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Work Backward for a Better Budget

The Event Planning Process – Your 2017 Events Budget

One of the more difficult aspects of the event planning process always seems to be forecasting budgets. Many companies require comprehensive marketing and event budgets to be turned in months before you turn your attention to the actual events. At Austin Best Events, we not only help you plan phenomenal, strategic events, but also help align your needs with those pesky end-of-year budget projections.

Event Planning Process Made Simpler with Simple Fees

We realize one of the hardest expenses to nail down in the event planning process might be the actual event planner services fees. At ABE, we eliminate the unfair sliding scale based on your event expenses. We quote you an upfront complete fee for our services and stick to it provided the scope of work doesn’t change. Other companies tend to assess fees on a percentage of your total spend. This offers no incentive to keep your costs in line – the more you spend, the more they make. We want you to understand from day one how we’re compensated and how we always plan the most efficient, effective events, negotiating with vendors on your behalf and choosing the best for the job.

Work Backward for a Better Budget

But what if you’re not even sure what your event is at this point? Start planning backward from the end of your event! Define your goal and measurement of success. Is it an increased turnout from a previous event? More social buzz or media coverage? A fundraising goal? If your event is a fundraiser, calculate your event’s income goal, what you can reasonably charge or ask of your identified audiences per person or unit/sponsorship, and move backward toward your event budget allocation. However, we do always recommend placing a 20 percent contingency on any budget. It’s always better to look like a hero in the end than bust an unrealistic budget.

If your event focuses more on outreach than raising funds, you can work with two basic pieces of information: how many attendees and subsequent actions do you need for a healthy ROI and what geographic requirements exist. If you can pinpoint a specific venue you need, you’ve solved a big budget mystery. However, even if you can pinpoint a general area and theme – a downtown dinner, a hip night spot, a relaxing outdoor event away from it all, you’re working in the right direction.

Don’t let the budget and event planning process weigh you down. Contact the pros at ABE for any questions you might have now, and we’ll help you set realistic expectations. Who knows, you may not only complete your budget exercise but get a head start on 2017 events. Now isn’t that a holiday wish come true!

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Austin Best Events is a JHL company.