How to Plan an Event on a Budget

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A seasoned event organizer knows that part of winning a piece of business means that their budgeting skills need to be sharp. In some cases it can be a deal breaker. Knowing which questions to ask a potential client can help an event organizer select the right venue.

In this post I’m going to show you why the budget planning process doesn’t have to be the toughest part of an event proposal.

The Budget Planning Process is a Key Component to an Event Proposal

For most conferences or events, it’s the social functions that can add to a planner’s overall budget. It can also be a bit of a catch 22. Most event organizers understand the importance of adding social components to a program. From the planner’s perspective, they have to make the event attractive enough so that the attendees want to come.

The budget planning process for an event begins at the initial planning stage. That’s when the meeting planner sits down and maps out the various components of their conference or event. If they have a predetermined budget, they can begin to allocate funds towards each component. Pretty soon they’ll have an understanding of which parts of the program will need to be tweaked in order to meet the event’s budget.

You might want to check out these related articles on planning an event:

How to Plan Your Budget around Your Event

A social event usually involves; on-site staff, transportation, venue rental fee, food and beverage, service and equipment charges and entertainment. You can easily understand where the cost will soon reach, or exceed, it’s budget. But rest assured, there are ways to still have a great social event without blowing your budget.

When I meet with a prospective client I always inquire about their budget. Sometimes planners are hesitant to disclose their budget (as they feel that that amount will get chewed up regardless of where the event is held). However if I know what their budget range is, I can find a suitable venue that will work within their parameters.

Here Are Three Areas Where You Can Trim an Event Budget

Transportation. Of course if you are holding your event off-site, depending on its location, you will have to provide transportation. Transportation vehicles can be expensive. Depending on the group’s size, you can easily spend $20-$30 per person on transportation.

Tip – look for venues that are within walking distance or consider hosting the event in-house (at the hotel).

Venue Rental Fee. Many groups like to host their events in unique spaces. Museums and art galleries are amongst the favorites. But, for facilities like these, there are venue rental fees on top of the food and beverage charges.

Tip – look for venues, such as restaurants with private rooms, that are elegant yet do not charge a venue rental fee on top of the food and beverage charges. Hotel ballrooms do not charge a rental fee if your event has food and beverage.

Service and Equipment Charges. Many standalone venues (such as museums and art galleries) are not equipped with kitchens. Therefore, the caterers are required to bring their own equipment and service staff for the event. They passed this charge along to the client, naturally. The cost for service and equipment can even be in excess of what the food menu would cost.

Tip – look for venues that have on-site kitchen facilities. Also, quite often, the in-house caterer has more access to the venue and can offer lower service and equipment charges because of that. Hotel ballrooms also do not charge for service and equipment.

Planning an event on a budget can be challenging. A seasoned event organizer knows which components of an event can be trimmed without affecting the impact of the event itself. Transportation, venue rental fees and service and equipment charges are three areas that can drive an event’s budget over the top. But there are venues out there where you do not have to pay these charges. An event proposal that addresses these areas has a very good chance of winning that piece of business.

 

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Conference and Event Planning Forecast for 2013

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Anyone involved with conference and event planning will tell you that the last four years have been a challenge, to say the least. As far as my memory goes (and trust me it doesn’t go that far) I can’t think of another period in my life where the economic downturn has lasted so long. And in case you’re wondering that’s around a half a century. Each year we’ve all been promised that this is the end of the recession and things will get better. And as each year passed we started to get excuses as to why the growth just wasn’t happening as fast as we were told. There were so many excuses I can’t even remember why anymore.

So What Industry Trends Are We Hearing for 2013?

Well, I’m pleased to tell you, that the outlook for conference and event planning is looking pretty good for 2013. I know, we’ve all heard this before.

So what makes this year’s forecast different from other years?

In a nutshell it’s the confidence of the meeting and event organizers. It’s not just some organization telling us that we should expect to see increases in business trends. And it’s always a good sign when the movers and shakers within the industry are starting to project positive outcomes for this year.

You might also be interested in: Interested in Becoming a Certified Meeting Planner?

Expected Conference and Event Planning Trends for 2013

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Recently Meeting Professionals International (MPI) conducted a survey of senior meeting and event organizers. From that, 40% said that they were expecting to see positive budget changes in 2013. We haven’t seen that number in a long time. As well, over 50% of event organizers stated that they were expecting greater attendance in 2013 at their meetings. However, expect to see an increase of 2.8% for Airline fees.

The folks at American Meetings have stated that they are not seeing any signs of a downturn with 2013 bookings on par currently with those in 2012. Meetings that are expected to exceed in 2013 come from the consumer products and technology sectors.

Posts on what we were predicting for 2012:

What Did Event Planning Conferences in 2011 Tell Us to Expect in 2012

Planning a Conference? The Challenge for 2012.

2012 Outlook for Conference Planning Jobs

Planning a meeting in Europe? Then you can expect to see value. Western European countries, which are still recovering from the European debt crisis, are putting a huge focus on incentive travel.

By all accounts, 2013 is shaping up to be a positive year for conference and event planning. The one factor that stands out from all others is that we are seeing confidence about meetings in 2013 from event organizers.

 

 

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Planning an Event at a Hotel

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When we think of hosting an event at a hotel many of us think that it will be more expensive than holding it at an off-site venue. However, as a seasoned meeting and event planner may tell you, there are a couple of ways that you can actually trim your cost by hosting an event at a hotel.

There Are Many Price Points to Consider When Planning an Event

Many event planners know that there’s more than just the cost of the menu when trying to budget for an off-site event (of the food and beverage kind). In addition to the food menu, when planning an off-site event for their group, a planner also has to factor:

  • transportation cost
  • venue rental fee
  • service and equipment charges from the caterer
  • food and beverage costs
  • liquor licensing fees
  • entertainment
  • taxes and service charges

Two Reasons Why Planning an Event at a Hotel May Save Your Budget

There are two key areas where you can trim your budget when considering a hotel for your event.

Venue Rental Fee – quite often when you are hosting a food and beverage function at a hotel the room (venue) is provided to you with no room rental fee. This has been an incentive that many hotels have been offering for some time now. Hotels consider it to be a value added feature when booking a function inside of their property. When you compare it to what some off-site venues charge for room rental you will soon realize that you’re in a position to trim several thousand dollars off of your budget.

Service and Equipment Charges – many people (of course not the seasoned meeting and event planners) don’t realize that when they select an off-site venue, especially ones where there is no kitchen facility, the caterer will need to bring their own equipment. Depending on the venue this could include the china, cutlery, as well as equipment required to keep the food warm before serving. What a lot of people don’t realize is that the service and equipment charges can equal as much as the menu cost itself. Hotels, for the most part, do not charge additional costs for service and equipment.

At first thought many people consider hotels to be more expensive than off-site venues to host events. You may be surprised to find out that, when comparing apples to apples, hotels may just be the venue to help bring your event within budget.

 

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3 Tips for Your Business Plan Outline

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A business plan outline is crucial for anyone considering starting their own event planning business. Basically a business plan shows that you have an understanding of the process involved with getting your business up and running. And even more importantly into a profit position.

If You’re New to the Industry Consider Event Planning Internships

The good old American dream that we all can own our own companies. And for many people that dream does indeed come true. But ask anyone involved in their own event planning company and they’ll tell you that you need a solid business plan in order to help you grow. And you also need experience. I see many people fresh out of college just itching to start their own business. While I appreciate that energy and enthusiasm, sometimes a reality check is also needed. There’s nothing wrong with working for somebody else when you are new to an industry. In addition, there are many event planning internships that can help you. Very good grasp on how the industry operates.

The first thing that any potential investor will ask you for is your business plan. So it is crucial that your business plan outline accounts for the research that will be required.

Three Tips You Should Include in Your Business Plan Outline

We’re not outlining all of the sections that should be in your business plan in this post. Check the related articles below for more information regarding business plan sections. For this post, we’re providing tips on three of the key components of a business plan.

  1. Executive Summary. While this is at the beginning of your business plan it doesn’t mean that you should write it first. Actually it’s strongly suggested that this section is written last. The reason is that you want to provide your reader with an overview of the information that is contained within your business plan. And a good overview of the information can’t be written until the information itself completed.
  2. Financials. Of course the financial section is the place where any potential lender will probably flip to first. They want to know that you have made realistic projections for your growth. I’ve seen a lot of people that provided financials which showed a very rosy growth picture. My advice is that you want to show your potential lender that you understand the risks involved with a startup or new business. Do three financial projections. You want to do one for best case scenario, worst-case scenario and one for probable scenario. Your probable scenario will not look the best on paper but it will give any potential lenders a comfort level as you have demonstrated that you have also planned for the worst. Don’t forget, lenders have been around the block and are really looking for your management ability to steer, direct and grow your business. And by the way, those people that I know that overestimated their growth projections never received any financing.
  3. Your Competition. An analysis of your competition is usually in the marketing section of your business plan. What I recommend for competition is that you do considerable research. And by research I don’t mean goggling them and copying information that is readily available for anyone to see. You need to have a solid grasp on your competition’s strengths as well as weaknesses. Having a detailed analysis of your major competitors proves to people that you know what you’re up against when it comes to winning business.

Compiling a business plan outline is a crucial step when starting a new business. Perhaps you work for a corporate event planning company and have been considering starting your own event planning business. The three tips outlined here are all crucial components to your overall business plan. The one main item for any new business is to make sure that you do your homework ahead of time. Not only will potential lenders appreciate it, you’ll also have a better understanding of where your challenges lie.

 

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Infographic – 5 Helpful Tips When Planning Your Wedding

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3 Tips for Wedding Planning on a Budget

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If it’s spring it must be wedding season. We’re starting to hear the horn honking and seeing the white limos with the happy couple as they embark on their journey as husband and wife. But with wedding planning often comes the financial stress as one realizes that the costs can soon add up. There are ways that you can still have your cake and eat it too (sorry I just couldn’t resist the pun here).

Wedding Planning Tips for Invitation

Invitations are one of the first areas we begin to spend money. Obviously it’s important that you get the invitations out well ahead of time in order for you to have a clear indication of how many people you can expect on your big day. And wedding invitations are not cheap.

One way that you may want to consider reducing costs as part of your overall wedding planning is to consider sending your invitations electronically. Some people may think that an electronic invitation is less personal and, truth be told, that really is a personal decision. But I also know that in today’s world electronic communication is becoming the most popular method, especially for young people. There are many great wedding websites that you can set up quickly and easily. The beauty about these websites is that there is also a mechanism that will allow you to track responses as well as to communicate with people who have not acknowledged the invitation. A great tracking system.

If traditional invitations are a must then the size of the invitation as well as weight are important factors to consider. The size is important as you do not want an abnormal mailing piece which will cost you additional postage. The same goes with weight. Talk to your local post office ahead of time so that you have a clear understanding of what sizes and weights you can work with to keep your cost to a minimum.

Wedding Planning Tips for Transportation

Those white limousines may look fairytale like, but boy do they come at a cost. White limousines are in high demand during waiting season. The cost can be almost double that of the regular colored limousine and availability can be another issue altogether. If your wedding is occurring during high season, you can still have limousine transportation but try and look at different vehicle sizes and colors rather than being stuck on a white limo. You’ll be very surprised at what you be able to get and how much you’ll be able to save.

Wedding Planning Tips for Venues

Today it’s becoming very common for wedding themes to be unique. In other words it’s not your parents wedding planning anymore. There are a number of factors that you can consider when selecting a venue that will help you keep your costs at a minimum while providing you with an exciting venue at the same time.

The first rule would be to look for a venue that has their own in-house kitchen. This will save you a bundle in catering costs as your caterer will not need to bring in extra kitchen equipment and supplies all of which would be charged to you.

Food and beverage can be a huge portion of your overall wedding budget. If this area is of concern, maybe consider having an evening wedding where the format is more reception in style. In other words, have it after dinner and then you can offer your guests hors d’oeuvres or a light buffet. They’ll love the format because it’s not taking up their entire day. And the bride and groom are able to circulate much easier with the reception format.

Wedding planning can be stressful. But there are ways that you can still pull off an exceptional wedding without blowing your budget. Instead of looking at the overall picture break down each component of your wedding and look at alternative ways of addressing those components. You’ll be very surprised the savings you can achieve.

 

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5 Key Items for a Conference Planning Checklist

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You don’t have to look very far to find a conference planning checklist. And when you Google the term, there certainly is no shortages of websites where you can get conference planning checklist ideas. So they must be important then, right? Well, of course the answer is yes (with some caution). I do have to say, that a good conference planning checklist is only as good as the thought that was put into making the checklist itself. Which started me thinking about which items would be considered crucial for a conference planning checklist.

Items That Should Be Included on Your Conference Planning Checklist

1) Location. This item should be first and foremost, obviously. After all you can’t do much planning, or rather logistics, until you know where it is the conference will be held. Most conference planners will begin to scout locations well in advance of their conference to make sure that they can pick dates, hotels and venues which would be suitable for their conference.

2) Dates. The dates of your conference are almost equally as important as the location of your conference. Of course depending on where your conference will be held, the dates may be dependent on factors such as temperature and other citywide activities occurring in the location over the dates that you are considering.

3) Budget. Before you can begin promoting, and then executing a conference, you will need to determine what your budget is for the conference itself. Sometimes a budget is set by the conference’s committee members ahead of time and then handed to the conference planner for execution. Other conferences may need to determine what their conferences itinerary will be in order to determine what the budget is. Whichever is your case, budgets are a crucial part of a conference planning checklist as it will have a direct impact on your conferences registration.

4) Registration. Of course the success of your conference will be judged by how many people attend. A good conference planning checklist will address registration at the onset. It is crucial today that you have a good registration marketing plan in place. There are many registration software services available to help conference planners in this area.

5) Program/Itinerary. A good conference planning checklist is all about planning for the various elements, or itinerary, of your conference. It should be well thought out in advance and then assigned due dates based on which items need to be decided and secured first. The itinerary is also key when it comes to the conferences budgets. It is vital for a conference planner to know how much money they have to spend on the various components to their conference.

With conference planning, the devil is in the details. Therefore a planner requires a conference planning checklist to help them break down vital components to their overall program. And then to address those items in the order in which they need to be addressed. A conference planning checklist can be a valuable tool as the planner works through their program. The five items listed above are crucial to a good conference planning checklist.

 

 

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Budget Saving Tips for a Meeting and Convention Planner

As we’ve talked about here many times, a meeting and convention planner wears many hats. Their job requires them to be a seasoned negotiator, a time management expert, as well as being a fiscally responsible expert. So it shouldn’t surprise you that these same meeting and convention planners have very good ideas on how to execute successful programs while saving money in key areas.

A Meeting and Convention Planner Has a Good Understanding of How Hotels Operate

The hotel can be one of the most expensive components to a meeting. If it’s too expensive then delegate registration will be low as the overall conference price will be out of reach for some people. In talking to a couple of meeting and convention planners that I have worked within the past, they tell me that they will often look at hotel rates based on the day of the week. You see, they understand from the hotel’s point of view that the name of the game is trying to fill those hotel rooms to achieve 100% occupancy. However, in order for those hotels to do that, they often have to watch what room rate they are offering. For example, let’s say a particular hotel typically charges $200 per night per room. Well that’s their goal anyways. On certain days of the week, the hotel’s revenue manager is often forced to reduce their room rate to increase occupancies. Frequent flyers will understand this format as airlines will also reduce seat cost to fill planes. So during negotiations it might become apparent to a meeting and convention planner that they could shave considerable dollars off their hotel budget if they were to alter the days of the week that they plan to host their meeting. Now there is a bit of a tightrope here as a meeting and convention planner has to be sure that the days they are offering their meeting to their delegates are days that are attractive enough that delegates will register.

A Meeting and Convention Planner Has Alternatives for Trade Shows Today

For larger associations, a tradeshow is often a main component to their meeting. It’s a chance for their members to see what suppliers are offering first-hand. However it’s not an inexpensive undertaking. While it is true that trade shows can be very profitable when planned and executed properly, the reality today is that they are becoming less and less attended. A lot of meeting and convention planners that I’ve spoken with recently are jumping on the virtual tradeshow bandwagon. Maybe it’s also a sign of the technology times. Virtual tradeshows are great way to keep the interaction between purchasers and buyers. And now, by shifting to a virtual tradeshow format, a meeting and convention planner has more flexibility in executing their tradeshows. First, they don’t have to get their members all in one location anymore as their members can enter the tradeshow from the comfort of their office or home. If you’ve never been to a virtual tradeshow before I recommend you visit one as you’ll be quite surprised with their format. Good ones are equipped with chat rooms, places where you can leave your information and get up-to-the-minute information on what you’re looking for. From a supplier point of view, virtual tradeshows are attractive because they can easily obtain visitor information, as well as what the likes and dislikes are of the purchasers. I’ve been to some virtual tradeshows where I literally received a gift from the supplier (delivered to my office) the very next day. Talk about efficiency.

So while a meeting and convention planner has a multitude of tasks that are required to execute a successful meeting, many are finding smart ways where they can shave budget dollars without compromising the meeting itself.

 

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What Do You Look for in a Conference Planning Guide?

It might be an obvious question – what do you look for in a conference planning guide? However, you would be amazed at how many different answers I get when I ask that question to meeting planners. Which leads me to believe that conference planning guides, while offering the basics on conference planning, provide different ideas for different meeting planners.

A conference planning guide is a great resource for organizing and executing a conference. Many times I get different ideas from the various conference planning guides that I read. What I tend to do is take each of these ideas and incorporate them into my own conference planning checklist. Meeting planners, being human, tend to go about the task of organizing a conference based on their own personality type. Some are better at organizing, while others are better at promoting. Where I find a conference planning guide useful is for ideas on how to tackle conference planning tasks that I tend not to like or put off until the end because of my personality type. It helps me focus, as well as addressing those key items, when I should be (not leaving them until the end as I am known to do).

A Conference Planning Guide Can Provide New Ideas

Anyone in the meetings and events industry has probably read several conference planning guides. In addition to tips on how to orchestrate the conference itself, a conference planning guide will also provide new insights or ideas that you can introduce to your conference planning. After all, the goal is to keep conferences moving forward with fresh ideas. And quite often to a get the attendance level that you are seeking you do have to offer unique incentives for people to register.

The Following Are A Few Items That You Should Expect a Conference Planning Guide to Include:

Ideas- while this is a very general term what I think you could expect are interesting themes and decor ideas that may complement your conference. Many good books will also provide tips and tactics on how to invite people to your conference as well as some incentive ideas to help your registration process.

Budgets -while not a very exciting topic it is a very important topic. A good conference planning guide will show you how to plan all of the various components for your conference and how to assign a budget for each of those items. In the future, were going to feature some of our blog post here on how to compile a budget. It’s something that many of our readers have been asking and, especially in today’s economy, budgeting has become a vital part of conference planning (like it wasn’t already).

Logistics – breaking down each component to your conference and how to attack all of the smaller parts to make sure that the overall event goes off without a hitch. Basically showing new ways to see the trees in the forest and not focus entirely on the forest itself.

Negotiations – a vital skill for a meeting planner. Yet a person’s negotiating ability is often overlooked during the interviewing process. And don’t kid yourself, negotiating is a skill that takes time to become good at. You don’t want to appear overly forceful or belligerent. A good conference planning guide will provide tips on how to negotiate room rates, hotel contracts etc.

If you’re looking for a particular book or conference planning guide to do the job for you, then you may be disappointed in your search. However, if you look at a conference planning guide as a resource for fresh ideas and helpful hints on how to attack the various tasks involved, than you may find value in many conference planning guides. But the one take away is that a good conference planning guide is going to help sharpen your overall meeting planning skills.

 

 

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How to Plan a Conference on a Shoestring Budget

The word cutbacks seems to be front and center again this year. Do cutbacks have you wondering how to plan a conference without making it appear dull and uninteresting? Well, lucky for you I’m here to tell you that there are ways to plan a conference without eliminating all of your extracurricular components. Seasoned meeting and conference planners know all too well that when you start removing, what some consider to be, fringe elements of a program you also start to lose attendee interest. And let’s face it, if you can’t attract the attendees your conference or event might not even make it into reality.

How to Plan a Conference While Saving at the Same Time

Of course there are elements to every conference that, under budget pressures, could be eliminated without affecting the overall appeal of the conference itself. However, we also know there are certain elements that are attendees have become accustomed to. This is especially true with association conferences as the association gets a great deal of its operating revenue from their conferences. Therefore it’s crucial that these programs continue. And herein lies the challenge – how do you keep the attractive elements and yet reduce your overall costs for the conference.

For this article we’ll look at four of the larger components of a conference; the conference or meeting facility (often the hotel itself), off-site venues, attractions and tours, and transportation.

The conference facility – it’s always a tight balance to schedule your conference dates so that they do not interfere with your attendees busy work schedule. If days of the week or month is flexible for your conference you may want to check with your hotel or meeting facility to see if there are any savings by moving your event to alternate dates. Additionally many times meeting room rental charges in hotels are reduced if you are offering food and beverage. So if you are planning to provide your conference delegates with breakfast or lunch during the meeting times make sure that you work with your hotel salesperson as often times there will be a reduction in meeting room rental if you’re utilizing the facilities food and beverage facilities.

Off-site venues – taking your group off-site (meaning outside of the hotel they’re staying in) is a great way for your group to get a sampling of the local flavor. It’s also a nice break and is often viewed as a social component to the conference. As a savings tip, consider off-site venues that have their own in-house food and beverage facilities. As I stated here many times in the past, venues with their own kitchen facilities will save you a great deal. Quite often you are not charged for service and equipment at these venues. Another option would be to go to an established restaurant. Many restaurants have private rooms for exclusivity. And you can work with different menus to ensure your offsite events is within your budgeted amount.

Attractions and tours – another fun aspect to a conference. I worked with many clients that have wanted to offer attraction and tours to their delegates. Many have asked me to set up a sign-up page where any interested parties can sign up and pay directly for any tours and attractions they are interested in. And before I could start charging individuals for tours, the pricing had to be approved by the client thereby assuring that their guests were getting the best possible deal. If it’s imperative that your organization covers the cost of one tour I always suggest the city orientation tour. City tours are a great way for delegates to get to know the city and it’s also one of the least expensive tours to offer.

Transportation – this is usually one of the first areas that gets cut when budgets are in play. However if you really would like to keep this component to your conference you may want to consider providing a shuttle service from the airport on an hourly or periodic basis. Your cost will be greatly reduced with the shuttle as compared to individual transportation service. And your group will still be happy to see that transportation is still included in the program. Definitely an attraction for registration.

How to plan a conference on a tight budget can be a daunting task. But before you think that all you have to do is get out the chopping ax and eliminate many of your conferences components you may want to think again. There are ways that you can still offer additional conference services to your delegates without blowing your budget. You just need to spend a little time at the onset identifying what makes your conference a draw and then look at creative ways that you can still offer these components.

 

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