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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.

  1. How far away is the venue location from a major city, airport, or other means of transportation?
  2. Can it hold the number of people expected?
  3. Does it support the Audio Visual or technology required?
  4. 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.

  1. Is there a place to ship and store event materials?
  2. How does the reception and hotel space feel?
  3. 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.

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