Let’s face it – unless you’re Mariah Carey or Elton John, most events tend to have a set budget. So how do you hold a successful corporate or branding event without breaking the bank? These five tips will help you make the most of your resources and keep those final invoices at a reasonable level.
Be clear about your budget and set out expenses early
Step one: know what you’re working with. Even if the boss is saying ‘just spend as little as possible’, it’s worth trying to lock down a specific number that you’ll have at your disposal. Next, start allocating expenses to suit that budget. There’s the cost of venue hire, marketing and branding, presenters and/or music, catering, insurance, staff wages, audiovisual equipment, travel and accommodation to consider. Your top costs are likely to be catering, venue costs and marketing if it’s a public event, so keep these in mind.
Incorporate as many expenses into the same service as possible
Rather than hiring multiple services (each with their own expenses to cover), it’s worth using just one or two services to keep your costs low. For example, some venues provide an event planning service included in their fees as well as catering services. At Punthill Apartment Hotels we have our own conference department that can help planning your event, as well as high quality food and beverage options for our function rooms in Brisbane and Melbourne. Easy.
Make the most of digital marketing and ticketing tools
When you have limited funds to spend on your conference, seminar or launch party, then the digital world can be your best resource for the planning process. You can use your social networks to connect with VIPs and potential presenters; social media and email marketing to drum up interest for your event; and ticketing platforms to organise attendee information. All this, at a fraction of what it once might have cost with more traditional tools or services.
Gain a clear understanding of your audience or attendees
The better you understand your audience, the better equipped you’ll be to avoid waste and stick to your budget. Work to have your RSVPs locked in early and ask for dietary requirements so you can give your venue or caterer plenty of notice regarding vegetarian, vegan, gluten-free and other dietary requirements. If you’re arranging accommodation for attendees or keynote speakers, confirm these numbers and details as early as possible too so you don’t end up paying for empty rooms.
Minimise travel and accommodation expenses
While we’re on the subject, accommodation and travel expenses are certainly an area where costs can quickly blow out. You can avoid this by searching for an event location that’s close to the CBD, for example Punthill venue hire in Melbourne and Brisbane. If your venue is close to transport options and affordable yet high quality accommodation then you’ll be able to treat your attendees or speakers to an enjoyable experience and keep costs to a minimum, too. We call that a win-win!