A corporate affair is no simple event. It is always a complicated process that requires planning on the part of business owners and their staff. What makes the process even more difficult is the budget that you have to set for the occasion. It can take some time before you get the hang of budgeting unless of course you have done this several times in the past. With no to less background when working on a budget for a corporate affair, it would be good to consider the following reminders.
Jot down the basics
Basics, budget wise, are those that are common expenditures for the corporate event. You may know these things very well already and they can simply run through the back of your minds without the need to jot them down on paper. However, if you want to be sure you will not overrun your budget, you should create the list instead of just memorizing the things you need. The basics would include cost of the venue, paid guests or resource speakers, rental equipment, marketing, decorations and also catering. You should not forget printing costs as well.
Having an idea of what exactly you want to achieve from the event
Corporate affairs require investment and when you invest on something, there is something you would want to get in return. You must be able to envision that and make sure that the results you will get will actually meet or even surpass the operation budget you have listed down in the basic expenditures. Often, the return on your investment can be very difficult to determine especially if the event is meant to provide training or seminar to your staff. In this case, you can go far beyond imagining what will happen next if your staff has been trained with these new procedures, products or services.
When you are charging a registration fee or a ticket fee for the event then at least you will have a rough estimate of how much you will be getting in return. If you are setting these fees, however, you can always make sure it will at least meet your expenditures at breakeven. The ticket price must also be able to boost attendance to the corporate event. It would not be good to impose a high fee then.
Save on money while planning
You may have a set budget for the event. This would mean that if you meet the working budget then there is nothing else to worry about. You do not have to stay on that budget at all times if you know you can minimize the cost. In this regard, you have to remember to avoid impulse and outright purchases, make sure you closely monitor your expenses and save on food.
Impulse purchases will often make you buy things that are not necessarily needed for the event. This can hurt you later on once you realized you have overshot your budget and you have not yet been half through the planning stage. Better avoid this if you want to work within your budget at the very least. Add to this, you also have to closely monitor your expenses making sure that every person in-charge of a certain committee would report to you regarding the items they are spending on.
Last but not the least – it is also important to save on food. The common mistake you will make when planning is to order too much food from your caterer when in fact you only have a few guests who will attend the event. You should be wise enough to make sure you order just enough from your caterer.
Choose a caterer who would look into your budget and devise a plan that will be just enough to provide the food that your guests will love. You can trust us in this aspect. We are well experienced in corporate catering in Denver and can work within your budget to cater delicious food in the best way possible!