There is one thing that is common to most of those who have had to organize events before. They end up spending more than they initially planned to do. Take a survey of all those who have been charged with events planning before and you will realize the one thing they have in common is that they realized very late that they were above budget even before the event started. Why you may ask?
A lot has been said about planning but it is a surprise that people tend to ignore this important stage in when they are organizing and event. They often assume that they have everything in their head from corporate photo booth hire to event decorator hire. All these they claim they know what it will cost until they see the actual figures and their eyes pop out. Knowing what to do in your head is completely different from when you put it down on paper or in digital format. The importance of budgeting for an event cannot be overemphasized. It is important to know what will be needed for the event, plan to get those needs and make sure to review every step of the way.
Know what you need
Knowing what you need does not mean reciting in your head all the things that need to be done. It is important to put them down on paper. After you put them down on paper, it will be easier to assess their financial implications. Place cost against each item and check if you have enough funds available to get them done. If you don’t, you will have to look for areas to cut cost. This is the time when you may need to have another look at what you are expecting out of the event and do an honest review. Can you achieve your expectations with your available budget? If the answer is no then you will have to look for ways to cut cost or get additional funds. If the answer is yes, then you are lucky, you can carry on without any major fears.
Plan ways of checking expenses
Hopefully, from the previous stage you would have been able to come up with a list of things to do, what to buy and what not to buy or hire for the occasion. Armed with this list, you will also have to create ways to check expenses when they start happening. The main area where people have budget overruns is in project creep. This refers to things that get included in the project budget but which were not planned for. Devise ways in which you can avoid project creep. This may mean making one person responsible for sanctioning all purchases.