Essentials of Event Budgeting

Why You Need Budgeting?

One of the reasons for any unsuccessful event is the failure of adequate budgeting. Event planning coordinators often do not pay much heed to the factors that control budgeting and limit them. The coordinators, while planning any event do not customize the budget for each client. Rather they more or less follow a sample budget and just adjust cost figures. Clients as a result suffer.

Nowadays, since treasury is very tight for companies and other institutions, which usually holds an event, many event planning coordinators, are gearing up their team. Financing wizards, to minimize the cost burden of the clients are recruited in the panel of expert event managers. Much has been said about how to manage an event, how to market them, what should be the qualities of an event planning coordinator, and others. But, very words are used to emphasize on budgeting aspect.

Cost Effective Solutions - An Advertisement Gimmick!

Event planning coordinators, to market themselves are saying that they use cost effective solutions to manage an event. But what this cost effective solution means is an abstract thing, which a client who is holding an event for the first time, does not know. Tailor made budgeting and marketing solutions should be done for each project and client. Effective strategy planning and meeting needs to be conducted between the management of the event organizer and the event planning coordinators to evaluate, coordinate, and use funds, optimally.

In a broad way, we can say that budgeting for areas like:

Venue
Date and Time
Registration Process
Event Related Kit Preparation
Boarding and lodging
Catering and Refreshments
Decoration
Technical Aspects
Entertainment
Post Event Sessions
Pre Event Sessions
Appearance Fee
Publicity and Marketing Aspects, takes up most of the client's financing resources. Often, for some special events, the client needs to sponsor some participants or donate a part of their earning for fund raising purposes. The event planning coordinators should then advise and guide the clients after evaluating all aspects of a particular event. The coordinators, when planning for big events, must try to recover in full or in partial some cost of the events.

Cost Recovery

But this cost recovery is not the ROI method, which often a MNC or a big corporate follows. For them, the ROI is the publicity, the media exposure and the brand mileage. These are actually an indirect for of cost recovery and depend on the marketing strategy of these companies. The event planning coordinators must therefore have a clear idea of the reasoning for holding any events for any big companies.

Understanding The Motive Behind Each Event

The motive behind holding any event needs to be ascertained and clear objective to be framed. What does the company want to achieve for itself? Event planning coordinators, while venturing into any projects like holding a corporate conference on social issues or arranging for a ladies' workshop for fund raising purpose, must understand the objective for each of these clients.

For the first type, the motive can be to gain extra market exposure or creating a social atmosphere in a corporate culture. This gives the companies an image boost, that they are actually working for the general people and is not solely a profit -making unit. Or the second type of events, it can be that a ladies' organization wants to gain a competitive advantage in getting funds from the government or from foreign similar affiliations. The event planning coordinators must identify along with the theme of the event the motive of the event as well.

Budgeting and resource allocation becomes quite easy when the coordinators planning for events understand the motive of the event, target audience and the theme of the event.

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