How to prepare a budget for your event
The success of an event is in the correct details and organizational aspects, in a first call achieved, and in the economic report that it generates.
A budget is an essential tool that will help us obtain a clear, ample, and realistic vision of the material and financial resources which will be required to develop the event successfully. It must be elaborated very detailed, thorough, and organized.
The development of any event will always require a series of expenses and costs. Foreseeing them and organizing them is key to avoid problems, and successfully reach term.
The available capital will determine the decisions that are made when choosing the different providers, based on the specific needs of the event.
Types of budget:
1. When the budget is adapted to the event.
It is in the case for example of the organization of congresses, conferences, etc. A budget is projected according to a general plan, to specific needs, and to pre-established objectives.
It must be estimated in the most realistic way, the possibilities of recovery of those costs, or eventual profits that the event reports.
2. When the event fits the budget.
This is the case of social events in general, and business events such as launches, training days, etc., where the organizers count with a predetermined amount of money, and must adapt the contracting of suppliers and services, according to it.
Once the goals and objectives of the event are established, the actions and times are planned, so we must quantify what is going to represent each of these tasks and stages to be developed.
A good technique so that no detail escapes, is to make the list of elements beginning to imagine the step by step of the celebration.
Taking into account each one of the details will lead us to achieve a more exact idea of the required budget.
Quotation of budgets.
For each item to cover, it is essential to request more than 3 quotes, and thus be able to put together a more available and adjusted the final budget for the event.
It is possible that since the first budget is requested, until the day of the contract, there is a change in the quote, since the providers handle between 15 days and a month in the freezing of the quotes.
It is healthy to agree in advance with them, to maintain the same price for more extended periods.
Presentation of the final budget to the organizers.
The idea is to place all the content on a single sheet, placing in the header the name and year of the event, date and time, number of people and then each of the items, the quantity, the unit price, and the total price.
Additionally, it is essential to consider that if the same type of event has been carried out in previous years, it is an excellent option to place a comparative to visualize the variations in costs.
Who said that having an event is expensive?. With South Florida Banquet Halls you will have more flexibility with your budget. Talk to us & we will make it happen.