6 Tips to Squeeze Your Event Budget
If you're organizing an event, then the phrase 'the sky is the limit' rarely applies to the budget. Especially when you organize events for non-profit organizations. How can you squeeze production costs to get the most out of the budget?
Here are six ideas.
1. Be loyal to your suppliers
Make long-term arrangements with your suppliers and use the duration of the term to negotiate discounts. If you have a customer who organizes an annual event, negotiate the pricing for the first, second and third year at the outset.
2. Make the event shorter
Consider whether guests are likely to linger after the event or not. The timing of your event is important here. If you are organizing something in the evening and you don’t serve an evening meal, few people will hang around. Also, if you are organizing a breakfast event, then most people will quickly disappear after the event to get to work. So don’t book more time than you deem necessary. Talk your client out of unnecessarily prolonging the event. It will only end up costing you more.
3. Utilize the value of social media
Social media plays an important part in the value of any event. Organizations and businesses that aim to draw people to their activities or brand, like to associate themselves with events with social value, where social media plays an important role. Companies are therefore willing to invest their money to be present at the event in exchange for access to the contact information or social media accounts of the participants. If you use that to good advantage, this additional income can be added to your budget. However, be careful to take note of privacy laws! You’ll need to get permission from your guests first.
4. Scrap the goodie bags and gifts
Don't feel obligated to hand out presents. Unless you have something spectacular or get offered something for free from a sponsor, a gift is really not necessary. Here you can also save a lot.
5. Dare to question
Don't be shy to negotiate rates and package discounts. Ask what is needed to bring down the price. Ask everyone, including your suppliers, caterers, designers etc and turn them into an ally. For example: what else can we do to get a better price?
6. Use the resources of the client
Use your client's available resources. Communicate clearly about what you need. Can your client’s staff can help out? Does he have extra helping hands in his network? Or an extra budget? Or does he perhaps have some free material available somewhere?24-09-2014