You love planning weddings, bar mitzvahs, and birthday parties. But corporate events are the big leagues, and many event planners look to corporate events to level-up their business success. Even the most lavish weddings don’t have as many moving parts as corporate events. And if you’re going to continue scoring event planning gigs with flush corporations, you need to deliver the goods and stay on budget. In this article, we tell you how to create a realistic corporate event budget that stays on track.
Start with This Important Information
Creating your realistic budget will be easier when you begin by defining key information. Think of this key information as a blueprint which you will return to frequently as you plan your event. The following bits of key information will make budgeting a corporate event a snap.
Your Event Objectives
Early on in the planning stages, you’ll outline what, exactly, you want to accomplish with your NYC event. Common objectives include increasing brand recognition and increasing qualified leads.
Attendee Demographic
Employee barbeque or leadership mountain retreat? Your attendee’s demographic information will determine everything from your event’s venue to its menu. Whether it’s high-maintenance clients, all of a company’s employees, or just its leadership team, your budget must match (if not exceed) your attendees’ expectations.
Your Event’s Monetary Value
Linked closely with your event’s objectives is its monetary value (EMV). For example, perhaps your event’s goal is to acquire new clients. Your corporate client likely already has an established customer lifetime value (LTV). You can use this figure to calculate your event’s monetary value.
Monetary value can be applied to your event’s outcomes that aren’t linked directly with revenue. Goals such as increased brand recognition, community outreach, or employee satisfaction translate into increased revenue for your client. Work with your corporate client early on in the planning stages to define your event’s monetary value.
Budgets for Similar Past Events
Bring your previous experience to bear when planning a realistic budget for your corporate event. Break out budgets for similar events to gauge going rates, find hidden costs, and identify potential pitfalls before they occur.
List Your Corporate Event’s Building Blocks
Now that you have your blueprint in place, it’s time to assemble your corporate event’s building blocks. These building blocks are the essential line items that go into creating a realistic budget for your corporate event. They are everything from your event’s technology to staffing to speakers and everything in between.
Venue
Your venue will likely be your largest expense, and for good reason. More than any other expense item, your venue will set the tone and vibe for your corporate event. You have to get it right. But when creating a realistic budget for your corporate event’s venue, remember to consider the following.
Venues vary on what they include in their quotes, even seemingly basic items. Find out if the price you receive includes tables and chairs, parking, or use of the kitchenette.
Make a list of the other extras your event will need, and look for venues that include these items. AV equipment, security, and clean up are all items you’ll need to pay for if they are not included in the venue’s quote.
Catering
Your other big opportunity to wow your guests at your corporate event is with its menu. Great food makes any experience memorable. Just like with your venue, consider what goes into making your event’s menu a success. Ensure your catering company includes these items or create another line item to budget for them.
Set-up and take down
- Plates, glasses, cutlery, napkins
- Resources to keep food warm and beverages cold
- Staffing
Next, list the roles you need to fill to make your corporate event a success. Think about everything that needs to be done, from setting up to tearing down. Keep in mind, your venue and catering company may supply some of your staffing needs. Some others to bear in mind are:
- Security
- Parking valets
- AV technicians
- Bartenders
- Décor
Your corporate event’s theme and décor ties it all together into a pleasing tapestry of colors, lighting, and decorations. Consider the types of items you’ll need to give your event the look you’re going for. Below are some ideas to get you started.
- Tablecloths and centerpieces
- Lighting
- Food displays, such as beverage fountains, colorful bowls, etc.
- Fabric backdrops
Event Technology
Technology comes in many forms and is integral to today’s events. How much technology you include in your event depends on several factors, such as whether your event is virtual or hybrid or whether the size of your event makes it difficult to navigate. Below, we’ve listed common ways technology enhances today’s corporate events.
- Augmented reality (AR) can entertain your guests or direct them to bathrooms.
- An event app can make check-in a breeze, facilitate networking, and manage an attendee’s itinerary.
- Facial recognition technology may be essential at events for corporations with unique security concerns.
- Technology to increase engagement can include everything from live polling, real-time social media integration, and gamification initiatives.
Branding
Branding is part and parcel of every corporate event. The ways you incorporate your corporate brand into your event will influence the effectiveness of nearly every desired event outcome. Below are branding line items to include with your realistic corporate event budget.
- Signs and banners
- Branded event website
- Branded swag
- Branded nametags
- Brochures and printed handouts
Speakers & Entertainment
In many ways, the speakers at a corporate event define the value of attending the event. In addition to your keynote speaker, you will likely also have minor speakers. As such, the compensation and perks that go along with the gig will vary per speaker.
Entertainment provides a different kind (but no less important) value to your event. The attendee demographic in your key information will help you determine an appropriate budget for your corporate event speakers and entertainment. Also, don’t forget to check with your speakers to ensure you have all of the AV and other equipment they’ll require.
Event Marketing
The success of your event depends on getting the word out. Your event marketing budget includes everything from paid social media ads to podcast appearances. Again, your attendee demographic information will help you get the greatest return on your marketing dollars. Choose marketing outlets where your likely attendees hang out.
Additional Tips for Creating a Realistic Budget
Avoid going over budget by allocating 10% of your funds to unexpected expenses. The only thing you can count on when planning corporate events is that something will not go as planned. A speaker’s plane will be delayed. The caterer’s refrigerator will short out. NYC DOT will close an essential road to your venue’s parking garage to repair potholes. Any number of crises can arise and derail your budget, unless you allocate a portion for such emergencies.
Begin collecting vendor quotes early so that you can adjust your numbers if quotes come in higher or lower than expected. Sometimes, you need to spend more on your venue or another essential budget item than you had planned. If you get your quotes early, you will have time to cut back on less important things.
Get stakeholder buy-in for your budget. As a thriving NYC event planner running your own business, you may be unfamiliar with office dynamics. Make sure you’re interacting with as many decision-holders at the corporation as possible. Doing so will help you ensure everyone is on board, increasing the likelihood of doing future work with the client.
Creating a Realistic Corporate Event Budget FAQs
What is the average budget for a corporate event?
The average budget for a corporate event varies depending on its size, industry, and purpose. However, Statista reports that corporations are spending more than ever on events, with the average corporation spending $1.4 million for events per year.
How to prepare a budget for a corporate event?
To prepare a budget for a corporate event, start with the event’s objectives, attendee demographics, and your budgets for similar past events. Assign a monetary value to your event by estimating how its goals will contribute to the corporation's success. Get stakeholder buy-in. Then, begin listing the expenses for your event.
What is a good way to make sure you are creating a realistic budget?
You can ensure you’re creating a realistic budget by comparing it to previous budgets, getting vendor quotes early on, and allocating a small amount to unexpected expenses. Also, verify what is included in vendor quotes and create additional line items for easy-to-miss extras.
Learn More About Corporate Event Planning at The Event Planner Expo 2024
Okay, maybe nobody is throwing a bouquet of flowers or vying for YouTube’s most-watched wedding dance. That doesn’t keep NYC event planners from vying for lucrative corporate event planning gigs. Corporate events may be at the top of the ladder when it comes to event planning success, but you’ll quickly fall a few rungs if your event blows the budget. Our insights will keep you on track for creating a realistic corporate event budget. You can learn even more corporate event planning tips when you attend The Event Planner Expo 2024. Get your tickets while you can!
