Budgeting is a part of event planning process. Budget planning helps us to avoid unnecessary costs and provides a frame work for company’s event. Before making a commitment to plan an event it is important to examine the financial elements involved in the event and then plan a budget for your company’s event.
There are following steps to plan a budget for your company’s event.
- Make a list of expenses
- Categorize your list
- Estimate the cost of organizing the event
Make a list of expenses
For planning budget, first you should make a list of all the items included in the company’s event. This list should contain all the things that costs for the event like advertisements, venue, number of guests, etc.
Categorize the list
After preparing a list of expenses, then categorize the cost according to each activity. It includes:
- Venue cost: Venue is the important aspect in planning a budget for your company event.
- Catering expenses: It includes the cost of food, beverages and catering staff.
- Decor expenses: Most of the events are decorated with floral and other materials. These expenses should be included.
- Promoting charges: Promoting charges includes advertising tools like banners, balloons costs, etc. Printing on banners and pamphlets should also be included in this category.
- Transport charges: It includes cost of transporting equipment and hire of buses and cars.
- Event documentary charges: It includes photographs and video recordings cost.
- Awards/Gifts: Number of gifts and trophies required for guests and competitors and their costs included in this category.
- Other expenses: It includes first-aid kit, ambulance and other expenses.
Estimating the cost of event
After categorize the list of items included in the event, estimate the cost and check is there are any unnecessary expenses included in the list. If there is any unnecessary expenses avoid them and estimate the cost of each category and plan your budget for your company’s event.
Planning a budget before organizing an event helps you to avoid unnecessary expenses and makes you to reach your events goal within your budget.
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