Event Planning Chapter
Main Topics
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- The venue is usually a big ticket item. Check to see if they allow
outside staff, or if theirs must be used (often more costly). Some
venues include table, chair and kitchen
use, with others it may be necessary to source them separately
- Décor. Flowers, centerpieces and lighting
can quickly add up. Consider renting theatrical or movie props for
visual impact at a savings
- Design,
printing
and mailing
- Taxes, gratuities and other surcharges. Don’t assume they
are included in the quotes, ask if they are
- Speaker fees and the associated travelling, accommodation
and food costs
- Insurance, permits and licensing fees
- Food and beverages. Catering
and alcohol costs are quite high, especially for sit-down meals
- Equipment rentals: stages, sound and lighting, projectors, computers
and software, chairs, tables, table cloths and skirting, carpeting,
dishes and glassware, booth dividers, coat racks, easels, etc.
- Staffing
- Marketing, depending on the event. If brand awareness is a major
component, determine at the budget stage whether a PR firm is necessary
- Entertainment, whether a band, DJ, outing to a local attraction,
theatre tickets, et cetera
- Gift bags or room gifts (often with promotional materials)
- Transportation,
valet parking, parking vouchers, etc.
- An event planner/producer. The savings generated by having an experienced
events coordinator involved from the outset often equal or surpass
his or her fee
When it is appropriate, rental costs can be lessened (and a side-benefit
is that media attention is easier to attract) by partnering with a charity.
Consider making a flat-out donation, hold a draw, ask for donations
at the door, etc., and request that the partner charity arrange the
rentals to take advantage of discounts.
One firm worked with a children’s charity by having a silent
auction at their incentive event, as well as donating 50% of the savings
they generated through the
charitable discount. Even after the donation, the company saved
almost 20% on event rental costs and raised over $24,000 for a charity
that was well thought of in the community. Event attendees felt great
about helping one of their favourite causes, and the local newspaper
wrote a favourable article about the company and the evening’s
honourees. Everyone benefited.
It is vital to constantly track the budget. As the event draws closer
and more and more expenses are incurred, one should get into the daily
habit of entering any new expenses and totalling them up, to ensure
that the budget is still manageable. Keep in mind that small changes
can impact on costs. A change in the colour scheme can result in higher
décor spending, especially on flowers. The late addition of a
new speaker may mean reprinting the program. Ideally, include an unexpected
incidentals section in the budget, allowing for a 10% cost overrun.
Lastly, it is also important to consider the income for any event designed
to generate revenue. It is easy to see that costs should be tracked
to ensure that the budget is respected. However, it is also important
to engage a financial specialist, whether an accountant or a banker,
to assist in ensuring that costs are invested in areas that yield the
most benefit (these benefits were discussed earlier). It is important
to plan various metrics that include revenue per pass, or margin per
person, etc. This helps committees ensure that the budget is adhered
to and, just as importantly, also maximizes returns on the dollar.
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Event Planning 101
Chapter 1: Planning an Event
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