We know the importance of keeping your budget under control when you’re planning an event – because events can quickly get out of hand.
At first, you start out with a concrete number which, under no circumstance, should you go above. Then, you add dessert catering, a hot towel service as a welcome to your guests, and some inflatable pink flamingos which were deemed a necessary expense by someone in the team.
You check the total predicted cost, and it’s got a few more digits than you originally planned!
In this post, we aim to combat this exact phenomenon. Here are 3 easy steps to planning a budget-friendly event, thanks to the team at AVisual Productions.
1. Crunching the numbers
The first step to budget-friendly event planning is to crunch the forecasted numbers. This involves gathering up the estimated costs for each aspect of your event, including:
- Venue
- AV production
- MC, speakers and guest speakers
- Catering
- Marketing and promotion
- Talent/entertainment
- Contingencies (leave 10-15% of the budget for these)
2. Prioritising the budget
Once you’ve got an estimated total, it’s a matter of prioritising certain elements over others. This depends on the type of event you’re throwing. Let’s say you’re putting on an industry celebration night for Sydney’s largest floor-sanding association; it’s more important to choose a funny, energetic host than it is to hand out hot refresher towels at the start of the event. We’re almost certain that most of those hot towels would go unused!
3. Assess your return of investment (ROI)
Some events have a return of investment (ROI) which impacts the budget immensely. The ideal relationship between budget and ROI is that the more you allow yourself to spend, the more you should be getting back in ROI.An example: you’ve managed to secure 50 extra guests than originally expected. Yes, you’ll have to spend more on catering and possibly even consider a bigger venue – however, these guests could be essential in building brand awareness, beefing up your email lists, and generating sales leads.You know the old saying: you have to spend money to make money. This is often the case with corporate events!
Get budget-friendly audio-visual services with AVisual Productions
At AVisual Productions, we have services to meet all budgets of event. From small private events to all-out festivals with thousands of attendees, every type of event is within our scope.
AVisual Productions are known right across Australia for our budget-friendly AV services. We’re one of the East Coast’s most experienced team for putting on high quality, professional events of all shapes and sizes. From corporate events to festivals to private parties and more, AVisual Productions are your team of choice in Sydney, Newcastle, Canberra and beyond. Get in touch with our team to get your event started.
