To have a successful event, it is crucial that you do the Budgeting right. If your budget goes haywire, your entire event could follow suit! Keeping your finances under control is not always easy but it has to be done. According to event management companies in Bangalore a well-structured budget can help you keep an eye on your expenditure, and to understand what you can afford and what you cannot.
First, separate your income and Expenses. For a typical corporate event like a conference, seminar or workshop, the usual expenses are:
- Speakers’ fees
- Speakers’ travel expenses
- Accommodation for speakers
- Entertainment if any (performers’ fees, travel etc.)
- A/V equipment
Understand how much you may have to spend on each individual item, and all of them in total. Once you have an estimate, it becomes easier to plan. Pro tip from experienced conference organizers in Bangalore: always keep aside some money in the beginning as backup, and don’t touch it unless it’s a dire emergency.
Income could be:
- Own funds
- Tickets/registration fees
Again, estimate how much you will earn from all these sources. Now you have a clearer picture of the financial status; you can think of how to make up for the deficiency, or how you will use the excess funds to add an extra zing to your event.
You need to try and get as much sponsorship as you can; this way you can either get in extra income or cut down some of your costs. For example, if you can get someone to sponsor the food being served at the event, or the badges that are distributed, or the gifts for attendees, and so on. You could also give a specific number of tickets to sponsors, and they can give them to their clients, so you have expenses taken care of AND good attendance.
Corporate event organizers in Bangalore opine that cutting costs should be your no.1 priority when it comes to event budgeting. This way, you will have sufficient backup funds should any emergency happen on the big day.
One way to do this is stay with one vendor (for a specific item, like say A/V equipment) for all your events. This will give you the ‘regular customer’ status, and put you in a position of power to bargain for the best deals and big discounts.
When it comes to promoting your event, do it online as much as you can – it’s mainly free, easy, quick, and you can reach several hundred people too. There is a lot of free stuff you can use online to create promotional material – ask Google!
Become tech savvy. Use technology and cut down costs; if the speaker is willing, video conference them into your event. You can pay them for their time, but eliminate costs like their travel, accommodation and so on – or you could try getting local speakers.
Always keep track of what you’re spending on, and how much; also keep track of how many tickets you’ve sold or registrations received; this will ensure you don’t go over the budget.
If the thought of budgeting overwhelms you and you’re looking for some expert help, give us a call now on +91-990-0141-177. White Massif is one of the top 10 event management companies in Bangalore. We will help you host an epic event!
This post first appeared on How To Hike Up The Fun Element At Corporate Events, please read the originial post: here