The ROI of special events and meetings is often measured by the financial outcomes reviewed at the conclusion of the event. To achieve a positive outcome, it is essential to accurately project costs and monitor the budget assignment throughout the event delivery process.
The successful budget forecaster will establish an organised budget reflecting the wide range of cost factors inherent in the creation and delivery of each event element. A template approach to building and implementing a working budget begins with clarifying both cost and income requirements for each track within the event overview. These event tracks generally include costs assigned to key budget categories such as:
- Site structure
- Food and beverage
- Decor, floral, environment
- Entertainment, talent and volunteers
- AV, lighting, audio, Technical production
- Communications, social marketing, publications
When tackling the preparation of the event budget, each discipline within the event has its own set of cost variables unique to the specified product or service. The following lists provide a foundation from which to build event-specific budget templates demonstrating costs and projected income within each event track. Depending on the scale of each project, these cost areas will shrink or grow relative to the financial parameters suggested and the scope of services required to implement the event vision.
