Event Budgeting: Money Saving Tips

There’s always a great thrill in planning corporate events, but once budget talks are on the table, the excitement tends to die down.  With brands commanding increasing ROI and returns, we’ve got a few tips that will help to ensure savvy budget expenditure when planning your event.

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1: Create An Item List – Then Scratch It Out

Make sure you take into consideration all the items you believe your event will need, along with the amount you’re willing to spend according to the provided budget. Create your full wish list and include every item ranging from your highest costs – such as venues – to relatively low costs – such as name badges or notebooks. You can then review your list and remove items that you think your event could do without and that won’t affect the standard set for the event.

2: Get Sponsorship and Partners

Big suppliers are always looking to get publicity in exchange for sponsorship, so don’t be afraid to approach a supplier that may have what you need. Get in touch, and there’s a good chance you may be able to strike a deal in exchange for value. If your event has a great purpose behind it that organisations similar to yours may be interested in, reach out to them and see what they can bring to the table to make the event even greater. Some organisations will be open to partnering with you on the agreement that they be allowed to hold an activation or pull up an exhibition stand at your event, so if this works for your event, go for it!

3: Cost Effective Publicity

We live in the digital age, so getting word out about your event has never been easier than it is today. With the added element of speed and eradication of geographical barriers, digital tools such as social media give you the luxury of controlling the message around their events at a low rate. Social media not only helps to market the event, but its two-way communication function helps track the audience reach and feedback in real time. Your event can be inclusive to those who cannot attend through mediums such as Twitter’s Periscope feature or Facebook and Instagram Live. This form of marketing also works great as post event publicity. Gain control. Track feedback. Save money. Get social.

4: Invite Volunteers

Getting volunteers will help cut event costs, and at the same time can also serve as a CSR function forming part of your organisational objectives. University students or unemployed youth are often the obvious group to reach out to for an opportunity to gain experience. Identify a few tasks that need little to no experience or that could be taught in a short period of time and consider outsourcing them. Share these on social media or reliable job sites to raise awareness of the jobs available.

5: Using In-house Talent

The talent you need may just be under your nose – explore your own team’s talent! If there are tasks that you normally outsource that can be done internally, then designate the tasks to your team. Just be sure to give your team the necessary time and resources (provided the resources still cost you less than outsourcing) to get the job done as effectively and up to the standard your events uphold.

6: Use Start-up Businesses and Local Talent As Suppliers

Start-up businesses are always looking to build new relationships for their client base. There is also a high chance that new businesses are less likely to say no to exposure, so reach out to them and see if you can negotiate a cost-effective rate for your event. The same goes for new talent. When searching for entertainment for your event, look for fresh local talent. Getting an extremely talented performer trying to break into the industry is mutually beneficial. If your entertainment is being used as a crowd puller for the event, striking a deal with a well-known talent to act as an ambassador for value exchange and/or a reasonable rate may not be a bad idea.

Just a quick side note: Consider putting some money aside for any contingencies – you never know what will happen, and you can never be too prepared.

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