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Jun 25
2019
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Event Budget Creation

One of the first steps in creating a successful corporate event is setting up a budget. Budget creation does not have to be daunting or time consuming. Use spreadsheets and if you will be doing events regularly, consider event budgeting software. Spread sheets do not have to be fancy, just columns for each specific item. You can break down every item you will be paying for by taking yourself through the entirety of the corporate event.

Advertising, Marketing and Invitations

Will you just be using online ads and email? If you are mailing invitations, consider printing and postage costs. Will you be offering prizes or giveaways? How many? Consider using a hashtag and hiring a brand influencer for a product launch. Perhaps create a YouTube video with not just an invitation to the event, but a teaser that gives people a peek into what to expect.

Facility Rental

There are many different venues to consider for a corporate event such as hotel meeting rooms, ballrooms and conference centers. In some locales movie theaters and fair grounds offer meeting space. There are facilities that offer on-site support and others where you will need to hire AV and photography services.

Remember to ask your chosen facility how much it will cost to get additional WiFi coverage. Ask if you could be charged for damages incurred to the space. Is there an extra cleanup fee? What about taxes, is there a destination or hospitality fee?

Supplies

The list of supplies is nearly endless and large venues often offer office supplies such as pens, markers and notepads. Consider the costs of name tags, phone chargers, bottled water, breath mints and extra handouts. Consider ordering some of the supply items with your company logo on them.

Educational material such as agendas, handouts or brochures can be costly to have printed, so consider going digital. If the venue is large, be sure to have signs pointing the way. You do not want your attendees to get lost, but consider the printing cost of directional signing.

Food and Beverage

Depending on the duration of your event the first consideration will be if you need to offer breakfast, lunch, dinner and snacks. Do you want these meals to come prepackaged, plated or as a buffet?

If you are offering a bar there will be a bartender fee. The caterer will give you a detailed estimate of whatever you discussed, so be sure to review it carefully.

Padding for Emergencies

The truth is you can not plan for everything, so leave a bit of your budget open for emergencies. There may be a built in gratuity you did not know about. It’s possible a few extra people will show up you did not count on. Transportation may be snarled due to weather. If you account for a few small unknowns on the front end, then you can rest easy knowing your budget will not be ruined.

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