How To Budget For Events?: 3 Considerations

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With all the events held, every year, by nearly every organization, in order to address a variety of needs, challenges, priorities, and purposes, wouldn’t it make sense, for more groups, to look at these, from an organization, leadership, planning, and budgeting perspective, instead of merely, what they want, the day of the function, to look like? Unfortunately, however, I have come to realize, after more than four decades of involvement, in nearly every area of leadership and planning, from identifying and qualifying individuals, to training, developing and consulting to over a thousand, actual, and/ or potential leaders, few are prepared, for the degree of planning, needed to create, and pull – off, something, as good, as needed! In addition, as a professional event planner, I have designed, and/ or, consulted to, hundreds of these events, for a variety of groups, and purposes. With that in mind, this article will attempt to, briefly, consider, examine, discuss, and review, 3 significant considerations in terms of effectively budgeting, smartly, to produce the finest, end – product.

1. Revenues: It is wise to conservatively estimate potential revenues, in order to be prepared for every, potential contingency! Where might these come from? How will one justify, the fees charged, and, what, is the probable attendance, in terms of paid attendees? What other potential sources for needed funding, might be possible, probable, and realistic? Why would someone do so, and how might it benefit, potential supporters, etc? Will the fees, be considered, to provide, enticing, meaningful, bang – for – the – buck?

2. Expenses/ expenditures: Consider, prepare, and examine, every potential expenditure. Which are needed, and necessary, and which, might be done, differently, in order to create a better result, for the money? What is needed, and, what is excessive? What features, or, tweaks, might make a difference, for the better? How could you balance, creating actual value, as well as the perception, of being valuable, in order to attract attendees?

3. Mission/ purpose/ vision/ priorities: It is essential to understand, from the start, the budget is needed, before any other planning, and negotiation, and, not, vice versa, as far too often, is the case! How one coordinates these essentials, and aligns, all aspects, with the group’s and specific function’s mission, and purpose, often differentiates, between success, and failure! Event planners must proceed, with the vision, to think, outside – the – box, in order to maintain the needed identity, etc, while addressing areas of weakness, or focus on the best plan, forward, in a relevant, sustainable manner!

If you want to produce the best possible event, plan properly, from the onset, and perceive and conceive of, create, implement, and effectively, utilize a meaningful budget. This must be an essential, planning tool!

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Source by Richard Brody

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