How to use your event budget wisely. Here are 9 tips:
We live in a world that exalts exuberance, confidence and style. We want everything classy and sophisticated. We want things unique and in exquisite.
We want the luxurious and elegant lightning pieces, the ice sculpture and perhaps an orchestra at the side.
But fancy things like these are pricey and cost like gold bars. We have limited resources and our pockets are not bottomless.
It's our job to make the budget work for the best.
And just because we are trying to squeeze the budget tight, doesn’t mean we need to sacrifice the quality of the event. We just need to make the most out of it and play smart with our resources.
Here are 9 ways to stretch out your budget and still achieve your desired outcome:
#1 Set an attraction
Focus on one major aspect of your event that can completely entice your potential attendees. It could be a clever venue that is not too costly but exudes inspiration and flair or stunning interactive website or event video.
When you have this attraction, it can easily entice your people to come to your event.
Remember that the initial stage is to get them to come.
The more paid registration, the more money in the safe box, which you can use to integrate in other aspects of your event.
#2 Book your event early
Book your venue at least 6 months before the event. The earlier, the better. You don’t want to overspend on last minute bookings.
Planning ahead can do wonders to your life. It needs to be your get go mind-set as an event planner. Book the best venue at its best price.
Remember that off-season dates are the cheapest and can play well to your advantage since attendees are not so busy during this time compared to holiday and summer season.
#3 Find a nearby venue
It doesn’t make sense to book a smart venue at an affordable rate if at the end of the day you would have to book transportation and accommodation for your attendees.
Make sure that your venue is really worth everyone’s time and money.
Not only are you spoiling the budget by choosing a distant venue, but you are also wasting your attendee’s precious time by asking them to be on the road for hours just to get to your 4 hour coaching session.
Find a nearby venue that is accessible to everyone.
#4 Simplify the food and beverage
Food does not always have to be extravagant.
You don’t have to exaggerate on food. A chocolate fountain may not be necessary.
There is a variety of pre-packaged meal options available nowadays that are very affordable and at the same time scrumptious!
You can have a simple salad bar and some sandwiches for lunch. The trick here is to find a good caterer that may not serve extravagant meals but can easily delight your attendees’ appetite and satisfy their tummy.
#5 Go digital
If you’re still printing innumerable tickets and flyers, please stop!
Who does that?
Print outs have become an ‘option’ but no longer a necessity.
Go digital. Create a fancy website for your event. Send out some email invitations. Promote your event through social media.
Not only you’re saving money and cutting out expenses but also saving mother earth for going paperless.
#6 Be resourceful
Recycle items that can still be used for your event. Ask your team if they have available equipment, props or items that they can bring before buying anything.
Buying a white screen projector may not be necessary if you have a huge white linen or cloth. It will still create an open door cinema vibe under the stars.
Proper negotiation skill is necessary to cut some cost. The key here is to build good relationships with your vendors and suppliers.
Be upfront with your budget but don’t go overboard with your bargaining. Remember that you also get what you bargained for. A cheap material may cost you more if clients complain and are not satisfied with the quality you bring them.
Be friends with your suppliers and you will get the best deals in a snap.
Building good relationships with suppliers and sponsors can lead to collaboration. Some sponsors offer free merchandising which you can use as giveaways and raffles. They also offer free kiosks and digital screens, gadgets and devices.
By giving intense brand visibility, they might offer you free services, products or reduce the service cost.
#9 Train Volunteers
If you need manpower to your event, you can advertise for volunteers and interns who would be willing to take the tasks for you in exchange of free training, free certificate, free tickets and an awesome experience!
The great thing about trainees and interns, is that they always listen. They are more inclined to do what you ask them. Since they volunteered, it means that they are passionate about what they do and their motivation does not come from money but by their eagerness to learn.
You might just get the best results from these people since they will be hard working, obedient and they have fresh ideas to share with you.
About Stride Plus Events
Stride Plus is an events organizing and management company based in the UAE, focused on business, networking and community events.
Learn more about our services here.