We know events are expensive. The process can be filled with sticker-shock moments (“Wait, are you telling me this hotel is charging six dollars per soda?!”). As event planners, we try to save money where we can, cut what is unnecessary, and come in under budget. Often this means finding the line between what you should do yourself and what is worth the cost of outsourcing.
Here is an example:
I was planning a $320,000 event for 220 people. Like many events, there was a discrepancy between expectations and the budget. The meeting organizer wanted to stay under budget but also wanted to have a very high production level for the General Sessions and meeting room A/V. I was torn on whether it was worth it to pay for an additional A/V tech to manage the screens and inputs. It was a $1,500 decision. Our entire A/V budget was $30,000, but an extra tech would put us right at our budget.
I found myself going back and forth on this one decision until I finally asked a wise fellow event planner for advice.
She said with abandon, “So you are paying over $300,000 for these people to come to a meeting and you don’t want to spend $1,500 to make sure that it actually looks good? You will look like a fool if you do it yourself and it goes wrong. Don’t be stupid—spend the money!”
I followed her advice and paid for the tech, and do you know what happened? Nothing! Nothing went wrong. The event went smoothly. I was able to focus on my key role for the duration of the conference without having to worry about someone’s embarrassing desktop photo flashing up on the screen for hundreds to see. Don’t be penny wise and pound foolish!
A few more tips for event budgeting:
- The scope of the project will usually expand rather than shrink, meaning your projected costs will almost always rise. Make sure you have a budget buffer for those increases so you can make necessary changes onsite.
- A/V is expensive, but people will be able to tell if you go cheap on A/V. The best A/V techs are the ones that you don’t notice because they don’t let anything go wrong.
- Make budget decisions based on the goals and desired outcomes for your event. Don’t cut items that significantly contribute to your goals and don’t spend a lot of money on program elements that don’t contribute much to your goals.
- When cutting items from your overall budget, ask these questions first and weigh your answers against the goals for the event:
o “Will attendees be able to tell we cut this from the budget?”
o “What are the risks of cutting this from the budget?”