Budget Development and Tracking
Importance of Preparing Budget
Event managers should essentially be able to predict whether their event will create a profit or loss. And this needs to be done with a fair amount of accuracy. This can be achieved through the identification and costing of all the likely expenses and by adding all the expected income.When it comes to event budget development, the goal is to come under budget. This requires not just cutting costs but also working smarter. You will have to plan, save time and effort, and act professionally. And this is where Blue Kazoo can help.
Effective budget development and tracking are important because many organizations have experienced severe financial difficulty. Our professional services and guidance help you make better financial decisions about:
- The choice of venue
- Expenses on promotion
- Expenses on staffing
- Expenses on equipment
Budgeting should also help your event manager to calculate the revenue required for staging your event as per the planned expenditure.
The Rules of Event Budgeting
Some of the basic rules of event budget development that are important to our process are as follows:- Budgeting to Prevent Losses: When an event seems to be making a potential loss, we will consider whether it should follow the current plan. When it’s not too late, we will suggest making changes to ensure a profit or at least break-even.
- Being Realistic about Outcomes: Many times, we find our clients’ plans to be over-optimistic, especially in the areas of sponsorships and the number of attendees. We attempt to make realistic predictions about outcomes.
- Creating a Contingency Plan: We also take all likely scenarios into account and create plans for what needs to be done if something goes wrong.
Ensuring Your Event Budget Stays on Track
When it comes to ensuring the event budget stays on track, we suggest taking the following steps:- Doing Proper Research: Research is essential for event budgeting. We will help you research the prices of all the different services, products, materials, and talent fees. This will help compare costs and choose options that fit your needs ad budget.
- Monitoring Your Budget: We can use tracking software to monitor your event budget. During the planning phase, it will be required to make some adjustments. This means having to deal with different scenarios, vendors, and suppliers. We will assist in checking the costs you have accumulated, which can further help in sticking to your budget.
- Preparing for Unexpected Outcomes: As mentioned above, it is part of our rules to prepare event budgets keeping in mind unexpected outcomes. Some of the things that event managers need to prepare for include bad weather, additional permits, equipment damage, fewer attendees than expected, sponsor pulling out, and power outage.
At Blue Kazoo Marketing & Event Planning, we have the experience, expertise, and tools required to help you with your event budget development and tracking. If you want to discuss your event’s details with us, feel free to contact us at 678.310.4811 or send us a message.
