If you’re planning an event, there’s one step that is essential to making that event happen: creating the event budget.
It’s really easy because its a repeated action so quickly builds a basic framework for your budget, that you can edit using tools that you probably already have. It might seem daunting and finite to create an event budget, but we’re experts at it.
Some basic things:
- Using Spreadsheets
- Looking into event budgeting software
- Add items for every single detail and cross reference
- Know when payments are due (being late could incur an extra cost)
- Know where every penny for the payments is coming from and make sure it’s certain before committing
- Add contingency overruns so you don’t go bust if you are over budget
The first step to creating your budget is to figure out every single moving part of your event that could potentially incur a cost, especially the smaller details because they all add up and can make the difference between profit and bankruptcy. The more accurate your budget the greater your chance of success. (Our budgets typically have over 1000 identified costs and over 5000 entries, but once created, take less than a morning to update for a new event and are used as part of the planning of the event as well.
The budget is a preliminary step that you refine as you speak with vendors and get a more accurate cost and so that you know by chasing at least 3 suppliers for each item you’ll be amazed how prices drop, but you can only do this if you plan months in advance.