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How do you budget for a business event Schoolhire Solutions Ltd

Budgeting for a business event

Budgeting for a business event may not sound like an exciting task, but it is essential to the ultimate success of an event; ensuring everything comes in according to a pre-agreed plan and budget, whilst minimising financial risks. So, here, well answer the question: how do you budget for a business event?

How do you budget for a business event?

Set aside a percentage of funds for unexpected expenses: reserve 5–10% of your total budget for unexpected expenses such as health & safety costs or last minute changes. You can also include a “miscellaneous” line item that covers any foreseen or unforeseen financial risks. 

Make a high-level plan: planning is everything, especially when it comes to a business event and including categories like marketing, food and beverage, equipment, venue, staff, insurance, amenities and transportation in a well-put-together plan is essential to ensuring, not only that the event stays on budget, but also everyone – including key stakeholders – knows what to expect from the event in question. 

Consider the venue: the venue is often the biggest expense of any event, whether a business event or a community event, so you’ll want to find a place that’s big enough and can comfortably accommodate your intended guests, catering, layout and any entertainment you require. 

N.B. A good thing to remember is that location often dictates venue price. 

Align the event with business objectives: making sure your event goals align with your company’s broader business objectives will ensure a clear direction for your event and could even lead to an increase in available resources and budget. 

Consider food and beverage: catering, alongside the cost of venue hire, is often one of the biggest expenses of an event and will need to be budgeted for carefully, with a contingency built in for additional numbers (late comers) and/or accommodations for allergies and specialist dietary requirements.

Identify fixed costs: recognising that some costs are non-negotiable and essential for the event’s success is essential to a successful event; things like venue, onsite parking, specific location and catering could very well come under this umbrella – budget and plan for these first before any other consideration. 

Don’t forget marketing: marketing is an essential part of a successful event, so don’t remove it from your budget; look for sponsorship opportunities, charity partnerships, digital marketing channels and organic social media marketing to really push the word out there.

 

To browse our growing directory of affordable facilities for hire, please click here or contact us to discuss your next business event.

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