News & Articles - budget

  • 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…

    Event Budgeting, Event Operations, Meeting Checklists

  • Survey: 2021 will be a Hybrid Year

    Nearly three-quarters of meeting planners are moving their face-to-face events to virtual or hybrid next year, according to the most recent Meetings and Events Pulse Survey conducted by Global DMC Partners. This despite the majority of surveyed planners predicting the return of in-person events in the first half of 2021, though 57 per cent believe events will be downsized in the future, with the largest events topping out at 250 attendees. A majority also believe average event attendee numbers will…

    Breaking News

  • Predictions for the Events Industry in the Post-Pandemic Era

    The global spread of COVID-19 has transformed daily life and, like most business sectors, the events industry has evolved and adapted to cope with the new normal. In doing so, it has entered a new phase where changes are likely to endure into the post-pandemic period. Here, three industry experts — Carly Silberstein of Redstone Agency, Ruby Sohi of Royal Blue Events Management and Theresa Beenken of the National Speakers Bureau — provide their predictions on how the events industry…

    Event Operations

  • The Real Cost of Hosting a Webinar

    One of the first (and most important) questions people ask when exploring webinar options is, how much will it cost? Understanding the expenses associated with a webinar is key to being able to project and manage your return on investment. Webinar Platform The most obvious cost associated with running a webinar is the platform. Some simple platforms are free up to a certain number of attendees, while more advanced technologies typically require that you pay a monthly or annual fee…

    Event Operations, Virtual Events

  • How Best to Monetize your Online Event  

    Now almost six months into the worldwide pandemic, most businesses have pivoted from in-person gatherings to virtual events. But despite more people than ever using online platforms, companies continue to struggle with monetization, which may be essential to their survival amid the economic chaos wrought by COVID-19. While there are a variety of methods to earn income from virtual events — ticket sales, paid access to selective streams and upgrades for premium session content, to name a few — perhaps…

    Event Operations, Virtual Events

  • Celebrities take Virtual Events to Next Level without Excessive Price Tag  

    Have you always wanted to hire a celebrity to speak at a meeting or event but it was out of your financial reach? That’s likely not the case anymore. The rise of virtual events has made celebrity talent more accessible and affordable than ever. In the past, booking a celebrity was expensive and didn’t necessarily result in a positive return on investment. Costs associated with high-end talent included artist and agency fees, entourage travel, hotel rooms and catering. Then there…

    Event Operations, Virtual Events

  • 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…

    Event Budgeting, Event Operations

  • Get the speaker you want, even if you can’t afford them

    When the perfect speaker is just out of reach, it’s time to get creative I’ve been there a few times before – you know of the best and most perfectly suited speaker for your event, but the event budget can’t afford them. Those situations can be disappointing and, sometimes, the quality of the event will suffer. But, over the years, I’ve learned that a lack of money doesn’t necessarily mean you can’t get the speaker you want; you just have…

    Event Budgeting, Event Operations, Speakers & Entertainment

  • The impact of short lead times in meetings and event management

    By Maria da Cunha, CTC, CMP Organizations are often focused on short-term economic planning where commitments to a meeting or event are confirmed last minute, often within 30 days of the event date. The 2008 financial crisis was a major contributor to the short lead times applied to meetings and events when inventory was readily available throughout the meetings and events industry. Business operations have also changed or adjusted to different management strategies which have resulted in short lead times…

    Event Branding & Marketing, Event Budgeting, Event Operations, Meeting Community, Site Selection, The Business of Meetings

  • Finding resourceful ways to stretch a small event budget

    Working with a frugal budget doesn’t mean you have to sacrifice style and class As economies ebb and flow, budgets for events will shrink and grow as a reflection of the times. A small budget should not be the reason why an event fails — success depends on ingenuity, resourcefulness and a little flair. The first step is to know what you have to work with. Make sure you have a budget prepared and approved by the appropriate board of…

    Event Branding & Marketing, Event Budgeting, Event Operations

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