How to Calculate the Budget for Your Next Event
When planning a corporate event such as a product launch, team-building activity, fundraising event, or gala, it can be a puzzle for any organization. However, it's essential to be willing to spend enough to create an unforgettable event that will yield a meaningful return on your investment.
How to Know If You Have a Sufficient Budget?
Whether you decide to collaborate with an agency for your event or not, there are some important points that will help you manage your finances effectively. Once the event format is chosen, the adventure begins:
Draft Budget: Start early with an initial version of your budget, including everything that comes to mind. When possible, use budgets from similar past events to ensure nothing is overlooked. Think of every item that could incur expenses and add it to your list. You can then update it once various components are confirmed with suppliers. For service quotes, always make sure to have the final price, including service fees and taxes.
Audiovisual: Sometimes, companies think they can save money by using an audiovisual system they already own. However, relying on rental through an agency with an on-site technician ensures high-quality results without technical issues. The pleasant ambiance will have a greater impact on your event. What memories will you keep from your event—photos, videos? Entrust everything to professionals to ensure quality befitting your event.
Communications and Marketing: Consider your promotional campaign. Do you plan to boost posts on social media, use some advertising? Often, people forget to include graphic design and printing costs in the budget, from menus to posters, banners, programs, partner logos, and pre-event advertising. If possible, working with the same printer can lead to significant savings.
Food and Beverage: Don't forget to include staff service rates, preparation, and post-event cleanup. Also, check the type of beverage service you want, alcoholic and non-alcoholic. If you have contracts for artistic performances, check if they also require hot meals.
Decoration: Decor plays a crucial role in setting the tone for your event. Play with light, textures, and colors. Don't hesitate to do some online research for inspiration. If you want to impress your guests, make wise choices, allocate a sufficient amount, and don't exceed it.
Tables and Chairs: The venue may not always provide tables and chairs; this cost must be included in your budget. If chairs and tables are provided, are tablecloths included? What about centerpieces? If not, you'll need to budget for additional rental costs.
Staff: Ideally, plan for bilingual staff, whether for greeters, servers, logistical staff, etc. If you use volunteer resources, always plan for more than the required number in case of cancellations or unforeseen circumstances. For hosts, MCs, entertainers, DJs, or any other artistic service provider, ensure they are supervised by a stage manager to rhythmically coordinate your evening.
Insurance: Consider protecting invited individuals from any damage that may occur. If insurance is not included in your venue rental contract, you will need to take care of it and provide a certificate to the property owner. Prevention is better than cure.
Contingencies: Events often come with unforeseen circumstances. Ensure you have an emergency box with key items (pens, highlighters, Scotch tape, duct tape, scissors, rope, blue sticky notes, clips, etc.), as well as a first aid kit. In short, make sure you have an amount available for contingencies, calculate at least 5% of your total budget.
As you can see, there are several details that will contribute to making your event a great success, but they will also contribute to the bill. However, remember that you always have the final decision. Don't hesitate to ask questions or, if you prefer, entrust the organization to professionals! Good luck!