How to Make the Most of Your Budget When Planning an Event
When it comes to event planning, budget management goes a long way to help create an unforgettable occasion. We have put together a list of tips to help you make the most of your budget and create an outstanding quality event for your guests. Begin by considering what type of event you want to host. What is the purpose of the event? What is the target audience? How many guests will be attending? Do you need to get sponsors involved? These are all questions you will need to answer before starting your planning. Depending on your event scenario, your budget will look very different each time, so it’s important to spend time creating a plan to make sure you get the most for your money.
If you’re hosting an external event, you will need to consider the cost of hiring a venue. It’ best to start with this as the cost of hiring a venue can be high. You want to hold your event somewhere suitable that will impress your guests. To help you host a great event easily, many of our hotels offer delegate packages.
Will you be offering your guests food and drink during your event? If so, the next consideration is catering. Depending on the type of catering you require this may be costly and in some circumstances, can take the place of an additional activity. If you host your event at one of our hotels, we can help arrange delicious food and drink for all your guests within your budget.
Identify all the possible activity expenses involved with creating your event. If your event includes team building exercises or a guest speaker, you will need to know the cost of these fees separately. You may need to hire a company to provide your chosen activity at the venue, which will greatly affect your overall budget.
Make a separate list to include any other expenses that don't fall into the above categories. It’s important to make sure you note all additional expenses, as if ignored these can cause your budget to balloon out of control. This may include costs such as equipment fees and promotional material. Also, be sure to allow for a contingency fund, usually 5-10% of your total budget, for those potential unforeseen costs.
For many, the task of creating an event can be daunting. When you start planning it can be hard not to become swept up in visualising your dream event, but it’s important to prepare for the worst. Once you have created a realistic financial plan, it can be useful to estimate a 'dream' and a 'nightmare' budget. If all goes to plan, you may be left with additional money to spend. However, if you experience the worst-case scenario you may find yourself breaking into the contingency fund and you could be left cutting costs elsewhere. Realistic planning means your worst-case scenario can happen without it damaging the overall quality of your event.
Connect with Hallmark Hotels
There is a lot to think about when putting together a high-quality event, but that shouldn't put you off. At Hallmark Hotels, we can help you arrange a luxury event across the UK. We offer delegate packages, will organise catering and put you in touch with well-connected event planners to help you stay on track and in budget. Get in touch with us to find out how Hallmark Hotels can help ease the stress of event planning.