Keep a Finger on the Financial Pulse
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Many novice event planners make the error of not keeping regular track
of the finances. As a rough guideline, data should be checked against
the budget and entered as it comes in (any expense that is 10% more
than budgeted should be looked at immediately, as it will affect other
line items). At the beginning of a timeline, it should be done at least
weekly and then, as the event gathers momentum, every day, ideally.
The event planner who makes this a habit will avoid numerous stresses
and possible financial disaster. It will quickly be evident if billed
amounts equal the projected costs, or if portions of the event were
not budgeted for. Consistent budget tracking will show the
event organizer if there is financial room for features that will
add value for attendees, or which features will need to eliminated—if
the AV costs go up, can a dinner without a speaker be replaced by a
martini reception at 1/3 the price (provide a map of the area with spots
of interest highlighted and bill the evening as a Discovery Night for
attendees). In this example, the presentation goes smoothly, attendees
feel pampered as they socialize over free drinks and then head out on
their night out with a positive impression of the event.
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Conventions.com
Event Planning 101
Chapter 9: Financial Management
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