EVENTS BUDGETING

 

Budgeting is planning the financial aspects of any project. This part of any project planning is highly important, because once this is settled, every other part of the planning process falls into place.
You don't want to under plan, thereby opening the risk of having a less quality project, neither do you want to over plan, thereby opening the risk of spending too much, and having nothing left in your pocket or in your bank account.
Just like any other project, an event is a project too. This is where we would be focusing this article on today.
In the events industry, the task of budgeting is perhaps the most important feature in ensuring the success of the event as a whole. Without it there is no way to manage all the expenses and avoid the hidden costs which invariably creep in.

Even the "good book" says that before you undergo any project, sit down and count the cost.
I always tell my clients, that its important that they have a financial budget tied to whatsoever event they intend to have, it would help in the smooth running of the whole planning.
Budgeting is part of the whole planning process, and it should come at the beginning of the planning process. It should take at least 2-3weeks of your planning process(depending on how far your event is to come up)
It is also particularly essential to plan carefully and prioritize what needs to be accomplished.

 

For instance, in planning an event, after setting the date, the 1st thing on the budget list, should be the venue, and this should be settled first, because really, you can't have an event without a venue.
Budgeting is essential, because it is at this stage that all cost constraints will be established and taken care of, before the project is carried out. This will avoid disappointments on the part of the client.
Sticking to a strict budget also encourages the event planner to consider possible problems before they arise, so that there is a viable solution.
The budget should include: Venue(which is primary and mostly where the vital part of the finance will go to, but this must be done wit caution), Catering, Decor, Entertainment, Gifts, Printings charges, Logistics, Miscellaneous etc. It is also important to have a contingency fund as part of the budget, in case of emergencies.