Planning corporate events is a daunting task full of nitty gritty factors that requires meticulous planning. These types of occasions range from conferences, trade shows, exhibitions, awards, gala dinners and incentive programs all the way to launch events and company meetings.
There is a wide range of factors that need to be taken into account in order to render a corporate affair that meets your expectations in every way possible.
Each of these important events can only become successful if all the planning and details are in order. To be more specific, this mainly applies to the event planning budget.
The goal is to build a great event that truly dazzles without going overboard with your budget.
If you ever find yourself in need of tips on how to make a budget, this comprehensive guide is here to save the day. Read on for more information on how to make a budget for your next corporate event.
Work On Your Budget Strategy
When planning an event, we all start out with a blank page that is ready for your strategy. Determine what kind of event you will be hosting and your overall budget. Regardless of the size and type of event that you will be holding, the first thing you do is identify the funds you have available to your disposal.
If you have previously held a certain event, then you will have a wide range of data to base your next event on. Identify all the items that you will need to purchase and rent for the occasion.
Budgeting changes from year to year due to the inflation in prices, however, if you look back on information from your past events, you will be able to get a rough idea on what you under-spent and over-spent on.
By doing this, you will be able to correct past miscalculations and improve your game plan. Viewing the bigger picture is always a helpful tool when it comes to planning a successful event.
In addition to that, you can conduct research on other people’s feedback on planning corporate events. Identify what percentage of the money goes to marketing, promotion, speakers, talent, printed material, catering, and venues.
Set Your Goals
Once you’ve determined the draft of where the money should go, it’s time to set your goals. If you have sponsors for your event, decide how much you aim to generate from them. If you are selling tickets for your event, create a plan of how many you need to sell in order to gain the necessary amount.
In the event that you are using company funds to build the corporate affair, set your specific goals in order to remain within the budget frame.
List all your line items in a spreadsheet in order to view them in an organized and convenient fashion.
Track Rental Site Expenses
Rental site fees generally include costs for the function space, baggage handling, and housekeeping.
No corporate function is complete without proper catering, right? Estimating the costs for catering include food, beverages, tips, and gratuities. Budgets for catering can either increase or decrease, therefore, managing them with care is essential. Playing your cards right with catering costs could aid with savings on an exponential level.
Expenditures for transportation include factors such as shuttle services, coaches. Furthermore, keep the insurance, fuel, tolls, and trailer expenses in mind as will, in case they are necessary for your event.
Entertainment and Equipment Fees
Most events utilize audio and visual equipment, such as microphones, monitors, and projectors. Furthermore, if you will be hiring speakers or entertainers, it’s a good idea to take their talent fees into account as well.
Every event would look more festive with decorations. This part of your budget covers tent rentals, centerpiece decorations, floral arrangements, banners, tarpaulins, and balloons.
Calculate the expenses for invitation cards, program brochures, menus, banners, and event signages.
Determine the Costs for Any Activities Included in Your Event (H3)
Some events aren’t just held in a function hall with dinner and a program. There are corporate functions that revolve around outdoor activities, such as biking, golfing, tennis, bowling, or spa retreats.
Giveaways or Gifts
A rule of thumb with regard to events is to provide giveaways. Always let the guest leave with a souvenir of your corporate function. Don’t forget to calculate the costs for these items as well.
At Love Child Social House we understand that planning an event can be perceived as a formidable task. Everything from the budgeting all the way to the catering and printing costs need the utmost attention in order to render a successful event.
When it comes to venues, Love Child Social House is the perfect location for all your corporate event needs. No matter what kind of occasion or affair you’re planning to hold for your company, we cater to a wide variety of events. With our myriad of distinct and pleasant spaces, you will definitely find something that suits every occasion. With the understated elegance of our Game or Social Lounges, your client soirees and office holiday gatherings will feel like an actual vacation away from all the stress and pressure of work.
Moreover, handling the decor for an event isn’t easy. Luckily, Love Child Social House’s built-in tropical beach aesthetic takes that right off your to-do list.
Furthermore, booking a function room with us is practically like hitting two birds with one stone, as our expertly trained staff is equipped with the knowledge to assist you with all of your event needs. We handle everything from bar service to catering, and practically everything in between.
Sit back, relax, and take the stress out of your next corporate event by employing the excellent service of Toronto’s downtown oasis. Visit our events booking page to discover how you can take your occasions to the next level.