The best event planning occurs when organizers utilizes the wide array of tools available to them. A few important steps are necessary after including aspects of the event into the event plan template.  Create the best event plan by choosing a template that helps you achieve the following:

Prepare for Adjustments

A budget template is very much like writing a book. The process may require major adjustments, resulting in several drafts. The best templates enable organizers to make these adjustments as often as is necessary whether before, during, after or in between events.

Improve Budget Over Time

Researching expenditures, for instance regarding a choice of venue, may take time. Your template should include features that ensure flexibility.  This will event planners to improve the budget as time goes by or as they access details that they may not have known at the beginning of the budget planning process. Using an event ROI tool is helpful to get a comprehensive view of the value of your event—this will come in handy when you are quantifying your event and figuring out future budgets.

Always Include a Contingency Plan

The inclusion of a contingency plan helps a corporate event planer prepare for the things that may go wrong. It’s basically a written commitment to plan for the unexpected. For instance what will you do if your outdoor event is suddenly threatened by an unexpected thunderstorm?

Choosing the Best Event Budget Templates and Tools

The best event budget template or tool will enable you to make adjustments in your budget, improve it over time and prepare for the unexpected regardless of what stage you are in your planning. Take for instance the example below.

Budget template etouches

This offers a simple template that enables users to begin the event planning process. Feel free to download and print this template and make adjustments as you plan your event!

Best Event Planning Tool for During Any Stage of Planning

Event planning tools are ideal for organizers who want the most efficient budget solutions via user-friendly software or apps. Our budgeting tool at etouches is one of the best tools available for modern event managers.

This type of tool is ideal for event managers or organizer who want access to the following:

  • Tracking spending of multiple vendors
  • Sponsorships or exhibitor packages
  • Ticketed events or e-commerce
  • Monitoring budgets in real-time
  • Accessing the ROI of an event
  • Non-financial experts

4 Responses to “Ways to Minimize Your Corporate Event Planning Budget”

  1. Drew

    Preparing for budgets ahead of time is a really good idea. I’m going to have to take these along with me for my next event for sure.

    Reply
  2. jresquival

    That’s a good tip to estimate food costs based on possible attendance. You wouldn’t want to waste money on food that’s not consumed. I guess that’s why RSVPs are so important in the business world.

    Reply
  3. Tyler Meredith

    I like the recommendation to plan for adjustments. It makes sense that planning events is a pretty in depth process and might require changes to the budget for an effective event. It’s something to keep in mind to ensure the event feels comfortable and not like it was planned on a really tight budget.

    Reply

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