How To Stay On Budget When Hosting A Corporate Event
A budget is a vital part of any project. If you’re holding a corporate event, one of the most important things you need to secure is to execute plans using your allocated financial resources. This should cover things like the venue, the logistics, and catering in Fairfax VA.
However, many novice organizers tend to go beyond and shell out more money than what is needed. Worried about facing the same fate? Here are 10 tips to help you stay on budget when hosting a corporate event.
Set a budget but be flexible about it. List down all the items you’d be spending money in, categorize them, and estimate projected expenses for this one. While you should follow this budget plan, take note that you should also be flexible about it.
Don’t forget about the contingency fund. A budget proposal isn’t complete with allocating a contingency fund. This money will be used in case emergency expenses (the ones that are not included in your estimates) should arise.
Research and compare. When looking for suppliers, don’t just stop when you’ve found one. Do your homework, research, and ask around — look for at least three suppliers and compare their pricing options.
Negotiate with your suppliers. Once you’ve pinned down your supplier for your audio-visual needs, or you’ve found the best catering in Fairfax VA for your event, it’s time to unleash your negotiation skills.
Pay attention to big-budget items but don’t forget about the small ones. For sure, you must keep your eye on items that take up a huge portion of your budget (e.g. Venue, food). Nonetheless, don’t forget about the smaller expenses, because when they add up, they can end up being unnecessarily pricier than what is expected.
Book the most appropriate venue. If your company has a hall that can accommodate your guests, choose that one as it is beneficial, budget- and logistics-wise. If you have none, look for a place proximal to your office, and spacious enough for the number of expected attendees.
Take promotional expenses into consideration. As said earlier, even small items can take up a huge chunk of your budget when not properly taken into account. Be mindful of these things, including that highly needed promotional materials.
Be wise about your menu. Food menu and arrangement can dramatically affect the overall performance of your event. But this doesn’t mean that you should spend as much money on it. Many corporate event organizers go for a buffet than a sit-down set-up to help cut down food expenses.
Find a guest speaker in the early stages of your preparations. Remember this general rule: The nearer you book a guest speaker to the date of your event, the higher their fee will be. Tick off this item early on your preparation stage to avoid huge motivational speak expenses.
Look for the right sponsors. You don’t need to shoulder all your event’s expenses on your own. One trick that many companies do is looking for sponsors and offering them mileage in exchange.
If you are looking for topnotch catering in Fairfax VA, contact us today at Saint Germain Catering. Let us help you throw an excellent event!