Four Things to Budget for Your Business Event

Planning a successful business event from a product launched to a corporate retreat requires more than just securing A venue and sending out invitations to your team. Budgeting is a critical part of the process that can make or break your event’s success. 

One overlooked but essential item, for example, is arranging event medical service, especially for larger gatherings where attendee safety is a top priority. There’s much for you to consider, from logistics to comfort, so here are four key areas that you should account for when building your business event budget.

1. The venue and logistics. The venue will often eat out the largest portion of your budget, and for a good reason. It sets the tone, accommodates your guests, and determines what other services your business will need. The costs, however, don’t stop at the rental fees. Be sure to account for associated logistics, such as off equipment and Technical Support, parking or transportation and security personnel. Also, consider whether your events need backup power sources, extra Internet access, or other utilities that may not be included in the base cost.

2. Health and safety services. This is where many event planners fall short. If you’re running a large event, then having a medical emergency team available is important. Budgeting for a qualified event medical service is as important as the speakers, the decor and the catering. None of those things are going to matter if a guest has a medical emergency and you don’t have a plan. It’s not just about it being a safety precaution either, but a liability mitigation strategy that protects your attendees and your brand reputation.

3. Marketing and communication. You can plan the best event in the world, but it’s not going to succeed if no one shows up. By allocating part of your budget to effectively marketing your event through email campaigns, social media promotions, paid advertising, and printed materials, you will be able to make sure that your event goes off without a hitch. Just don’t forget about registration platforms, guest list management tools and post event communication strategies. It’s these elements that ensure your audience not only knows about the event, but stays engaged before, during and after.

4. Enhancing your guest experiences. Great events are remembered for how they made people feel. It’s those little touches that can go a long way toward leaving a lasting impression. A positive lasting impression. You should consider budgeting for high quality catering or unique food experiences. Swag bags or branded merchandise, comfortable seating or lounge areas and live entertainment sessions. Making sure that your guests have the best possible experience at your event is important. Any of these enhancements can be scaled to fit your event.

A business event is an investment of time, money and your reputation, so by being careful with your budget for the essentials, you’ll be able to set the foundation for success. Thorough planning and strategic spending ensure that when your big day comes, you’ll be ready to impress, engage and inspire.

(This is a Contributed Post)