You need funds in managing an event no matter how big or small it is. But with all the marketing campaigns which are underway for your company, it’s a reality that you might experience a budget shortage for your event. But don’t worry because there’s definitely something that you can do to work around a budget shortage and still make a fantastic event happen.
We’ve asked around for some tips and best practices to reduce the event cost and here are some of them.
- Be realistic.
How many funds are we talking about here? Are there allowances for contingencies? Knowing the exact amount of funds that your company is willing to allocate for the event will help you plan your finances better.
- Look through your list of expenses.
Go over your list and check which ones you can let go. Cross out the unnecessary stuff which isn’t really needed to make your event a success. Next, check your list for items that you may already have at your disposal. These can be small items such as paper for printing or event equipment such as cameras or lights.
- Consider other options.
Can you hold the event in a less expensive venue? There are venues that you can get for free if you avail of their catering packages. Is it worth it? Can you get speakers who are just starting to make name for themselves in the industry rather than distinguished guests? Their talent fee would be less expensive. You can just work on packaging your speakers to be more interesting, inspiring, and relevant. Or you can get local speakers so that you don’t have to spend on their transportation and accommodation.
- Get a sponsor.
An event sponsor can help shoulder the expenses or let you use their resources to minimise your cost. All these in exchange for creating awareness for their brand during your event. This is a win-win situation for both parties so event organisers should capitalise on this opportunity.
- Negotiate for better deals.
Your negotiation skills will also be handy when working around a budget shortage. You can negotiate for a lower venue price or better catering package or less expensive cost for bulk printing of your marketing and content materials.
- Make your event environment-friendly.
Sometimes your printed materials just get thrown away. That’s a waste of money right there. Advise your attendees that you’re going digital and you’ll be sending the event’s content materials online. You can package this with your eco-friendly approach in event management. Tell your attendees that you’re trying to eliminate the use of paper so you can help save trees. Meanwhile, this will reduce printing costs on your end.
Wrapping It Up
Short on budget? It’s not the end of the world. You can use your resourcefulness, creativity, negotiation, and people skills to help you deal with this challenge of working around a budget shortage. Successful event planners don’t become successful because they have all the funds needed for the event. They become successful because they can do so much with the limited resources which are given to them.
