Posted on December 18, 2023
When it comes to event organization, budgeting can often be a daunting task.
Whether you’re planning a large trade show or a simple webinar, there’s a lot to consider and finalize.
If you’ve been looking for guidance to help you along the way, keep reading.
In this blog post, we’re diving into the world of budgeting brilliance and sharing strategies that’ll help you organize successful events, no matter the size of your budget.
1. Set an accurate budget
Take the time to consider your fixed costs and any other event expenses that may come up.
Get organized by creating a forecasted list of expenses (read: actual costs), for instance:
- Venue rental fees
- Speaker fees
- Event hosting software costs
- Promotions and ads
- Food and drink
- Flowers and decor
It’s also important to know what you’re willing to spend more for and what you’re not willing to budge on. For instance, you might be willing to trade a lavish dining experience for a simple catered buffet in favor of securing a popular keynote speaker. More on priorities in step three.
To give yourself some wiggle room, consider setting a soft budget and a hard budget. Aim to fall somewhere between that range to stay in line with your budgeting goals. Be sure to also set aside money for variable costs or last-minute needs in a contingency fund.
For instance, if a vendor has an emergency and can’t make it, you’ll need to pay to replace their services or products until they can refund you. Or, if your chosen venue cancels at the last minute, you may need to secure another location at a higher cost.
2. Depending on your budget, choose your event format and structure
Take a look at your finances and choose how you’ll be hosting your event.
For instance, if you’re hosting a formal corporate event to celebrate a company anniversary and have a healthy budget, you might opt for an in-person event.
In this case, you’ll need to prioritize venue selection and consider other key event costs, such as:
- Catering
- Audio and visual equipment
- Staff and event managers
- Entertainment
- Gifts
However, if you’re hosting remote employees who live around the globe, you might choose a hybrid event. Alternatively, if you’re on a strict budget, you might opt for a fully remote environment.
It’s also important to consider the structure of your event and what costs lie there.
Your goal? Achieve operational excellence by adhering to budgeting strategies and implementing efficient processes.
The fusion of budgeting brilliance and operational excellence results in events that stay within budget and flow with ease. This not only elevates the event attendee’s experience but also helps you execute future events flawlessly. Additionally, if you integrate SaaS spend management into your SaaS events, you can effectively track expenditures, allocate resources efficiently, and maintain financial stability.
Learn from previous events you’ve hosted to create event planning processes that can help you allocate your resources wisely, maximizing the impact of every dollar you spend.
One of the best ways to solidify your processes is by using all-in-one event management software tailored to all event types. For instance, with InEvent, you can run live meetings, face-to-face experiences, in-person events, or virtual webinars.
You can also:
- Book and manage registrants
- Manage your costs, quotes, and proposals
- Get access to event budget templates and event budget spreadsheets
- Build stunning event websites
- Engage with your audience
- Get important accessibility features, such as real-time interpretation
- And so much more
More on software in a bit.
3. Highlight your top event priorities
Take a hard look at your event goals and top priorities to finalize your budget. This step will also help you allocate your funds appropriately.
For instance, if you want to fill up webinar seats with bottom-of-the-funnel leads, you might prioritize ads and automated email marketing campaigns with the help of an email assistant.
Or, if you’re looking to host a conference, you might prioritize hosting high-authority speakers and choosing the perfect venue.
Name this your “Event Final Budget and Fund Allocation List”. Refer to this list to complete the remaining strategies in this article.
4. Look for potential sponsors and secure each item on your list
Depending on the size and cost of your event, consider looking for event sponsors to help you save money. For a strategic approach, choose partnerships where there’s a mutual value-add or room for collaboration.
If you’re hosting a local event, skip international delivery fees and explore cost-saving alternatives by building relationships with local vendors.
For instance, if you need floral centerpieces for an in-person event near Lubbock, Texas, research highly-rated Lubbock florists close to your venue.
These collaborative efforts with local vendors not only enhance the event’s appeal but also illustrate the power of smart budgeting by leveraging the resources available in your community.
Finally, pay for everything else, such as your event management software, service providers, speakers, and other event costs on your event budget breakdown list
5. Plan and organize your event with an event management platform
Use tools to simplify the event planning and organization process, such as all-in-one event management software for in-person, hybrid, and remote events.
For instance, with InEvent, you can manage your corporate event budget, organize your event from start to finish, and protect your event ROI.
You can also create efficient processes, track attendees in a CRM, and set up campaigns in line with your event marketing budget.
QR code generators can also be a valuable tool for event planners. For example, you can use QR codes to:
- Make it easy for attendees to register for your event
- Provide attendees with quick access to important information, such as the event schedule, speaker bios, and venue maps
- Track attendee engagement and collect feedback
- Promote your event and sponsors
By using an event management platform and a QR code generator, you can save time and money, and create a more seamless and enjoyable experience for your attendees.
Whether you’re hosting a trade show, career fair, webinar, or a completely unique experience, our tools can help you take the stress out of event planning and budgeting. Book a free call to learn more.
Wrapping It Up
With the right strategies, careful planning, and resourceful decision-making, you can create memorable and successful events regardless of financial constraints.
By implementing budgeting and operating brilliance, prioritizing expenses, exploring cost-saving alternatives, and building strong vendor relationships, you can optimize your resources and achieve outstanding results.
Best of luck with your event planning process!
The author Ioana Wilkinson specializes in Business, Digital Marketing, and SaaS content for B2B brands. Born in Transylvania and raised in Texas, Ioana has been living the digital nomad life
About the Author / Ana Almeida
