Event Budgeting

  • Factors to Consider in Budgeting Events

    budgeting

    Over the last 18 months, how we deliver events has shifted dramatically. Event organizers have had to throw out their budgeting plans and sort out new ways of understanding the costs and benefits of their event spend. We’ve seen a lot of change and have helped our clients navigate this shift over the last two years. As we look to the future, change is not going to subside. Understanding how to budget new formats and content delivery will go a…

  • How to Create a Budget for your Event

    Creating an event budget can be challenging. After all, there is a lot to consider. In addition to necessary costs like the venue and event staff, you want to allow for unexpected expenses, hidden fees that will undoubtedly crop up and an emergency fund. Here are eight tips to help you prepare for the unknowns and set your event up for success. 1. Identify Goals and Primary KPIs Budgeting for your event usually occurs after the main objectives have been…

  • Can hotels cancel your concessions? Well, it’s complicated

    Hotel will provide the following concessions if at least 90 per cent of the minimum guestroom revenue is received and at least 100 per cent of the minimum food and beverage revenue is received… Concessions are benefits or value-added services that venues offer in exchange for the event host’s business and fulfilment of their contractual requirements. For event hosts, it feels great to negotiate potentially lucrative concessions as part of an event contract. Complimentary staff rooms, free wi-fi, discount parking…

  • Non-Profit, Pro-Revenue: Making money in the not-for-profit sector

    It’s that time of year again: More financial considerations for not-for-profit meeting planners. I’m not sure what it is about this time of year, but at the end of the summer season my financial concerns are always top of mind. It might be due to the timing of client budget planning for 2019, or that I’ve overextended my own budget from summer weekends trying to make the most of this nice weather (as I tell myself), but in past years…

  • Venue contract wisdom is often woefully insufficient

    By Heather Reid A side-by-side examination of 12 signed and negotiated contracts for booking events into unconventional venues unveiled disturbing discrepancies to me. The “unconventional venue” contracts included the following Canadian locations: cultural centre, city-owned sport facility, entertainment complex, music hall, high-risk recreational facility, heritage facility, aquarium, brewery, two recreational/amusement facilities and museums in three different cities. A wide variety of unconventional venues for sure! Here are a few of the disturbing findings of my side-by-side review: Indemnification Clause: 6…

  • Unexpected added costs when planning an event

    At one point in every event planner’s career, there has been the situation of receiving a final invoice from a venue with added costs that were never included in the budget. This refers to power costs, internet costs, extra catering labour costs, and so on. This is especially problematic when a third party such as a DMC has given an inclusive price to the client and must absorb the extra costs or an in-house planner must go back to their…

  • The insider’s guide to internal meeting spaces

    There are times when corporate planners are tasked with planning events in an internal meeting space. Usually, this means planning meetings in office buildings while managing client expectations – and what they expect is the same standard as if the meeting was held in a purpose-built venue. Perceived convenience and cost savings become the deciding factors for internal meetings, however there can be hidden costs and inconveniences that should be considered. Moving meetings into the office are rarely as simple…

  • Digital vs. paper: Which will win the battle of meetings communication?

    By Phil Rappoport Could the fun and age-old “selection game” of Rock-Paper-Scissors become “App-Paper-Scissors?” Which one would top the other in a one-on-one duel by meeting professionals and their delegates? Can the app and a pair of scissors turn paper into shreds, or will paper still have a place? Judging by the surge of mobile app usage in the meetings and events industry over the past five years, one would think that apps are clearly in the driver’s seat and…

  • What do you know about sponsorship?

    Reinventing sponsorships using creativity and customization When it comes to sponsorship, the competition is real – and tough. In order to survive it, we need to rethink what potential sponsors are looking for. Thirty years ago, it was a logo on a poster and a program, and a thank you after the event. But that’s no longer the case. Today corporations don’t care about logo exposure on your materials and websites. It has become such a given – logo placement,…

  • Marriott’s commission reduction: Don’t say you weren’t warned!

    By Shimon Avish Six months ago, in a prescient article by the GBTA Meetings Committee, the specter of a reduction or elimination of hotel commissions was explored. And as of last month, that possibility is now a reality, thanks to the folks at Marriott reducing commissions from 10 to seven per cent in North America. Do we believe this is the final reduction in commissions, or only the first step? Let the chaos begin! The only question that matters now…

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