Event Budget Guide: How to Stick to them

Overspending on your event budget is every organiser’s worst nightmare, as it can seriously impact your return on investment. 

Here’s a guide on how to stay within budget when organising a corporate event, from initial planning through to execution. 

1. Have a clear plan when setting an event budget

Understanding the purpose of the event is a great starting point for determining how much money should be allocated to different elements. 

Once you have a defined purpose, you can start allocating budget to every aspect of the event, from venue and catering to marketing and entertainment. 

Having a purpose allows you to allocate funds based on what’s most important to you, and place non-negotiables such as venue and technical equipment higher up the list.

Remember to keep a buffer in your budget of around 10 - 15 per cent to cover any unexpected costs.

2. Planning early will help your budget

One of the best ways to avoid overspending is to start planning early. Booking venues, suppliers, and vendors in advance gives you greater choice, which can help you stay within budget. 

Starting early also gives you more time to research and consider options. For example, the venue is likely to be one of your biggest expenses. So, give yourself plenty of time to weigh up options so you don’t end up forking out for something that’s bigger or more extravagant than what you need. Also, remember vendors often increase their rates closer to the time.

If you are hosting a live event, including the option to join virtually can expand reach without increasing costs significantly.

3. Choose extras carefully

Extras like elaborate decorations, fancy food and lavish entertainment can quickly blow your budget. 

A good compromise can be quality over quantity when it comes to extras. For example, a nice three-course menu might be just as suitable as a five-course meal.

4. Always keep an eye on costs

Keep a close eye on spending throughout the planning process to avoid budget overruns. Create a detailed budget spreadsheet or use software that outlines all anticipated costs and update it regularly. Tools such as event management software, budgeting apps, and digital registration platforms can streamline the planning process and reduce costs.

Break your budget down into categories like food and venue so you can easily see where your money is going and spot anywhere where you’re spending too much.

5. Use sponsorship and partnerships

Sponsorship can help offset many of your event costs. Partnering with sponsors who are aligned with your business and the type of event you’re running can provide additional budget and fund some of the requirements such as the goodie bags and catering. Everyone loves a sponsored coffee van!

Be strategic about how you approach potential sponsors, offering them a sponsorship package that highlights how they can benefit from being involved.

6. Conduct a post-event evaluation

After the event is over, take the time to review your spending and evaluate how well you stuck to the budget. Did certain areas cost more than expected? Were there areas where you saved money? A post-event review will provide valuable insights for future events, giving you more chance of sticking to budgets in the future.

Staying within budget when organising a corporate event requires careful planning, thoughtful spending, and diligent tracking of expenses. With a little bit of strategic thinking, you can create a successful event that achieves its goals without breaking the bank. 

If you’re looking for a corporate event organiser to assist you with all your event needs, contact us today!