With the economy still on the downturn, you may end up with a smaller budget while planning the next corporate event. The competitive corporate environment has no room for underperforming. How will you manage organizing a successful event with a limited budget? Read on to discover some clever ways event management with limited funds.
Know what you can spend
Before you start planning a major corporate event, find out exactly what you can spend by speaking to your superiors. Get the budget allocation for the whole event. Additionally, discuss what you can spend on the venue, catering, guest speakers, decorations, entertainment and awards. Starting off with a baseline limit for each category will help you to control spending.
Search for sponsors
Many companies are struggling to gain recognition and cannot pay steep advertisement charges. To take advantage of this, search for a budding company willing to pay for exposure at your event. Use connections within the industry to land sponsorships by companies related closely to your business. Along with your proposal, add a roadmap for potential reciprocal arrangements in future and you may be pleasantly surprised by the outcomes.
Bargain on the venue fee
Check out local listings for cost-effective venues in your locality. Effects of the sluggish economy have spread all around and venues generally have fewer bookings. Research booking charges at facilities in your area and make an appropriate offer to your choice of venue. Find out the occupancy rate of this facility and if it was mediocre or poor, bring that up while negotiating the price. The management may bend significantly on the price.
Spend less on guest speakers
To cut down on guest speaker fee, find a speaker with an appearance at a nearby location on the same day as your event. You will save on transportation and lodging charges, and may even get away by paying less. Try to book well in advance to get additional savings.
Reduce catering expenses
Going buffet may cost less than a sit-down meal with a planned menu. Offer fewer options at the bar such as soda, wine and juice, rather than a full liquor bar. You can opt to serve only hors d’oeuvres choosing an upcoming caterer.
These are only a few of the many possible ways to save money and discover an event management solution with no comprises on quality.