17 Oct event budgeting unveiled: your ultimate blueprint for crafting a seamless event budget
event planning is a complex but rewarding challenge that involves a lot of attention to detail. one of the most fundamental aspects of organising a successful event is budgeting. crafting a seamless event budget is essential to ensure the event’s success, whether you are a professional event planner in the uk or someone who enjoys planning events in your own time. in this guide, we’ll reveal our ultimate blueprint for event budgeting, providing you with the insights, tools and knowledge you need to plan and execute an event that meets yours and your clients’ goals and exceeds their expectations.
step 1: define your event objectives
before delving into the financial aspect of your event, it’s crucial to have clear objectives. for example, what do you aim to achieve from this event? what type of event are you organising? what kind of guests are you inviting? understanding your objectives will help you to not only plan a great event but also allocate your budget more effectively.
step 2: determine your budget size
once you’ve established your event objectives, the next step we suggest is to determine the size of your budget. event planners in the uk should assess whether the budget is provided by their client or needs to be raised, for example from ticket sales or donations.
step 3: create a detailed expense list
to be able to put together a seamless event budget, you will need to create a detailed expense list. start listing out all the costs you can foresee and categorise them into fixed and variable costs. fixed costs include venue hire, insurance, and entertainment, while variable costs cover items like food and beverage as this will can change depending on the amount of guests that attend. the reason we suggest doing this as it will help you to reduce the number of surprises in your in your budget further down the planning process journey.
step 4: prioritise your expenses
after listing all potential expenses, prioritise them based on your event objectives and budget size. some costs, such as the venue and essential equipment, should take priority, while others may be negotiable. event planner uk professionals often allocate a significant portion of their budget to the venue, as it can significantly impact the event’s overall success, and really give it the wow factor.
step 5: research costs and get quotes
to ensure you’re working with accurate figures, research the costs associated with each expense. contact potential vendors and suppliers for quotes and estimates. this step is crucial for event companies in london, where prices may vary significantly depending on the location and service providers. it is always beneficial to get quotes from a minimum of three suppliers, this way you can ensure that you have a competitive quote.
step 6: negotiate and save
once you have received your quotes don’t hesitate to ask suppliers for discounts or explore cost-saving alternatives without compromising the event’s quality. event planner uk experts and event companies in london often negotiate contracts to secure the best deals all while still giving their clients the best possible events.
step 7: set contingency funds
even with the best planning, unforeseen costs can arise during the event. always make sure you set aside a contingency fund. this safety net will help you manage any unexpected situations without impacting on the main event. a good place to start for a contingency fund is approx. 10% of your overall budget.
step 8: track your budget throughout the planning process
it is very important to make sure you are tracking your budget throughout the planning process. there are lots of different software out there you can use or just a simple spreadsheet to monitor all your costs and keep yourself within budget. this makes reconciliation at the end of your event much easier.
step 9: post-event evaluation
finally, after the event has concluded, conduct a post-event evaluation to assess your budget’s effectiveness. compare your actual expenses to the initial budget and analyse where you succeeded and where there were overages. this evaluation will provide valuable insights for future event planning.
with an excellent range of skillsets and over 70 years combined experience, the seven events team could not be better equipped to assist with your next event! contact info@sevenevents.co.uk or call +44 (0)20 7659 4430 for more information.