In a perfect world, event planners would have an unlimited budget to work with to create the perfect event experience. Sadly, it is not a perfect world and event planners need to stick to their budget so they don't run out of money and anger their client. Event budgeting is a skill that every successful event planner will learn, and there are some tried-and-true strategies every event planner should know to perfect the art of event budgeting. Here are several strategies for effective event budgeting:
What Should You Do to Stay On-Budget?
- Ask Your Client as Many Questions as Possible: The earlier you do this the better so you can assess and manage your client's expectations. Chances are the client is going to have perfection in mind, which is fine, but it is up to you, the event planner, to educate the client about what is realistic with regard to budget. As an event planner, you should ask the client plenty of questions and work together to determine what is feasible to align the realities of the event as close as possible to what the client wants.
- Create a List of Expected Costs and Update the Budget Regularly: Hopefully, you will have experience working on a similar event so you have an idea how to budget expenses. The event venue, catering services, clean up staff, and technology are just some of the costs you can expect to add to your budget. As you get quotes and place orders, be sure to update the budget to reflect costs and think about whether or not you're on track or need to make some changes.
- Get a Few Quotes from Various Vendors: If you have a vendor you regularly work with, it's okay to hire them -- especially if you have good rapport and they do good work. However, by getting quotes from more than one vendor, you can save money.
- Think Outside the Box: At Unique Venues, we specialize in providing event planners with a number of non-traditional event venue options. Oftentimes, these venues will be priced much more favorably than traditional venues. These event venues include movie theaters, museums, college and university conference centers, and more.
- Give Yourself a Little Bit of Cushion: Every event planner will tell you that no event runs perfectly. Give yourself a little bit of cushion (10% is a good number) to account for any curveballs thrown your way that could cause you to go off budget.