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Do you need a budget plan for event management? If you are unsure of where to start, our agency can help.
Our team knows well the intricities of budgeting for corporate events. We’ve devised helpful timelines, tools, and resources dedicated to ensuring your event management budget planning process goes smoothly.
Read on, or click through the guide on the left, for more information.
When you work with an agency that specializes in corporate events, you get a unique understanding of business events. We are familiar with the intricacies of these events as well as vendors and venues nationwide.
Your event manager provides clear communication throughout the process and can offer real time updates. We utilize skills beyond just event management software or event apps to create an event budget plan you can count on. Some of our process of developing a budget plan for event management involves:
- Invoice Management
- We Carefully Manage Line Items
- Factoring in Equipment Rentals
- Venue Rental Negotiation
- Staff & Union Management
- Supplies and Purchases
Many venues book out months in advance. We consider the type of event, like hybrid events, virtual events, or in-person events, to find the right venue. See our Event Venue Calculator Tool to help you locate the perfect venue.
Budget Control for Corporate Events
Event budget management involves factoring in many things.
Venue AV and lighting needs are an important factor in business events. So, too, are the utilities and power behind them.
Sometimes, a venue does not have the fittings and allowances you need, and our managers will need to bring them in from outside. These can be unforeseen aspects of your budget. Our network of venues allows us to inform you about which ones suit your needs.
In the same regard, inspections, security, and insurance are important details in your budget. We need to bring in fire marshalls and security to ensure attendee safety. Meanwhile, insurance is vital to cover any unexpected occurrences.
We’ll also take into account other vital needs, like permits, taxes, and waste management needed for your event. Our budget managers also account for guest count, and extra guests attending. We look out for potential cost fluctuations, be it in food and beverage or other factors.
Our managers also anticipate hidden costs, unforeseen circumstances (like weather), and common occurrences using our experience to guide them. You need to anticipate hidden fees and unforeseen expenses in your budget.
We reconcile all costs for you after the event, summing up what we did when, where, and why. Our managers take reporting seriously. Their reports include information on popular and expensive items. This helps you plan better for your next event.
What to Know About Event Budget
Understanding the basics of event budgeting is crucial for successful planning. Start by clearly defining your event goals, which will give you a clear budget picture. Understanding your target audience helps estimate food, beverages, entertainment, and marketing costs. With your goals and audience in mind, set a budget aligning with your company’s financial capabilities.
When breaking down your budget, consider the key components. Some costs remain constant regardless of the number of attendees. These costs include venue rental, equipment, event software, and professional fees.
On the other hand, variable costs fluctuate based on the size of your audience. They may include expenses for food and beverages, event staff, marketing materials, and transportation for attendees or staff. Here’s a breakdown of unforeseen expenses in things like event planning.
Crafting Your Budget
Creating a budget begins with researching costs for venues, vendors, and services to get accurate estimates. Tracking expenses closely and regularly reconciling them with the budget is important.
To maximize your budget, leverage technology such as spreadsheet software to streamline budgeting and tracking. That’s where our experience in navigating hidden costs and negotiation benefits you.
Negotiating with vendors can help secure better rates for venue rental, catering, and other services. Seeking sponsorships from companies can also offset some of your event costs. After the event, it’s crucial to analyze its financial performance to gain insights for future planning.
Keep track of all expenses and assess the event’s return on investment. Avoiding these mistakes will help ensure your event is financially sound and successful.
Our event managers help you consider costs and find the best value for all your expenses. Our team has worked with all levels of event budget requirements for over 35 years. We are here to assist you in finding the best fit for your budget.
If you are planning your own event, we have a blog designed to help you figure out your event budget and utilize spreadsheets and other tools. Read more in our article “How to Budget for a Corporate Event. ”
Let our team help you produce an extraordinary event. Contact us now at 1.800.366.0603, or scroll below to see case studies from businesses like yours.
Incentive Trip for Employees – A Week in Vegas
Case Study
One online casino decided to treat their remote workforce to a week in Vegas. This incentive trip for employees included liaising services with travel, hotel, restaurants, and entertainment for the full week.
Our destination management company in Las Vegas provided expert vendor negotiation services, booking exclusive experiences for the employees’ excursions.
A full week of meals, rooms, bar tabs, and entertainment took careful logistical and budget control considerations.
The attention to detail in developing a budget for event management made this event shine.
“People were arriving from all around the world to meet in person for the first time. The experience they received from Event Solutions was priceless and memorable. We explored Las Vegas in a way that was so much fun and engaging.
Since we’ve been back to work, I have noticed how revitalized the team is. The workweek has never been more enjoyable or productive.” Nancy – Vice President of Risk Management
BEHR Team Building & Sales Meeting
Case Study
The BEHR Paints annual international sales meeting in Las Vegas was a meticulously planned and budgeted three-day event.
It brought together 1,200 attendees from across North America, Guam, Hawaii, Mexico, and Canada. BEHR designed this meeting to foster team building, camaraderie, and adventure.
Our DMC, venue scouts, and event managers worked together, ensuring everything went smoothly within budget.
We rented many locations, booked a resort, and organized team building activities.
Our managers made the most of the client’s budget and time. We fit the meeting space with AV and equipment needed to ensure the meeting was ideal.
At the end of the event week, we took our attendees on multiple adventures designed for team building. Our event agency navigated these experiences well and stayed within budget requirements. The team did activities together like biking, hiking, and a Jeep tour in Red Rock Canyon. Teams also enjoyed paintball, a scavenger hunt, and the exciting Baja Chase.
This event took major planning, budgeting, and logistics across many vendors and venues. So, too, did it have an unexpected expense. A sudden storm whipped all our pool party equipment into the pool as we set up. We brought the party indoors with the help of extra staff, and gathered new entertainment.
The meeting served as a testament to the power of detailed planning, budgeting, forethought, and a well-executed agenda.
Top Rated Event Budget Managers
Let Event Solutions craft an unforgettable corporate experience for you! We handle everything from beginning to end. Our experienced team and 35 years of knowledge ensure that your event is amazing. We have a solution for every event type and need.
Our agency produces thousands of corporate events nationwide, each with its own individual event management budget. Controlling those budgets and event costs to maximize event ROI is vital to the success of any business event.
If you need a top rated event planning company with budget control, you’re in the right place.
Our event planners are your liaison and work as an extension of your own team. They embody your goals, cultural values, and are responsible for managing your event budget.
With over 35 years of experience, we negotiate the best options for you with venues, vendors, and service providers. Let our team help you produce an extraordinary event. Contact us now at 1.800.366.0603, or scroll below to see case studies from businesses like yours.
Reviews From Our Clients
“Event Solutions is by far the best company to have to arrange an event for your company. They are reliable, courteous, friendly … I would recommend them for your next event.”
Rick, Southern California BMW
Full-Service Planning & Management
Furthermore, we collaborate with you using our experience and innovative methodology to help you reach your event goals. We work with your budget for event management, company vision, and event goals to provide an unforgettable experience. We can help with event technology, social media promos, and planning future events. Our dedicated team looks forward to crafting a successful event with you.
VIEW OUR GALLERY
We Specialized in Corporate Events
With over 35 years of experience, we negotiate the best options for you with venues, vendors, and service providers. Let our team help you produce an extraordinary event. Contact us now at 1.800.366.0603.