Create the best event plan by choosing a Premium Corporate Partner that ensures you’ll have a clear Planning, Monitoring and Controlling process in place:
Developing the cost management plan which will define how the project costs are estimated, how the budget is created and how costs will be controlled.
- Units of measure
- Level of precision and level of accuracy – acceptable range of variance +/-10
- Control thresholds – amount of variance allowed before taking action
- Rules of performance management
- Reporting formats
- Additional planning details: funding info, cash flow expectations, overall cost recording
Below are a few examples of the aspects that the Event Planner will consider in and help you make the best decisions:
Facility expenses include money spent on acquiring the venue. Make a budget based on what you think would be a likely cost. Also consider hidden costs that may arise such as costs associated with security, lighting or heating.
Logistics (event insurance, contracts, permits, etc.)
Do you need special contracts, permits or insurance in hosting your event? Each of these considerations fall under logistics, an important aspect of any budget. Your ability to estimate how much this will cost will depend mainly on the venue of your corporate event.
Marketing & PR
Marketing is an important aspect of any event. It can account for a significant percentage of your corporate event budget, especially when organizers expect to gain profits through event entrance fees or other charges. Consider the tools you intend to use to market your event and make your choices based on which are most aligned with your budget.
Travel & Accommodation
Will your corporation need to provide accommodation for anyone who will attend the event? If so, how much will this cost? Though this can be an overlooked aspect of your budget, depending on the size and grandeur of the event, be sure to place this estimation at the forefront of your budget to avoid underestimating the finances you’ll need to make your event a success.
How much will food cost? This will depend on the number of people you expect to attend as well as how extensive the menu will be. Estimate costs according to the scale and type of event you are organizing.
To avoid financial difficulties that may arise due to a poorly budgeted event, also include staff compensation in your event plan. Event directors or managers will need to determine how many staff members will be required to organize and help facilitate a successful event. Determine how much time will be spent and the appropriate compensation required.
After planning the event, your Corporate Premium Partner will take serious actions in monitoring and controlling the budget. How?
Prepare for Adjustments
A budget is very much like writing a book. The process may require major adjustments, resulting in several drafts. The best project plans enable organizers to make these adjustments as often as necessary whether before, during, after or in between events.
Improve Budget Over Time
Researching expenditures, for instance regarding a choice of venue, may take time. You should include features that ensure flexibility. This will empower the Event Planners to improve the budget as time goes by, or as they access details that they may not have known at the beginning of the budget planning process. Using an event ROI tool is helpful to get a comprehensive view of the value of your event—this will come in handy when you are quantifying your event and figuring out future budgets.
Always Include a Contingency Budget
The inclusion of a contingency budget helps a corporate event planer prepare for the things that may go wrong. It’s basically a written commitment to plan for the unexpected.