“What’s your budget?” I remember dreading these words when I was a newbie event professional. I would tell myself things like, “Know your value!”, “You’re worth it, they’ll see!” and then there I was, sitting face-to-face with the potential new client and getting all caught up in the excitement of the event. I’m already envisioning how great we would be to collaborate; I’m coming up with event design ideas and solutions in my head, therefore allowing myself to be consumed and distracted in all this creative energy, cornering myself in the process leading to me saying “YES” to another underpriced project.
Fast forward to working in the events industry and now being referred to as a “seasoned event professional,” I know better. So, for all of you aspiring event professionals who are looking for some extra ammunition and coaching, here are the top three considerations to achieve success on a lean budget.
Number one: value alignment. Typically, when there is a lean budget, especially if it’s a charitable organization, you have to work a little harder. Given this, it’s important that you have strong value alignment with the potential client when it comes to key elements like vision, objectives, workplace culture and community investment goals.
When there is value alignment, goals feel easily unified between you and the client. You are better positioned to craft a focused strategy together that reflects the client’s event vision and achieves a customized experience that reflects their target audience.
When values align, it reduces the stress and pressure that naturally accompanies having to articulate clear expectations and results in fewer misunderstandings, facilitates constructive feedback, and creates a space for ideas to be openly shared. When it comes to risk management, understanding the client’s values aids in anticipating potential risks and preparing contingency plans that align with their priorities and risk tolerance. It also minimizes conflicts that can arise from value misalignments reducing the risk of last-minute issues which is extra challenging when you’re working within a lean budget.
Value alignment helps in prioritizing your budget towards elements that are most important to the client, fosters transparency when making budgetary decisions; and ensures that resources are used as efficiently and effectively as possible.
Number two: investment. What are you willing to invest, whether this be an investment of time, human and or financial resources, etc. over and above the lean budget? This question is critical, because, typically, these smaller event budgets are for charities, and we know they have limited capacity and resources. I believe there is this unwritten honour code that we need to step up and support them to meet their event vision and be that arm of event management acumen to help them.
When we actively invest in a charity event, our willingness to contribute, despite a lean budget, demonstrates a genuine commitment and dedication to their cause, therefore enhancing your credibility. Potential donors and attendees are more likely to support an event where they see this level of invested commitment in how resources and talent were generously donated to ensure the event’s success.
Number three: sometimes, you have to say NO. As an event professional, we need to ensure that we are weighing out all the potential risks before taking on an event with a lean budget. Saying no to taking on a lean client event budget can be one of the most empowering and beneficial gestures you can give to a client for several reasons.
When a lean event budget is presented to you, it is critical that you consider if you have the necessary capacity in time, talent, treasure, and staffing resources to ensure event production quality and value. With a lean budget you may not be able to deliver the desired quality that the potential client is looking for, which can reflect poorly on yourself, your guests, and your client. Saying no allows you to focus on projects where you can provide real value, ensuring a positive outcome for all parties.
Saying no to lean event budgets allows you to allocate your resources and time to clients who can afford your services, maximizing your efficiency and profitability. It also prevents overextension and burnout, resulting in you maintaining high standards of quality and value across all your event projects. It also helps to avoid unrealistic expectations. Clients might expect premium services despite a lean budget, which could then lead to potential conflicts and dissatisfaction from both parties. Having to decline an event with a lean budget also establishes clear boundaries about what services are achievable within a given budget.
Achieving success on a lean event budget is doable when we consider value alignment, investment, and most importantly, knowing when to say no. When we consider all three of these elements, you protect the quality of your services, preserve your resources, manage expectations, maintain your financial goals and professional credibility. The next time you’re in a client discovery meeting, I hope you feel better equipped to ask and reply to “What’s your budget.”
With more than two decades of event industry expertise, Rowena Cui, the co-founder of PlanIt Sound Inc., champions a dual mission. Her unwavering dedication to blending community spirit with strategic marketing has propelled her company to award-winning heights. She has also contributed her expertise to the International Live Events Association (ILEA) Edmonton chapter board, serving from 2019 to 2023, including a term as past president.
