If there is one thing business is good at (or should be good at), is sticking to a budget. The event budget for a corporate hospitality event is the number the event has to be planed around. Here are a few tips to help keep on budget and make sure your event stays within the event budget.
First-time reader? Welcome! We are a corporate event planning company and specialize in corporate hospitality planning in the Maryland, Virginia, and DC areas. O'Neil's blog is the best place to become and stay educated about the event planning process. We offer many free downloads and keep you up to date with the industry trends - check more out here.
Create a Detailed Event Budget
No detail is too small. Make sure to add every event budget line item such as printing, or postage. How will you be handling onsite event registration? Make sure to add a personal help you may need into the budget. The big items will be the venue and catering, but it is the small items that will cause you to go over your budget. It is essential to check in with your budget and update your budget as you are going through the planning process.
Have a Budget Cushion
You know your event will cost more than all of your estimates, so plan for it! When something comes up last minute, you don't have to stress about being over budget or having to take from a different budget item. Give yourself a little assurance and even add the cushion to the actual event budget. Worst case, if you don't end up needing the buffer, you have little extra fun money!
If you have some flexibility, that will help your event budget go further. For example, some venues offer a discount if you have your event on a particular date of the week or even specific time of day. If you can work on peak days, you will be able to get even more from the venue and vendors.
Avoid Sit Down Dinners
A sit-down dinner can increase your cost as well as prevent your guest to do the essential part of the event - mingle! Any corporate hospitality event is centered around mixing and mingling and having a sit-down meal could be counterproductive to that goal. And don't feel as if you have to offer a full bar as an option. Having a beer and wine option is as good as any and will help keep in the budget.
Try Making Money
Who says you have to pay for everything? Getting a few sponsors can help defray the cost of the event. Create a few sponsorship opportunities for companies you frequently work with and share the same target market. Not only will you get a few dollars to help with the event budget, but it will also help strengthen your relationships with your partners.
Here are some other blog post that are helpful!
corporate event planner Washington, DC, corporate event planner Kensington, corporate event planner McLean, corporate event planner Rockville, corporate event planner Arlington, corporate event planner Chevy Chase, corporate event planner Silver Spring, corporate event planner Potomac, corporate event planner North Bethesda, corporate event planner Bethesda, corporate event planner Wheaton, corporate event planner Alexandria, corporate event planner maryland, corporate event planner virginia