Event Budgeting Tips: What Are The Things You Need To Consider

Event Budgeting Tips: What Are The Things You Need To Consider

All event planners, whether they have been in the business for years or just starting out know the importance of budgeting. Events that aren’t properly budgeted right from the beginning can easily spiral out of control and cost the host thousands beyond their initial budget.

Despite the importance of setting a spending limit, some event planners still struggle with sticking to the maximum budget because they don’t know where to cut corners. If you’ve encountered similar problems during past events, here are a few tips that will help make your next event a success without going beyond your client’s means:

1 – Guest List

Limit the number of people attending the event. This is the best and simplest way to ensure you do not go over budget. If it is possible, stick to an invite-only event. However, in cases where the host wants an open door event, set a maximum number of guests who can enter.

2 – Book Vendors Early

Vendors like the trusted local catering businesses, the venue, security, lights, and sounds should be booked as soon as possible. These are the biggest expenses of the event, but many offer discounts for early bookings. However, before booking any services, read the fine print.

Most vendors do not offer a refund for the deposit or charge a fee for cancelations. Only book the services if the event is 100% sure.

3 – Food And Drinks

No big event is complete without offering guests some food and drinks. Hungry people tend to lose interest and get rowdy quickly. As the event planner, it is a must to hire local catering businesses for the event.

To avoid going over budget, discuss in detail with the chosen caterer the type of event and the maximum amount allotted for catering. Credible caterers will do their best to ensure they serve high-quality delicious food that’s also affordable.

4 – Track Payment Deadlines

Make sure to stay up to date with all the payments. Failing to send the payments on time usually results in additional late fees. When you’re on a tight budget every penny counts. So, track all payments in detail.

As an extra tip, every time it is possible to pay the full amount, do it! Many vendors offer discounts to clients who pay the full amount for their services upfront. The extra 5 or 10% you save can be put towards better use for the event.

5 – Account For Miscellaneous Expenses

All event planners know that no matter how accurate their budgeting and computations are, something will go wrong. To avoid struggling with cash flow always account for additional expenses. Think of this as a backup plan in case something goes wrong.

At the end of the event, if the miscellaneous expenses go untouched, your clients will get a nice surprise in the form of a “refund”.

Expect The Unexpected

Whether it’s the weather turning for the worse or the sound system acting up, expect something to go wrong. As long as you can think on your toes and have extra cash to shell out in case of an emergency, the event will likely still end up a success.

Saint Germain Catering is among the top local catering businesses well-loved in the community by locals and business owners. For your catering needs, contact us today!

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