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  • Things You Need To Know About Event Budget

    by WhiteMassif, Posted on 19/02/2018

    Balancing an event budget is one of the major challenges event planners face. The first and essential step to making that event happen is creating the budget. And to do that, you need a detailed event budget that your client agree on.

    Categorize and track the expense items will help you estimate costs and get more mileage from your budget.

    Managing an Event Budget

    1.Start Early

    Putting a rough budget is critical for determining whether your event is going to be feasible. Take figures from past similar events to set up a baseline. Do your research and create a rough first draft. Acquire the approval from your client and update the working document as you move forward.

    2. Monitor, Evaluate & Update
    A budget should be monitored regularly- on a monthly basis, or sometimes even on a weekly basis. Make it a habit to dedicate some time to update your budget. It should always be compared to actual results to understand the difference. By monitoring and evaluating your budget on a regular basis, you can stay on top of new developments in real-time.

    3. Do Maximum Research
    Research is a key negotiation tool and helps you stay competitive. Review industry guides and other related publications that focus on your industry. Also get financial information from your competitors, if available. Remember to add quotes to your budget as they come in, for an accurate record for reference.

    4. Plan For The Unexpected
    Regardless of the best planning, charges are going to exceed projected plans with expenses that you never expect. Have a contingency figure in your budget to provide a buffer, just in case you might need to add to your unexpected expenses.
    Depending on your event type, the amount you should plan on will vary between 5% – 25%.

    5.Summarize Actual Expenses

    Once your event has concluded, document the actual budget by considering all the expenses you had. Identify savings in actual budget versus the projected budget, demonstrating the value you brought to the role.

    We can help

    If you want assistance creating an annual budget for your business, White Massif will help guide you throughout the planning process.

    Contact us at +91-990-0141-155 today for a free consultation.