Managing your event Budget!

If you want to impress your guests and customers and have last minute expenses, the budget for your event can get out of hand quicker than you might have thought. So get the first things done first: If you have done a similar event previously, catch the budget sheet from the last event and start comparing. See where the changes could be made. Mentioned below are six tips that will help you to stay on track and not over spend on your event budget.

a. Learn about your event - 

Is it a huge event or a small event? Your budget will be determined by this, and you will also know what you should do and what you shouldn't. Just for an example, there is no point calling a band of 5 people for a event where only 20 people will be attending. This will make your event go over budget very fast.

b. Learn about your event - 

I know you will think that I am repeating the same point but its for a different reason. The location for the event must be chosen very smartly, and it all depends on the kind of event being held. Research event sites before hand to keep location costs low. Also, consult equipment hire companies before hand to get the best deals as hiring marquees at the last minute can turn out to be expensive.

 c. Every expense must be tracked -

I cannot stress much on how the small things can matter so much and add up to a big budget. Whether you rented a new screen or just ordered pens for the 200 guests, in the end it will all add up in your budget. Prepare an excel spreadsheet and make use of an budgeting tool so that you can have a proper view where each penny is being used. You have miscellaneous expenses too, so don't forget about that, as they will all appear on your final bill out of nowhere. Take for example, taxes, service fees, etc.

d. Your income should be tracked -

Keep track of any income that is coming in. If you are charging any vendors to attend the event, make sure they pay on time and give them a deadline, and make a note of who's paying and who's not. So, when you pay your events bills this will help you a lot. Do not forget to use a budgeting tool for this too.

e. Take charge of everything -

There's an old saying * Too many cooks spoil the broth*. Make sure you are the only one in charge of spending, because if someone else is also making the decisions it can throw the budget off road very easily.

f. Being Flexible.

Although the budget is created by you, and you want to stick to it, being flexible is of utmost importance. If something is important you have to add it to the event, and you cant deny it just because its making the event go beyond the budget. When you create your budget, make sure that you make it flexible enough.