Regardless of which area of business you’re in, keeping within budget is perhaps the biggest challenge when it comes to hosting an event. You will need to consider how you can include all of the important aspects, from the promotion to the equipment, right through to the catering and not go over the allocated budget.
Here are some tips on how to keep your business event in check:
Plan for every eventuality
Right from the outset, it’s important to know how much money can be spent on the event, and this will probably involve a conversation with those in the finance team. Once this has been determined, you should work out your break-even point, so that in the worst case scenario, you do not lose any money. The amount of money needed to make your business event a success will vary, depending on the type of event it is. For example, some require fees for entry, while others are either sponsorship-driven or guest invitations only, so make sure that you have all of this information from the outset.
Throughout the event planning process, unexpected things that can eat into your budget may pop up. Perhaps you’ll have staff drop out, so you’ll need to source some last-minute employees, or you might not have enough seating and have to order more just days before the event. Of course, it’s impossible to plan ahead for everything that could happen however, you can set aside a portion of your budget so any last minute troubles won’t leave you out of pocket.
Rather than purchasing new equipment for your business event, you could save a lot of money if you choose to rent, particularly if you don’t have much need for the equipment on a long-term basis. For example, you might not know everything you need for a good sound system or how to set it up. By renting sound systems, or other equipment for your event, you should be offered the help from experienced professionals with set-up and a helping hand if anything does go wrong.
Renting equipment also affords your company a certain degree of flexibility, so you can have an insight into whether the equipment should be purchased at a later date. There’s nothing worse than splashing out on purchasing a piece of tech only to find it’s not what you are looking for after all.
Choosing the right venue for your business event is often crucial to its success, and the sooner you get this part done, the more precise your cost expenditure will be. Before you can realistically book a venue though, you need to have a rough estimate of how many attendees there will be so that you can make the decision accordingly. Choosing a venue that’s too big for the number of guests you have will not only ruin the atmosphere but hurt your bottom line as well. You should also consider location, taking into consideration whether guests can get there easily, and the style and layout of the venue, to make sure it is suitable for your needs.
To try and get your business event to full capacity, you can generate interest by marketing your event online. Paid social media marketing can be expensive, depending on the niche and the location, so a really effective way to cut back on these costs is to run organic campaigns to generate exposure for free. Platforms such as Facebook, Twitter, Instagram and LinkedIn are a great way to create awareness in the lead up to your event, especially if you use specific and memorable hashtags in each post. If your event requires a ticket, then be sure to include a link with special early bird prices or bundle deals as an incentive for potential attendees.
Another powerful marketing tool is email, so if you already have a sizeable email list, don’t forget to send out a message detailing the most important information about the event, as well as any competitions or activities that will take place on the day.