With the hubbub of the holidays in the rearview, many organizations begin planning for the parties and events anticipated in the new year, and the foremost consideration that defines the function is the budget available. Unfortunately, putting words like “Budget” and “Event” in the same statement often implies a cheap, lackluster result, but it’s more than possible to produce the Wow-factor for guests while staying in the black. Following are our top 5 picks for beating budgeting woes for your event.
1. Think Outside the Ballroom Box
There are a multitude of options when choosing the venue for your event. Just because an annual function is typically held around a certain date in the ballroom of a specific hotel doesn’t mean it has to be held at the same time and place this year. Also, venues adjust their fees to be higher at more “in demand” times of the year (think holidays and weddings). According to The Knot’s 2016 Real Weddings Study, the most popular months for weddings were September and October, so choosing dates during a slower season (January and February especially), can add valuable capital back to your budget. Also, less competition for vendors means better deals for you and their being more receptive to bargaining.
2. Early Planning, Easy Saving
As soon as you’ve reserved your space, it’s time to start reaching out to potential suppliers and vendors for your event. Not only will you afford yourself the time to “shop around” and compare multiple quotes and rates, but early planning saves you the added expense of last minute panic situations or duplicated efforts. Schedule regular follow-up calls to confirm plans and itineraries.
3. Produce, Reuse, Recycle
Since you’ll be decorating, purchase versatile items that can be reused on multiple occasions and in different ways to turn an expense into an investment. Lighting elements are an example of items that can easily be changed to serve unique purposes at each event. Also, produce graphics that can easily be reused in stationary, marketing, and digitally to reduce that expense if your organization hosts multiple functions annually.
4. Accel at Excel
One major key to staying on track with a budget is by employing excellent recordkeeping skills. It’s not enough to come up with an initial dollar amount and to hope for the best; staying in the black with your budget means regularly updating quotes, estimates, expenditures, and payments, so you know exactly what’s been used and what still needs to be paid. Utilizing a spreadsheet program like Excel can make the process easier, as can maintaining a contingency buffer. Realistically, you could end up with unplanned expenses in the range of 5%-25% more than what you’d estimated, so figure that into your bottom line.
5. Go Green
Going paperless for your event might sound less traditional than sending customized paper invites, registrations, maps, itineraries, and menus, but making any last minute additions or changes after proofs hit the printers (around 2 months in advance) is either incredibly expensive or completely impossible. According to a Pew Research Center survey, over 75% of Americans now have cell phones and ready access to the internet, so using mobile apps or even dedicated web pages to offer your guests options and up to date information not only cuts mailing costs but also eliminates paper waste and saves your sanity.
Bargaining on a balanced budget for your next event?
At Tent Renters Supply, we provide beautiful, quality tents that enhance our customers’ events. Whether you’re hosting a party, wedding, trade show, concert, or corporate event, we can meet your needs by providing a large or small, elaborate or simple, and standard or customized experience. Contact us to learn more about our products and to develop a plan that can help you stay within your budget.