As a New York event planner, you know how elaborate and over-the-top your events could be if you just had the never-ending budget to pull off every big idea. But reality sets in, and you know that budgets are necessary. And they can restrict your creative freedoms with event designs, booking event services, and with event marketing. But if you look for ways to improve your budgeting process, you can streamline your efforts and stretch every dollar brilliantly. Check out these insights for event budgeting success so all your events can be stunning and memorable without breaking the budget.
1. Past Event Budgets Are Great Indicators
Whether you’re event planning a New York wedding, company party, or corporate conference, you can always gauge budgets from past similar events. Analyze the data and historical spending from previous events to help you plan for future event spending. Identify spending mistakes from before so you can avoid them this time around. And use past event successes to make better budgeting decisions for upcoming events.
2. Be Mindful of Small Spending That Adds Up Fast
It’s easier to estimate the larger event budget items and event marketing expenses. But the smaller costs are often those that add up faster than event planners realize, resulting in overspending. Be mindful of the smaller event expenses or those that are recurring, like event marketing ad spend. Don’t overlook printing materials, guest badges, or centerpieces. Keep track of the “littles” so they don’t become “bigs” that overtake the event budget. Create a list and remember to reference that list when budgeting future events.
3. Root Your Event Goals in Reality
Yes, historical data will help you plan for today’s event budget. But you’ll need to still vet the event investment through a lens of event goals your client has. Make sure every goal and objective is rooted in reality - meaning, know what event services cost right now. And when you make every event decision with the primary goal in mind, you can avoid overspending in the wrong direction. Goals ensure you prioritize the right event elements, too.
4. Communicate Every Dollar Invested
Your event clients and key stakeholders will rely on you to set the most realistic expectations with them. They hired you because they need your expertise in planning, chaperoning, executing, problem-solving, and finalizing their big events. So, as part of your budgeting, be an over-communicator at every step. Account for every dollar as you invest it, and be prepared to demonstrate value, purpose, and necessity. They’ll be more apt to accept certain overages so long as you’re able to communicate every detail.
5. Create an Event Budget Checklist
For every New York event you take on, consider creating a template strategy with which you can create a budgeting checklist. Sure, each event is going to be unique, with unique expenses. But starting with a pillar list of budget considerations will help you stay on point as you move forward. Here are some budget template expenses to add to your list:
- Food & Beverage
- Event Tech
- Swag & Promotional
- Event Contingency Budget
- Paid Advertising
Get smart about budgeting for all your New York events. Keep these insights handy as you create your event budget and marketing budget processes. And learn more about growing your event services business by attending and exhibiting at The Event Planner Expo 2023! Thousands of event professionals, influencers, decision-makers, and industry leaders will come together for three full days of learning and high-energy networking. You can’t miss it!