Many companies or organizations have run into severe financial difficulty and even bankruptcy from the lack of proper budgeting. Preparing a budget is a crucial aspect of event management in order to properly control the amount of cash needed and consumed when staging an event.
An Event Budget Form allows Event Directors or event organizers to easily track and predict the income and expenditure that the event will incur based on the plans made and the data collected. Event Budgeting allows Event Directors to predict if the event will result into a profit, a loss, or a break-even.
Fundraising Event Budget Form
Church Event Budget Form
Standard Event Budget Form
Event Planning Budget Form
Event Budget Request Form
The Key Points to Remember when Creating a Budget for an Event
Preparing a budget for an event is a premature step in the process of event management. Adjustments and changes may later be applied in the process of planning the event to lower the cost such as securing sponsorships and funding. Below are some tips on how to establish an effective formula for budgeting an event.
Budgets Should Be Aimed Toward Profit
Creating a budget for an event is implemented to avoid losses. If an event is deemed to create a loss for the company, then plans or adjustments have to be considered for the event to at least break-even.
Be Realistic in Planning
Oftentimes, making overwhelming and too optimistic decisions can lead to a financial loss. When planning for an event, an Event Director has to be realistic and be balanced in planning or predicting the amount of sponsorships to be gained or the number of participants.
Always Have a Back-up Plan
Event directors or coordinators should always have a Plan B and in some instances, a Plan C if in case a good idea will not turn out as expected. Contingency plans help coordinators properly pick up the pieces and still make an event a success even after a good idea fails to be executed.
Event Budget Approval Form
Event Budget Form in Word Format
Event Budget Form in PDF
Free Event Budget Form Example
General Event Budget Form
How to Manage Expenses for an Event
Track and Compare Prices for Rental
Events need a venue and equipment, and these require rental fees. Canvass possible sites for the event and suppliers and compare prices so that you will be able to book suppliers and venues that are economical and offer good quality. Be sure to verify costs such as lighting and security as these are usually hidden.
Monitor Transportation Fees
By keeping track of the expenditures for transportation, you will be able to create a more realistic budget plan and trace expenses properly.
Estimate the Cost for Caterers
Explore your options when it comes to caterers. Ask for quotes and catering proposals from them to let you see which can provide the best deal. Remember that caterers can make or break an event, so be sure not to sacrifice quality over price.
Provide Costs for Equipment and Entertainment
If food makes an event, entertainment would be its life support. Sound systems and means of entertainment such as bands and DJs provide life to a party; however, they do not necessarily have to cost an arm and a leg. Canvass for a good means of entertainment at a low cost and utilize equipment that is already in the office or comes free with the rented venue.
Don’t Sweat the Small Stuff
When planning for an event, you will notice that several small items actually total into a bigger expense when combined together. One example of this is the printing of invitations, badges, gift items, trophies, and vice versa. One way to save up on the cost for invite items is to personally print invitations or create online invitations.
Summarize Your Actual Expenses
After properly making a canvass of vendors, rentals, and suppliers, create a summary of your total expenses. This will serve as your projected list of expenses which you can later use to compare with your actual list of expenses. By using our Sample Budget Forms, tracking your expenses will become an easier job to do and can save you a lot of hassle.
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