Rarely will the Corporate Event Budget be a bottomless pit
The responsibility of managing the budget will sit with the Organiser to ensure they are keeping in line with the expectations they have been given to work to.
The Corporate Event Budget
The Hungry Plaice • August 9, 2020
The Importance of Managing Your Corporate Budget
No matter the scale of the Corporate Event there will always be a Financial Budget given for this which will be reflective of the size, number of attendees, the nature of the event and the spending power of the Event Sponsor.
Rarely will the budget be a bottomless pit or an undefined figure so the responsibility of managing the budget will sit with the Organiser to ensure they are keeping in line with the expectations they have been given to work to.
Should the Corporate Event have a large team behind it there may even be a dedicated team member who manages the Finances and the budget rather than the Event Organiser.
Within the budget will be a range of items that will need paying for, some of these may not be relevant to some Corporate Event depending upon the type being put together and some of these will be common items found at most Events and should be built into the budget.
• Venue
An internal business event may be held on company premises with no need for expense on booking a venue, this would need to be fit for the Corporate Event purpose with sufficient space and equipment available.
Where the Corporate Event is a larger affair there will be a need to source a suitable venue. Corporate Events can be held in a variety of places, if this is an exhibition a venue with a large space for exhibitors would be needed or if there is a Business Conference being put together facilities would be required for this.
These days however Corporate Events are more exciting with Venues normally associated with Weddings and parties being used by Companies to host their Events. This includes using dry hire sites with Marquees, Activity Centres, Outdoor Showgrounds and Glamping Sites.
The cost of the business venue will vary with the type of location chosen, whilst a Village Hall can be hired for a small charge taking over a Hotel for a number of days will cost much more.
• Personnel
Staff may have to be hired for the duration of the Corporate Event or these could be business employees who have been taken on the Event Project Team.
Personnel should include Admin staff to deal with management of booking in attendees on arrival, ushers to show people around the site and stewards to manage the footfall and movement of transport.
Whilst the Event Organiser may have the overall responsibility of the Event and carry out a range of roles there may be specific areas that need a dedicated person such as a Health and Safety Manager and those within an Operations team.
Where this specialism cannot be found in house there is the opportunity to engage with a Consultant for the duration of the Corporate Event.
• Food and Drink
The Food and Drink at a Corporate Event is one of the most important elements, the number of servings should be in line with the amount of hours guests will be on site and something will be expected to be available for every break there is throughout the day.
It might be that the budget allows for self service snacks and drinks, a buffet or there may be an allowance for a fully catered meal and a drinks bar.
Each element should be researched to find the best fit for the day.
• Equipment and Lighting
At a small Corporate Event there will be little equipment required and it may be provided at a venue where Conferencing Facilities are available.
For Corporate Events on a larger scale there may be numerous equipment required some of which could be provided by the business or is this involves specialist equipment this can be provided by an outside Contractor.
Equipment may include Tables and Chairs, Presentation equipment such as Laptops and Projectors and other technology such as lighting, staging and sound.
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• Power and Water
Where there will be a number of suppliers providing services for the Corporate Event particularly at a dry hire venue there would be consideration needed for any Power requirements and also the provision of Water facilities.
Again these can also be provided by external suppliers if required.
• Security
Whilst there will be ushers and stewards on site moving guests and transport around, a security team may be employed where there is are large numbers of attendees or equipment that needs to be managed and left overnight for example.
• Marketing of Event
The Budget for the Marketing of a Corporate Event should not be understated which needs to be reflective of event objectives.
For the internal Company Event little Marketing may be required and this may work ut costing very little if you are targeting employees within the business.
Where there is the General Public and Consumers involved a more scaled up approach to Marketing will be undertaken.
Of course there are ways of using Free Marketing such as using the power of Social Media and other outlets where you can make savings on your Marketing budget.
• Contingency
Any experienced Corporate Event Organiser would know that it is important to budget for a contingency plan to cover in the event of things going wrong, this might be a % of the overall figure or an exact determined amount.
Calculating the Contingency is not an exact science it is just like putting money aside should something occur that was not originally planned for.
• Budgeting and Forecasting
The Budget process for the Corporate Event should not merely be completed at the beginning and ending once all the suppliers are paid for, these should be constant review along the way identifying savings and changes wherever necessary.
Having a budget is all good and well but by using a forecast when payments has been identified and paid helps to keep things in balance, in identifying items that may vary in terms of costs for a Corporate Event you may be able to move these costs over and increase expenditure on other areas.
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