Event Budgeting

  • Balancing the event budget: Making the most of what you have

    By Mary Beth Holmes As an event planner, the budget is sometimes the toughest part of my job. Amounts are often set and approved well in advance for an event, and sometimes not even all of the plans are in place. Trying to make the event work with the amounts allocated can sometimes be difficult and will take all of your event planning skills. Over the years, I’ve had to learn ways to be creative in order to make the…

  • How a corporate meetings policy can harness your meeting spend and protect your company

    Have you ever wondered why your department manager arranges to have your team meetings in the corner meeting room, you bring your own coffee, and he orders a pizza lunch? While meanwhile down the hall Manager B, takes her team to a five-star hotel, with a hot breakfast, a buffet lunch and ends the meeting with a cocktail at 5 pm. Is it because one department has a bigger budget than the other? Perhaps. Is it because the message will…

  • ROI checklist: Items to consider to ensure a healthy return on investment for your meetings

    We all know meetings don’t just happen. They take planning, company resources’ time and hard earned cash. In order to understand your meeting’s ROI, it is necessary to measure the full extent of the costs required to execute a successful meeting. It all begins with establishing your objectives.  Let’s start with the most basic of questions. Why – What is the purpose of the meeting? What is your message? How do you want your participants to behave and feel at…

  • Thinking of reducing prices on your event services? You might want to think again!

    In the course of marketing strategies, some small businesses may consider reducing prices or offering a discount as a sales incentive. Two critical questions come to mind. Will lowering the price drive enough sales to make up for the loss of income due to the reduction? Will the current operational structure support the increase in volume of sales driven by discounting? When adopting a price incentive strategy, it is important to understand the variables in profitability and how that impacts…

  • Foundation building: Examining the essential elements of event excellence

    What the guests see or experience when they attend a meeting – the tables, chairs, linens, centerpieces, speakers, band, AV, signage, etc. is the end result of months (or sometimes years) of work, as the stakeholders and meeting professionals have thoughtfully laid  a foundation for the meeting to be successful based on the stated objectives. If we begin with the end in mind, we can ask, “What do we want participants to walk away with? What feelings, what actions do…

  • Event budget templating: Six reference lists to build your own budget templates

    The ROI of special events and meetings is often measured by the financial outcomes reviewed at the conclusion of the event. To achieve a positive outcome, it is essential to accurately project costs and monitor the budget assignment throughout the event delivery process. The successful budget forecaster will establish an organised budget reflecting the wide range of cost factors inherent in the creation and delivery of each event element. A template approach to building and implementing a working budget begins…

  • Meeting challenges, trends and solutions

    Independent planner Q & A with: Angela Zaltsman, CMP, A to Z Event Management Mary Mulligan, CMP, Mary Mulligan Event Management Heather Baker, Amaryllis Events What are some of the biggest challenges you face as an independent meeting and event planner in Canada? Angela Zaltsman: Budgets and a shorter turn-around time for meeting and events are my challenges. Budgets dictate the limits within which an event will be produced, forcing creativity with respect to how a planner delivers and solves…

  • Budgeting for event design

    In our world of events, clients are continually seeking innovative solutions for their event needs. These solutions cost money! Across the event spectrum, budgets are as wide as the missions are varied. In all cases, the financial parameters of these events govern the critical decisions made throughout the development and implementation process. Within the ‘financial parameters’ of designing and producing an event, there are critical budgeting tracks to consider. Each ‘parameter’ has its own set of guidelines within the context…

  • Successful meetings on a tight budget

    Corporate Meetings & Events magazine’s Managing Editor Sean Moon talks about the challenge of creating maximum pop with fewer resources with money-saving ideas like site and venue selection tips, lowering food costs, and minimizing costs associated with entertainers and audio-visual components.

  • Three tips for swag sponsorships for your conference or event

    At a promotional products industry expo, I was chatting with a couple of colleagues who talked about their recent sponsorship of some conference swag bags. They had agreed to provide the bags (which apparently contained giveaways) and were hoping (key word here) to get some nice testimonials about their work, all with the intent that it would lead to more business. All I can say is that I hope it works out for them because it sounded like it was quite an investment.

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