The value of a performing and enough budget in an event can't be overemphasized. But sadly, this is where most event organizers fall short. More often than not, expenses are not really under estimated, but rather, there are numerous costs that have been overlooked while drafting the budget table. Why are these costs overlooked in the first place? It all boils down to very poor planning and management. Budgets are often cut towards the tail end of the event set-up and execution; thereby sacrificing quality and quantity of material and manpower resources.
In a concert event, for illustration, because of budget constraints, the number of security assistance personnel was trimmed down. Thus, during the concert event itself, people became restless at the gates due to gatecrashers and people cutting in line. Due to the lack of security personnel, there was not enough manpower to handle and manage the crowd, which then led to a stampede. Yes, more often than not, event organizers tend to cut down on the essentials, like manpower. In doing so, the more important things are compromised.
Budgeting is one of the components in event planning and management where committing a big and major mistake is not an option. In order to prevent this, here are some costly items in event planning and management that should be given utmost consideration:
Speaker Travel Expenses
The best, credible, and most suitable speakers for your event may not at all times be available in your locality, city, or sometimes, in your country. Airfare, accommodation and other travel expenses are important costs that need to be allocated on your budget plan.
Audio Visual Expenses
This would comprise your sound and speaker/ PA systems, microphones, which includes laptops and/or computers, LCD projectors, LED screens, wifi or internet connection, and other devices or paraphernalia need to give your audience a clear and audible audio visual presentation.
Shipping Charges
Mailing invitations, cost of freight and transportation in transporting equipment from one event location to another, ordering of materials like brochures, premium souvenir / giveaway items - these are some of the shipping charges that you incur.
Handouts
Cost or design, layout, and printing of handouts, brochures, modules, flyers, and other print paraphernalia should be well allocated for in your budget. These print materials are your participants' guide or take home resource materials, thus it should be presentable, readable, and well-printed.
Decors
As the clich矇 goes, first impressions count. The facade of your event venue must reflect credibility and professionalism, or it have to adhere to the overall theme of the event itself. Decorations like streamers, lights, table ornaments, plants, etc., enhance the overall atmosphere and ambience of the event itself, it sets the tone or mood of the event. Give your event a 'wow' factor. Allocate ample budget for your venue setting.
Security
Giving ample security for an event, especially if the event would draw a multitude of participants, and if excitement and agitation is expected from the crowd, like a sports event or a concert. Budget should be allocated for manpower, perimeter enclosures, barricades, and other security equipment like metal detectors and the like.
These are the event essentials that should be on top of your budget list and compromising quality and reliability in these areas could spell disaster for your event. The key to budgeting is planning. In planning, you need reliable and efficient tool to assist you organize your ideas and your tasks. A computer software called Evenesis is an event management tool fantastic for the job. It serves to simplify, automate and deliver your day-to-day event management activities. In the same manner that you take your laptop or tablet computer with you, Evenesis is accessible via your favourite browser 24/7 as long as you are connected to the Internet. Yes, that gives you a dedicated system where you can delegate and manage your event tasks anytime, anywhere. Sign-up now for a free trial.
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