When planning for an event or getting started, setting up a budget is probably the first thing you think about more often than not. But sometimes, people can make errors in this department as well. You need a good team to set the right budget and hire corporate tent rentals and vendors properly. Here are some very common event budgeting mistakes.
Too High Or Too Low Of A Budget
Setting a budget isn’t a cakewalk. You have to put a lot of thought into it and the right planning will lead to everything falling into place, as far as spending money is concerned. What a lot of people do, is set too high or low of a budget and that can affect the overall event. You might think that setting a high budget is safer, but that’s not true.
An event’s success isn’t measured by how much money you’ve spent on it. You need to be smart with finances and not let anything force you to set a budget that’s too high or below the bar.
The key here is to set a budget that’s going to be reasonable and it’s going to include everything that’s non-negotiable in your event. You won’t be putting too much burden on yourself or the management if you set a budget that includes every important thing you need in the event. Smart planning is the way to success in event management.
It’s really easy to lose track of what you’re trying to set, as far as budget is concerned, when you don’t do the research by yourself. One of the most common mistakes that people can make, while setting a budget is not conducting proper research and just going with an estimate they found online.
A lot of the time, people can use the internet to search for the overall costs of events because it’s easier, but that also doesn’t lead to accurate results most of the time. Every venue, catering service, and vendor is going to vary in price and services and you need to get out and do some homework by yourself to figure out which vendors, decorators, and food options are going to be the best for you.
As far as venues are concerned, you also need to put some effort into it. Visiting different venues and asking for offers and deals is a great thing because you can strike gold most of the time if you’re smart. Research is more than half the battle of event planning and management, and once you get through this hump, everything will become very easy for you, and planning and setting up a budget will be a piece of cake because you’re experiencing everything firsthand.
Having High Expectations
Are you being over-optimistic? Are you anticipating a lot of guests and want to double up your budget, because you think that “things won’t be enough”? Well, stop that thought train right here! It’s good to be optimistic about some things, but that doesn’t mean that you need to set a higher budget for it.
Expecting a lot of people to come and getting an overly huge venue, with a lot of food options and excessive entertainment seems like an overkill. You don’t want to act hastily in planning an event. A lot of the time, there is a cushion in the management that can accommodate a sea of guests at the last minute and you don’t need to increase your budget for it.
It’s the job of the vendor providing for your event to keep a margin, in case there’s an unexpected flow of people visiting. Things can take a turn for the worse if you invest a huge amount of money in the event, and then no one shows up. You’ve paid for everything, so that’s a loss on your part.
Not Spending On Good Food
Food is the life of any event and if you’re skimping out on the quality of the food, just because you want to “save some money”, then it’s going to leave a bad taste in the mouths of the guests, literally and figuratively. That doesn’t mean that you should spend every last penny you have on food either.
The trick is to be moderate and consistent with every step of planning. Try to have a couple of options for catering services and choose the one that has good food options, nice service, and a reasonable price.
Purchasing Without Confirmation
Usually, if it’s a corporate event and you’re in charge of the event planning and management side, then you will need approval from the higher-ups about every purchase that you make. You can propose a budget and let them review it but if there are last-minute changes, then you need to confirm it with your authorities before even thinking about making the purchase.
There are chances that the CFO or your manager might disapprove of the new changes so it’s best to be safe than sorry and pay out of your pocket for something that isn’t even necessary for the event. So, make it a habit to always ask before making any purchase/change.
Being Shy About Discounts
When planning for an event and searching for vendors, caterers, and event rentals Rockland NY, it can be a huge loss on your part if you don’t ask for discounts or some deals.
There are many companies and vendors that offer special discounts on a gathering that has a certain number of people, but you need to be frank enough to ask about it, because a lot of the time, vendors might keep you in the dark. So, brush off your shyness and ask for deals and discounts.
Not Giving Security A Thought
A lot of the time, people managing and planning for the event can forget about a very important thing; security. The security of the event premises is crucial because that’s going to ensure the safety of the guests and people attending and there will be no unwanted circumstances that rear their heads.
Including security in your budget is important and it should be prioritized equally as other things like venue and food. A safe and secure event will be a success and this addition will be appreciated by people.
Straying Off The Path
Whether it’s an event or something like a wedding, it’s human nature to have the temptation to spend like there’s no tomorrow. This is why having a budget for any event, whether it’s a small gathering or a big corporate meeting, is important because the purpose of having a number on paper is to keep you on track.
Most people fail to follow this line of action and there are times when they can overspend on certain things. They might seem appealing at first, but they are not as important, and most of the time, those things are left unused, so that’s a whole different level of wasting money.
Now that you know what things you need to avoid when setting up a budget for your event, things are going to be a smooth sail for you from this point onwards. Create a budget carefully and work with the right team and event party rentals Rockland NY to pull off a successful event.