Basic Event Budget Scheduling and Cost Estimation

Basic Event Budget Scheduling and Cost Estimation
 

As an event planner you must organize yourself properly and execute proper budget plan before implementing the event in real. To achieve the satisfaction and trust of the client, working in limited budget plan is your key responsibility. Make some checklist on paper or excel sheet about all the data and cost that will affect the budget map. Cost effective budget plan is important to make the good reputation of your business company.

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Selection of site for conducting an event

Consider the following main items

  • Material and equipment you need for an event
  • Estimated expanses of an event
  • Budget of client
  • Actual expanses of an event

Follow the given rules and regulation:

  1. After making the rough estimated budget plan, go and select the site for event. Meet the venue manager and ask about the rental fees that he will charge you. Rental cost includes seating arrangement, space of the hall, rest area and parking space.
  2. After deciding and bargaining the rental cost, talk about the food and catering charges, it includes the food menu, waiter’s fees, cook fees, and any extra use of food.
  3. Check all transportation charges. It includes carrying the staff member, items need for event and shuttle bus service for guests. Calculate all expanses in your given budget limits.
  4. Include the decoration charges. It includes the decoration of stage, tables, chairs, rooms, ceilings and walls. You can also add floral and decoration pieces in it.
  5.  Add up all items you need for entertainment of guests. It includes the audio/video equipments, speakers, mic, artist you called for event and any musical band.
  6. Printing charges are also very high when you make up some event. They include the sign boards, invitation cards, informative booklet, badges for guests, banners of program, advertisement of program.
  7. Some clients want to give the gift items in event. Summarize the total amount of gift items of the event. Try to give gift items of normal price. Because the expansive gift items are totally burden for the budget. You just need to give a small token to guests to remember the event. Gift items include watch, pen, booklet or branded shirt.
  8. If you have planned some outdoor activity then discover the total charges and include them in your budget. Activities are biking, racing, video games or golf. Add up all the expenditure and charge few amount from guests as well.

 

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How to cope up with event criticism and complaints

Now according to the given budget of the event, include 30 % more in your actual plan. Sometimes you won’t be able to manage the given budget of client. You can cover up the loss from that estimated 30 % cost. In this way you are giving your client a secure and best planning in future to cover up any losses. After setting the cost of all above items, calculate and summarize the actual cost and discuss it openly with your client. You can add more value into it by giving some profit between the estimated and actual budget