How to Manage Your Event Budget

If you need an event organising, you may find the help of an event management company useful. Organising an event takes a lot of time and planning so hiring experts in the industry will save you a lot of time and money.

Your event budget will be the framework for all of your event planning decisions and your budget is there for a reason - to save you money and make sure you don't go above your means. To keep your budget organised make yourself a spreadsheet including your projected expenses and actual expenses, and any revenue you will receive (if applicable). Keep your receipts and invoices organised and safely filed, and make sure all purchases are recorded for reference.

When planning your budget you must consider upfront costs; the venue hire, staff hire, catering, performers, special guests, equipment etc. There are plenty of ways you can help stick to your budget when organising your requirements. For example, you need to hunt around to find a good price, as with anything - a holiday, a car - you'll need to do some investigating before you decide to purchase. If you find a location that tugs at your heart-strings but is above your budget, you really need to consider whether it's beneficial to your audience. It may be the perfect place but there may be somewhere as perfect (but not so lavish) that will be just as beneficial to your customers. Remember there are other expenses as well as venue hire. These include all catering costs, whether it's a formal sit-down meal or nibbles, there will be costs for producing and serving the food. You will also need to consider the costs of event staff and performers/entertainers should you decide to use any. If the event is themed, the d矇cor and equipment will be a pricey expenditure to consider.

If you are hoping to make some money from your event, you can charge a small fee for tickets (providing people are willing to pay for your event - bear this in mind). You can also hold prize draws - a raffle will help you gain a bit of revenue. Companies (or friends) are often willing to donate raffle prizes for a little bit of promotion.

There are ways to get your events paid for by sponsors or bag a discounted price. If you are holding a charity event, companies are far more likely to give you a free venue or reduce the costs of their services. You can also try to get sponsorship from other companies but remember it works two ways. A company will sponsor you if it means their brand or services will get exposure and media attention. If you are targeting a large company to sponsor your event remember how competitive it will be, you will need to plan and organise at least a year before the actual event - we'd recommend this for large-scale extravaganzas. For smaller events look to smaller, local companies for sponsorship.

The best way to find a suitable sponsor is to analyse your demographic, if you are holding a careers event, you might want to ask a local recruitment company to sponsor you. Remember to emphasise the reasons why your potential sponsor should subsidise your event - sell them your event - mention the exposure and the potential new candidates they could receive from the advertising.