In working with an existing budget, it’s important to consider the factors that were involved in creating it. The worst-case scenario is if someone else created it with little thought, other than, “you have $10,000 to use and it needs to happen,” with little consideration for the purpose, goals and return on investment (ROI). In being involved in the initial planning and development of your budget, you can sometimes have the luxury of a more strategic, needs-based budget. 

Sit down with your budget and use or create a template that offers a line item for every expense (preferably in a spreadsheet formula so you can easily track the totals). For planning purposes create a column that lists the budget number and then a column where you can plug numbers in as you plan, along with a third column noting differences in budget versus estimate. Even if you’re working with someone else’s budget, break it down into a spreadsheet format to help you see where the dollars will go.

Don’t forget what the budget is for and why it’s in place. Understand the event(s) goals: Find out why this event is taking place, what’s the purpose? Is it to unveil a new product or service? Is it training? Motivational? Informational? What is the outcome you’re working towards? Decide how you’ll be able to measure its success. Is it through sales, new orders or new customers? Ask as many questions as possible in the initial stages. Through this careful evaluation you’ll be better able to align your goals with where the majority of your budget needs to go. 

Who is your audience? How do they prefer to learn, celebrate and/or network? Where are they located? Is this meeting required? Are they or their company paying to attend? What’s in it for them? Do you need to encourage them to attend? Is continuing education a component? These are important when considering the marketing portion of your budget, how you’ll get the message across, the frequency, the method and amount you’ll need to spend. 

What’s the best way to deliver this event? Maybe your budget can be stretched if you explore different meeting options. Does this event require everyone to meet in person? Decide if there are other more effective means to relay the information, such as a conference call, webinar, virtual training/meeting or key staff traveling to meet with small groups to their city or office. Perhaps holding roundtables or smaller, more-intimate events in multiple cities and/or times will be a better format. Is there an industry conference that your attendees are already going to be at? Maybe it makes sense to schedule an event there, such as a dinner on an open night or a day pre or post conference that they can make it to. Deciding this will determine how and where to put your money.

Depending on where your attendees are coming from, determine the best cities that fit your needs in regards to the setting/tone of  the event as well as the cost in getting people there. Will the majority of people fly or drive in? If your budget is covering travel costs this is especially vital. Perhaps instead of having one large event, it makes more sense to hold several events in different regions, eliminating greater travel expenses. 

After you gain an understanding of what your goals are and who will be attending the event, you can begin to find out what type of venue best fits your needs. Is it more casual or formal? In alignment with your event’s goals, relate it to the setting; for example, determine if your primary goal is educational, motivational, incentive, or other. Based on these factors, what type of facility is going to help reach your goal? Is it a resort or a retreat-type facility, a conference center, an airport hotel or a non-traditional venue, such as a museum, park or university? 

 Supplement your budget from outside sources

Does your event already include exhibitors? If not, can you add this component to bring in additional dollars?  If it does make sense to add exhibitors, determine the value and how much you need to meet or offset your budgets to determine the booth costs. Perhaps you can add more value for exhibitors by offering more sponsorships, sponsored meals, breaks, newsletters, websites, signage or access to attendee lists. 

Develop partnerships with your vendors in terms of getting products donated or monetary contributions that you can use toward a budget line. 

Work with the local Convention & Visitors Bureau (CVB) and find out if they have any services and money to contribute. Do they have partners that can offer value or sponsorship to your meeting? Maybe they can arrange for discounts based on the overall economic impact you’ll bring to their city and businesses. 

Be upfront with hotels in terms of your budget; see what they can offer based on your range. Often hotels can work with you on rates depending on their availability. You can also select hotels that not only meet your budget, but also correspond with the message you are sending to attendees. With that in mind, don’t count out a hotel that is typically out of your price range, even they have low demand times or need a “filler group.”

Ask if you can you get a rebate on your master bill ($1 per every room) or a certain amount back in credit toward your food and beverage bill or overall bill. This can be a major supplement to your budget.

When you’re looking to stretch your budget, you can sometimes get more bang for your buck by using unique and multi-faceted venues where things are all under one roof. It pays to check out hotels with adjacent meeting facilities, casinos, waterparks, entertainment options and are within walking distance to a vibrant downtown area offering these amenities. This can alleviate some planned, company-sponsored events if there is a wide variety for people to choose from. 

When putting together your budget for décor, mementos and linens, begin by talking with your venue to see what they offer complimentary and for additional charge. You can also shop around and find other suppliers to get comparisons. Check and see if they offer volume discounts. Perhaps you can use them for other events and by contracting for a certain dollar amount for the year, you can gain more buying power. Depending on the size of your event and the number of items you need, see if discount stores and rental companies are a viable option (be sure to ask about discounts there too). Be upfront about the image you want to project and the budget you have to work with.

Budgets are manageable with the right amount of prep work, understanding, creativity and follow through. When in doubt, ask. Never be afraid to share with your business partners what you have to work with in creating your event. People are grateful to have the whole picture so they can help you execute a successful event and ensure that you keep within your budget.  

For those new to the industry, new to working with budgets or those looking for a refresher and new approaches, a great place to start is at www.MidwestMeetings.com. You’ll find the current Midwest Meetings^® Guide Book 2010 that contains a budget checklist. The meeting budget guidelines include everything you’ll need to track your budget, such as general info items, meeting space, hotel accommodations, food and beverage, equipment and audiovisual rental, travel expenses, transportation, services, onsite staff, miscellaneous items, as well as a space for special considerations and additional notes. You can access the website at: 
www.MidwestMeetings.com