Whether you’re planning a corporate event or a social event, you should be setting an overall event budget. When creating a budget, you should also be setting a goal for your budget. Are you determining a per person cost for the event? Will the organization be covering all costs of the event? Are all costs being covered by your personal budget? Are you expecting an ROI on the event(s)?
One of the most important tasks in creating an event budget, is creating a budget template. Your event planner can create one for you or you can create one for yourself. In doing so, you keep track of vendors you reach out to as well as tracking and recording information received from each vendor. Ensure you have the appropriate elements listed in your template. Some of these elements include, and are not limited to:
Vendor Contact Information
Actual Amount or Cost
These are important details you want from your vendors when tracking costs.
HINT: create a blank template for reuse to avoid reinventing the wheel each time you plan an event budget.
There are multiple factors to consider when creating an event budget. To make it easier for you, I have created a simple infographic (below) to guide you in creating a solid budget leading you to a successful event!