It is important to set a budget before you begin planning any corporate event.
These corporate event budget tips will help.
The budget will usually be defined by the event's goals. How important is this event to the company? Start with clearly defined objectives.
With the value of the event in mind, you can determine the amounts you can spend on:
- Corporate Entertainment
- Food and Drink
- AÂ Venue
and support services such as:
- Audio visual
- Lighting
- Decorations
- Awards or prizes and
- other event related requirements.
You may find certain aspects of the event may cost more or less than you realized. When these expenses exceed the budget, ask if the expense is important to the event objectives. If it is, you may need to cut expenses in another area. It is important to maintain flexibility so your budget can be shifted or reevaluated.
Your corporate event budget will need to consider:
Fixed expenses: speaker and corporate entertainment fees, venue rentals and marketing. These expenses will not change according to event attendance.
Variable expenses: food, beverages, transportation. These expenses will fluctuate depending to how many guests attend the event.
Indirect expenses: staff hours, incidental supplies that may be needed.
Hidden expenses: these always seem to pop up, so leave some room in your budget for unexpected surprises. Often corporate event entertainers and speakers have travel expenses that are overlooked by event planners. It is important to request an all-inclusive fee when contracting speakers, presenters and entertainers. This will avoid surprises to your budget.
What if corporate entertainment costs are too high?
People remember two major components of a corporate event, the entertainment and the food. If the entertainment you want is more expensive than budgeted, it may be worth cutting back in some other areas to make up the difference. Quality is never cheap, and you need it where people will see and remember it!
Let our office help you find appropriate, quality corporate event entertainment. Contact us for a free, no obligation entertainment consultation. Having worked with some of the top corporate event entertainers, entertainment agencies and event planners in the business, we can help your event receive the ovations you deserve!
Looking for more corporate event budget tips? Check out Tom's weekly program: The Savvy Event Planner Podcast. Each week Tom interviews event professionals and event service providers to help you plan and host amazing events.
