Maximize Your Special Events Budget

July 26, 2012 // Event Services

Top 5 Ways to Maximize your Special Events Budget

Planning an event has always required special attention related to the budget, but in today’s marketplace, planners have been pressured more than ever to streamline costs. But, how do you go about getting the most out of your budget without hampering the success of your event? The following are some proven means to effectively manage your dollars.

Plan Early
Be sure to start your planning as early as possible to secure your desired venue and preferred vendors. This is especially important during peak times of year, such as the holiday season, when corporate gatherings are most popular and weekend evenings in the summer and fall when wedding season is underway. Planning early doesn’t mean you need to have all the details in place, rather, you can confirm your general needs and then make changes as you get closer to your event date.
Minimize Number of Vendors
Maximize the use of your preferred vendors as much as possible, either at a single event or looking at your yearly calendar. Event partners or planners can keep the big picture in mind, while focusing on a single program. For example, at metroConnections, we create custom-built pieces for our clients and utilize them at multiple programs throughout the year. Therefore, we have reduced the per-use costs, while providing an event element unique to their needs. Another big cost can be rental items. Delivery costs can add up quickly, so try to use your vendors for all of their service capabilities rather than looking to multiple vendors.
Look First at High Quantity Items
When attempting to trim the budget, look first to items you are using in high quantity. For example, at a large-group dinner with the full table décor, a small modification in linen, centerpiece or chair may actually go farther than a change in ambient décor or entrance without detracting from the vision. Another example is food and beverage. A small change in your menu multiplied by your number of guests could prove to be a large cost savings without hindering the success of your event.
Speak with Event Partner before arriving at Design Plan
Incorporating your brand is key for today’s events and should be part of your early plans. As such, be sure to discuss your ideas for the design direction with your event planner or vendor company in the early stages of planning as they may have items in their current inventory that align with your vision. In addition, your event partner can help you match the event vision with your venue specifications to help maximize your budget. Also, many event planners now have the capabilities to help you “visualize” your idea through the use of CAD layouts and 3D renderings. This step will help ensure that when you spend the money on decor, props and more, you have a realistic view of how it will all come together.
The Bookends are Important
Although the main attraction is the event itself, the set and tear down are just as important. Be sure to allot ample time on the front end for set up and back end for tear down with both your venue and event partners. Such planning ensures that you don’t incur additional room rental fees from your venue or adding rush labor by planning ahead for these time slots.

With almost a decade of experience in the event planning industry, Nicole Cardamone implements best practices and applies her experience in planning and executing successful events. In her role as Sales Manager at metroConnections, she works with clients to develop strategic solutions. Nicole is an active member of International Special Events Society (ISES) and has participated on the Design & Decor Committee for the annual Star Awards.