12 Ways to Cut Down Your Event Budget in event management

336

Event budgets are much often under scrutiny, and Event Managers are constantly struggling to deliver excellent results on shoestring budgets in event management. Here are some simple cost-saving tips you’ll implement without compromising on quality or your attendees even noticing!

1.Choose Your Venue Carefully

Working during a well-located venue could also be preferable but does working during a specific forum justify that higher price tag? Does the platform positively motivate people to actually attend your event? Travelling out of town, to a different area of a city or to a new location entirely can have a massive impact on costs. Clients often stipulate within the brief that a venue must be within a couple of minutes walking distance of a mainline railway station, tube stop, or almost like to encourage people to travel on conveyance.

This can be ideal. However, in reality, the venue location can never please everyone. A large number of delegates will drive to the event outside of the capital city even if you put in your best efforts. Deciding to move to a venue on the outskirts probably may be a smart move for several of your attendees in terms of easing hour frustrations and removing astronomical car parking fees. Most importantly, though, it can make an enormous difference in venue costs and negotiating power.

2.Get Creative

Are you feeling frustrated that the newest Event Technologies are out of reach of your forthcoming event? Think about what you would like to realize and return to the drafting board for ”retro” ways to learn the results you would like. You can ask your attendees to contribute their thoughts on paper table cloths or hang their pledge on a washing line. Use red and green cards to require a poll during plenary sessions or ask delegates to put a ball in one bin or the opposite consistent with their vote.

You can also use Twitter to receive inquiries to the panel and use a free Twitter wall solution on the most screen during break times. Most importantly, utilize the talents of an excellent facilitator for encouraging the audience to participate and respond and segregate barriers for networking.

3.Think from Long Term perspective for Event Branding

Commit to keeping the branding generic and simple wherever possible for event management, without mentioning the precise year, date, venue, hashtag, sponsors then forth. These specifics can also be displayed on the screens, the front cover of the event folder and conveyed via the conference host.

Keeping time-sensitive information off the branding means banners, gobos, lectern boards, and staff uniforms are often used from one event to subsequent without being replaced.

4.Rein in the Catering

If the food is excellent and plentiful, attendees should never question if they have chosen the cheapest lunch menu option. They may not even notice if you expire the pastries and cakes at the mid-morning break either!

And does one even need that mid-afternoon refreshment break, or is it preferable to possess a short afternoon session and finish the event slightly earlier? Free bars and great drinks receptions are also becoming much less common (particularly if you move the venue to the suburbs and most of your attendees are driving)!

Events can be very wasteful too. There is always a percentage dropout rate at events, no matter whether or not they are free or paid events, so make sure that you’re taking this under consideration when confirming final catering numbers. ”How to Keep Your Green Event in the Black” gives other tips on cost savings for sustainable events.

5.Shop Around

As an occasion Manager, it’s essential to travel the additional mile. Don’tDon’t get three comparable quotes; get ten! Go directly to manufacturers and contractors and vary your search terms. Take the advice of the experts and ask their advice on alternative options and the way an equivalent effect is often achieved in other ways.

To give some tangible examples of this, if you get costs for a media backdrop, you’ll pay a premium, but an excellent wide banner stand can potentially have an equivalent impact at a fraction of the value.

6.Ensure your Processes are Streamlined

Sometimes, some people don’t have access to email and the internet. So some events still accept handwritten forms, which then have to be typed out by the event team. Other events still mail out the invitations in badges and attendee information pre-event. This time could always be saved and put to better use; therefore, do not offer an alternative for online registration or spend a small fortune on postage for event management; information should be sent electronically instead.

7.Learn to negotiate

Negotiation is an important skill for event management. Always make sure you negotiate with contractors of venues and suppliers in terms of costs, minimum numbers and the final package. It is always much easier to arrange before contracts are signed, so think about everything you might need in advance down to every small detail; power sockets, furniture, table cloths, water on tables, early access, Wi-Fi and audiovisual. 

Another easy way is to check whether paying for all items individually may be more cost-effective than a day delegate rate package or vice versa. For example, day Delegate Rates may seem like good value and often include paper, pencils, boiled sweets and flip charts but do you need everything in the package? Would attendees miss these little extras?

8.Introduce Freebies

Having a free gift or giveaway for attendees is a nice touch but is it essential to the event’s success? Don’t ever lose sight of what is necessary. Having a free pen to the giveaway will not install event loyalty or make or break the event! You must think about increasing margins and focusing on the true priorities in the Cut Costs and Still Deliver an Amazing Event Experience in event management.

9.Slash Travel Costs

You sure like to look and take care of your speakers. However, we very rarely cover first-class travel. This is because some clients are unable to pay for first-class travel as a matter of policy, and as long as the speakers are clear on this point from the start, this has never really caused event planners any issues or grumbles from speakers in event management.

10.In-Kind Sponsorship

Event sponsorship does not always have to be via a cash injection in event management. Perhaps a supplier can get involved and provide you with their product or service at a free or a reduced cost in return for benefits and the exposure you can offer them in return?

Could you work collaboratively or do a ”contra-deal” where you both supply expertise or products for each other’s mutual benefit?

11.Go eco-friendly

Many events in today’s have already started implementing the no-paper for environmental reasons as well as cost savings. It is important that you consider this in your event management. The printing can be a significant outlay within an event budget and even cut down on printing. The quality of content within your event brochure can have a positive effect. The most common way to go paperless is to have an application for the event, but if you are looking to save some money in event management, this is probably not an option for you. To make savings in printing, think about different ways to communicate with attendees rather than mountains of paper.

12.Work in collaboration with Universities and Students

Universities and students are keen to secure real-life work experience in a competitive job market, but working with universities is often an under-explored option for Event Managers in your event management. With planning, whatever the skills you are looking for, students could add a fresh supply of energy, ideas and also talent eager to enhance your event. This isn’t just a focused curriculum on event management students either.

 Conclusion

When planning an event, every single penny counts. Still, as an Event Manager, the skill is saving money to maximize limited budgets without cutting corners or compromising the event’s integrity while doing your event management. We have tried to outline 12 simple tried and tested techniques for slashing event expenditure without delegates even realizing it in this post.

Leave a Reply

Close
Decornt © Copyright 2021. All rights reserved.
Close