How to Stay on Budget When Organizing a Corporate Event
13.06.2021 WELLNESS 0.0 0

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Have you been tasked with organizing a corporate event? Is this your first time stepping into the shoes of an event coordinator and you are feeling a bit overwhelmed by the process? It’s a lot to tackle and of course you want to be sure that the event is a huge success. While there is no doubt a massive list of items on your to-do list, arguably the most important aspect will be to ensure everything stays on budget. This can be easier said than done, especially if there are unexpected expenses or you run into any issues. 

A few simple tips can be all it takes for you to stay sane throughout the experience, keep things organized and on track and pull together a successful event that is on budget. So, let’s take a look at the standout tips and advice to follow.

Create a Budget Spreadsheet and Track Everything

The first tip is that you need to start with a firm budget or a firm total, and then set up a spreadsheet wherein you can track all expenses. There are plenty of apps you can use that are perfect for event planning, budgeting, and tracking and they can make the process much smoother, providing you with a real-time running total on what has been spent to date.

Make Sure You Cover the Basics

There are some basic features that every event needs to offer regardless of the type of event that is. These are the kinds of things you can’t skip in order to save money, so they need to be factored into the budget. Examples can include food and beverages. Although you don’t have to offer a full sit-down meal, if the event is going to last longer than an hour, generally it’s good practice to at least offer light refreshments to attendees. This means you’ll need to factor in food/catering/serving costs. You also need to be sure that there are adequate restroom facilities at the site. In some cases, this may require you to look into custom portable restroom pricing.

Get All Quotes in Advance of Booking

Another great tip from the experts is to make sure you get quotes before you actually go ahead with booking. Not only do you want a quote, but it should be one in writing and it should clearly outline what is included. This can really help to prevent add-on expenses or surprise totals later on down the road. Don’t be afraid to also shop around and get multiple quotes - it may be that you can find a much better deal from another vendor.

Give Yourself a Contingency Fund

The final tip is to make sure you've set up a contingency fund, which is a little extra money set aside. This is meant to cover those unexpected surprises so that they won't push you over budget.

As you put in the work to organize the corporate event, it’s important to factor in the budget at all times, making sure that you are covering all the basics and not letting things spiral.

 


TAGS:budget, well-being, event management

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