We looked to our friends at Ignite Magazine for some tips on how to best approach an event budget. They suggest you create a simple spreadsheet to list expenses for all operational areas of your meeting or event, so you can plan for and track expenses. Some of the major cost areas of meeting planning will include:
Speakers and training
Audiovisual equipment and production costs
Air and ground transportation
Food and beverage
Taxes and gratuities
And finally… keep these in mind:
Cost vs. Investment- When it comes to event spending, the glitz and glam can take over anyone’s wise spending choices. Before handing over that credit card, think to yourself… is this an expense that will increase exposure or generate revenue for the event?
Want vs. Need- You want your event to leave a lasting impact on your audience. Before making any purchase, make sure to stop and ask whether this is a want or need. What will give you the greatest impact? What’s the most important thing for your audience?