How Much is a Corporate Meeting? – How to Budget Meetings and Events (1 of 2)
How to Create a Budget for a Corporate Event/Meeting – PART 1
It’s not easy to put together an estimate for an event or a conference. Unlike other marketing communication initiatives, small mistakes or oversights could quickly add up to a huge unexpected cost especially in a larger-scale meeting.
Mapping out a preliminary budget is key in developing your next corporate event. Factor in all the costs related to the event: registration fees, staff, audio/visual services, technology, freight, hotels, travel, entertainment, print materials, venue rental, keynote speaker fees, travel, etc. The tiny details add up; so remember to not just focus on big picture expenses.
– Create your agenda and theme
Creating event agenda can be a challenge. A good guideline to start the process is to define the following.
– Know your conference’s purpose and objectives
Is it educational? Business related? Fundraising? Social?
– Know your audience.
Are they investors, board members, employees? What are their interest?
– Know estimated number of attendees.
Mapping out your target audience will enable you to create an overall event flow, and generate meaningful content.
– Find a venue.
Once you determined your conference objectives, the next task is finding a location. Here are some questions to ask as you research venues.
- How far away is the venue location from a major city, airport, or other means of transportation?
- Can it hold the number of people expected?
- Does it support the Audio Visual or technology required?
- Can the location work within my budget?
– Then go, visit and get the layout of the venue.
Meet with the onsite coordinator and understand how the staff handles other events held at the venue.
- Is there a place to ship and store event materials?
- How does the reception and hotel space feel?
- Can you hear the speaker clearly through the sound system?
Be a detective.
We’ll post the conclusion of “How to Budget a Corporate Meeting/Event” next week.