Planning on successful corporate event requires proper allocation of resources, budget, and experienced people. If you have just stepped in event planning business, you might think that your business is not capable of holding a big event. The reason is mostly due to lack of funding.
If you are looking for some kind of financial aid or loan, stop it right there. Most of the event planners do the same mistake repeatedly. The success of an event is dependent on networking, marketing, and engagement. Investing big is not always the path to a successful event.
The important thing is how you utilize the given budget that will make a strong impact on the message delivered to the audience. How to manage successful event on a low budget isn’t a rocket science. Let’s have a look at some of the best techniques to optimally utilize your budget on event’s success.
Plan and Allocate Budget
Behind every success, there is a careful planning. The same goes for organizing an event. You might think of making plans at the last minute, which might lead to discrepancies and hassle. To make an event successful, make sure to plan ahead. Allocate budget for every phase of your events such as catering, venue, decorations, entertainment and guest speakers.
Find the Right Venue
Finding the right venue for your event is quite hassling, especially when you have to accommodate the large audience. Now the problem is that you can’t afford to book a venue on a hefty price.
To cut the cost, you need to consider few things such as your allocated budget, number of guests, event date and amenities you need at the venue. Most of the times, overestimated cost can lead to incorrect budget allocation, which might lead you to drop your allocated venue.
There are some other ways to save your money on finding the venue. Make sure to research well on finding multiple venue options in your area. Generally, non-hotel venues are more economical as compared to hotels, costing more in food, rooms, and beverages.
Moreover, finding the venue well ahead of time will also help you to find the best venue in your town. You can also compare the plans and find some promo deals on booking a venue at a particular time of the year. Find out whether the venue is offering some common event facilitates such as audio and video equipment.
Save Cost on Food
Planning an event on a tight budget is quite challenging, especially when you are facilitating guests with some refreshments and food. You can cut the cost of food by hosting a buffet rather than a la carte. The buffet is less expensive and eliminates the cost of waiters and table service.
Arranging for the buffet on event day also allows guests to interact with one another. Moreover, you can cut the cost of beverages by limiting your options to wine, beer, juice, and soda instead of the full open bar.
Book Guest Speakers Early
Guest speakers are the gems of an event and without them event is incomplete. If you are on a tight budget, booking guest speakers must be through proper planning. Booking a guest speaker is just like booking a vacation when the season is at the peak.
Guest speakers will normally charge high if you ask them closer to the scheduled date. Therefore, hunt for motivational guest speakers in advance and closer to your event venue. This will help you save on transportation cost of your guest speaker.
Look for Right Sponsors
Hosting a corporate event can cost you high, yet it can be balanced through sponsors. Picking the right sponsors for your event is crucial and as an event manager, you have to pick them that are closely related to your industry. Moreover, you have to present the potential sponsorship benefits in order to collaborate with the right sponsors.
Keep an Eye on Expenses
If you are an event planner, you might be having a team of professionals to perform specific tasks. Tracking your expenses made by different teams is quite difficult. For this purpose, you can use expense management tools to keep the track of your expenses and keep them under control. Moreover, instead of using a credit card, use prepaid business cards for every individual to keep your expenses under control throughout the event.
Tight budget means careful planning and management. Give some time to plan things out and save some cost on hosting an event. Following the above tips will surely help you throughout your event and saving the cost.
Tim Boucher is an event specialist, speaker and a passionate writer covering the wide range of topics including event management, event business, and event marketing at NVOLV. With over 10 years of experience, Tim has successfully conducted events in various parts of the world.