Financial factors to consider whilst event planning
Organising an event for your business or your clients can be an exciting task, and ensuring that the day runs smoothly whilst guests are entertained is often the most prioritised factor during the planning process. Whether your company is hosting a business dinner, corporate day out, or an awards ceremony, many months of hard work will be spent creating a vision.
But before embarking on the creative aspects, consider the financial facets which will be required. Balancing an event budget can be challenging, but is of course necessary for the event to take place. Costs versus expectations may not always be clear, so your role whilst planning an event is to find the balance between coordination and financial management for the occasion to run successfully.
The big five: which financial factors should be considered whilst event planning?
No event can take place without a budget, so this should be the platform on which to base your entire plan. It is always sensible to design an event around the amount of financial resource available, so take time to speak to your client about their budget and what they hope to achieve from the occasion. Establish the schedule for the entire duration of the event and build your plan from this. Will you need to offer third-party entertainment from speakers or performers; outsource staff or provide additional facilities?
Set targets early in the planning process. Venue and catering costs are often the first priorities to secure; if you are hosting the event on behalf of a client, you will need to consider the rate at which you will provide such a service for your client’s requirements and whether extra costs will be incurred for you as a business. If your event is designed for the public and requires attendees to purchase tickets, consider the amount of sales which are required to create a profitable return.
You may wish to consider sponsorship options, particularly if the event is a charitable one. Establish the figure required to achieve goals and how sponsorship revenue will be spent.
Thought must also be given to how the event is promoted to gain awareness and reach a greater audience, such as marketing and advertising strategies. If your event is invitation-only, consider how they are distributed – electronic invites may be a cheaper option to postage costs, whilst also providing a more eco-friendly option to paper.
Need advice on financially planning your event?
Whether you are hosting an event in-house or planning an outing for your business, contact the team at Perrys who can provide you with the financial planning expertise needed to create your dream event.