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How to Establish a Budget for Your Next Event

Events can cost a considerable amount of money. This was particularly true when most events were held in-person. Now that many events are held virtually or in a hybrid form, the cost of having them has significantly decreased. However, you still have to factor in different aspects of your event to determine your cost and budget.

Keep in Mind Your ROI

You need to consider your ROI before you dive into your budget. If your event does well or if you’ve had events do well in the past, you should allot yourself a greater amount for your events in the future.

Decide on Your KPI and Goals

Before you jump in with deciding what you’ll be doing at your event, you'll need to consider your key performance indicators (KPI) and your goals. For your event, you should narrow these down to a main KPI or goal.

Key Expenses

Labor costs, technology, speakers, advertising, reporting, thank you gifts and other costs can make up your key expenses. You need to keep your key expenses in alignment with your goal and event type to get the best return on your investment and avoid unnecessary.

Create a Contingency Budget

Realize that even the best plans can be thrown off course at times. For this reason, you will need to think of a contingency budget in case the unexpected happens. It could be for a technical issue or otherwise when you have to change direction during your event.

Share Your Budget With Stakeholders

You need to make sure stakeholders are on the same page with your event budgeting, so you’ll need to present your event budget in the clearest and most straightforward way possible.

Get Help Where You Need It

It can be easy to get lost with any of the above steps. This is particularly true when thinking of a contingency budget and sharing your results with stakeholders to get everyone on-board with your budget (to stay in alignment with your event goal). Getting help with event budgeting will connect you with the right tools and expertise necessary to create a successful event.

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