Effective budgeting is key to running a successful event, ensuring resources are allocated strategically will not only help to potentially enhance attendee experience but meet event objectives whilst fortifying financial targets. Here are some helpful insights from our Conference and Events Commercial Manager, Liv Fripp to help keep your event within budget whilst still maximising impact.
Establishing an Event Brief
First and foremost, agree a brief with key decision makers for the event, include as a minimum the following details: event date/s, ideal location (consider where delegates are travelling from), timings, approximate numbers and content i.e guest speakers, sponsors and or exhibitors. This will allow you to establish where you need to allocate funds. Request quotes before you set and agree any final budget where possible. If you do however have a specific budget in mind – share this with suppliers and venues - they may be able to accommodate or offer an alternative option for your consideration. The event brief is bound to develop - be proactive and ask for a few options at the quote stage i.e different delegate number brackets/ minimum numbers (bear in mind room capacities that may cap your attendee numbers), additional breakout spaces and costs, alternative lunch options, guest speaker hourly or daily rate etc.
Smart Supplier Selection
Shop around – research and obtain quotes from several suppliers, you can always ask venues and suppliers to hold a date – most will provisionally hold a date for a week if not more, whilst you are considering your options. Confirm suppliers’ cancellation terms in advance before you pay deposits, this way you know if the worst scenario were to happen, you can at least limit the financial impact. Make sure the decision makers are aware of these cancellation dates in advance, so they have some oversight to make decisions earlier if required.
Expanding Your Venue Options: Achieving Greater Value and Impact for Your Event
Consider expanding the event brief marginally i.e expand the search area of ideal venue location, to ensure you aren’t missing a superior option, potentially at a better cost or offering the wow factor without compromise. Decision makers may be willing to consider this if the venue is ticking more boxes, travel doesn’t need to be a restrictive factor with careful consideration when planning the event agenda. Our dedicated event team here at the Haynes Motor Museum can support with timeline management and offer suggestions to ensure you get the maximum out of your event, delivering a seamless experience from planning to execution.
Comprehensive Contingency Planning
Budget for extra’s you might need – ask your venue and suppliers what’s included in your price – read the small print and check if you need to pay for additional items such as advanced expertise that you may need on the day, i.e AV technician, this may come at an additional fee depending upon your requirements, most venues can provide contacts for reliable companies. Consider adding a contingency fund of around 10–15% to manage unexpected expenses without compromising quality. Ensure you ask suppliers when they require final numbers to ensure you add this into your planning timeline for RSVP’s. Overestimating attendance can lead to unnecessary expenses in catering and other per person costs.
Successful event budgeting is all about strategic planning and prioritising key expenses. By setting clear goals, leveraging vendor relationships, and carefully tracking expenses, you can create a memorable event that stays within budget and delivers maximum impact. Remember, a well-managed budget isn’t just about cutting costs — it’s about making every pound work towards a successful and seamless experience for both you and your attendees. Speak with our team at the Haynes Motor Museum to discuss your event plans in more detail. With extensive industry knowledge, we can guide you in maximising both your budget and the event's impact. Our packages are designed with cost-efficiency in mind, whilst still offering a range of flexible options, that allow you to tailor the experience. Let us support you with creating a memorable event without compromising on quality, all while keeping your budget firmly in control.
Liv Fripp
Friday 8th November 2024