Major companies or organizations planning to hold an event acquire the services of a reputable event planner to ensure the success of their project. In most cases, if the previous events handled went well, or beyond the company’s expectation, they hire a planner for repeat engagements.
Those new to the event planning business are fully aware that repeat engagements can build reputation, and that an excellent reputation is founded on expertise and hardwork. How well the project event had transpired will reflect those traits.
The client’s budget is always a major consideration, and is one aspect with which a planner can demonstrate her skill. A skilled planner works out a budget based on the client’s expectations about the project event, and not on projections of how to make the engagement lucrative for one’s business. On the very first meeting with a client, asking the right questions about the project event and drafting a rough budget on the spot, already sends a signal of the planner’s expertise.
That brings us to the question of how can skilled planners create a rough draft of a budget, without hurting one’s chances of losing profit on the fresh deal.
Important Elements that Planners Must Acquire or Develop as Tools for Budgeting
Knowledge of the typical event expenditures helps a lot when discussing budget plans with a client on the first meeting. It would be best to keep a list available in your laptop or smart device to make sure you will not miss anything on the very first draft of the event budget. The most typical expenses incurred include catering, decor, event souvenirs (giveaways), rental fees for venue, equipment, transport, staff wages, printing, insurance and other minor expenditures such as postage, documentation and communication charges,
An arsenal of Budget Templates for different types of events that you can choose from amd readily use to make a rough budget.
A comprehensive and up-to-date list of Vendor/Supplier/Rental Price Quotations to use in filling up a Budget Template to present as rough estimates. However, it would be wise to mark up the quoted prices a bit, or to use the highest quoted price to make allowances for potential price changes in case the lower quotation option is not available. That being the case, maintain a separate quotation list for in-house budget planning purposes, while labeling the list properly to avoid confusion.
The mark up can also serve as your reserve fund for contingencies, in case things go wrong with the original venue,vendor or supplier.
Most Recent Research about the Latest Trends to Recommend
Knowing what your client wants or expects is one thing, your knowledge of the latest trends to recommend is another, because that is part of your expertise. Be sure to have sample images, or videos of your fresh recommendations so the client can easily get a quick grasp of the new concepts. Your research therefore must include the estimated costs. That way, you know the range of event budgets that can include the new trend.
When preparing the tentative budget, do not leave out your fee for the entire project. It would be best therefore, to analyze beforehand, the most viable fee structure to use in stating your fee.