Tip Of The Week: Event Budgeting

The event budget is an essential part of event management and fundamentally important to determine the desired outcome, ensure a successful event, profit, lose or to break even. The best way to achieve this is to identify, compare and total all the expenditures and expected revenues. 

The event budget exercises financial control therefore it should be well structured in order to monitor the costs over time, identify what is affordable within that budget and most of all keep it under control so that you do not go over budget.

Things to consider (for an average event):

Expenditures 

Venue

Music/Speakers/ Performers

Transport 

Catering

Insurance 

Decor 

Advertising/ Promotions/ PR

Accommodation

Staff

Equipment Hire 

Revenue
Ticket Sales

Sponsors

Public Funds 

Kick backs 

Web marketing (e.g. sponsors on the site)

Merchandising Sales

Raffles 

The preparation of the event budget is one of the earliest tasks undertaken in the event management process. In fact, there could be several drafts with the proposed costs vs actual costs. That way the event manager can make sound decisions on the expenditures. It is expected that there will be several adjustments and refinements during the event cycle.

Here are a few tips & tricks to help you avoid financial issues:

~ Budget- this is vital for any event and should not be avoided (regardless of the size)
~ Be realistic about expenditures and the income 
~ Have a plan B (in case certain revenues fall through e.g. sponsorship ) 
~ Go big or go home - planning 2 smaller events vs one large event could be more costly 
~ Trust your suppliers - event managers use experienced suppliers with whom they work with on a regular basis and therefore receive better rates
~ Use online resources for marketing vs printed 
~ Plan a revenue strategy ahead of time & lock in sponsors early 
~ Search for government funds 
~ Negotiate!

PS. In case you missed here are a few specific posts on budgets;
~ Corporate Event Management 
~ Wedding Planning Budgets & a typical budget breakdown 
~ Honeymoon Planning Budgets 

Corporate Event Management

Planning a corporate event, office or holiday party is no easy task. It means taking on the immense responsibility of hosting and presenting the corporation to their clients or customers, vendors, various brands and the general public. Every detail, small or large, will reflect and represent the diligence of the corporation while creating first impressions (and we all know how important those are). 

As the GFC deepens, it is important for corporations to keep their existing clients and grow from a positive image. Corporations benefit immensely from experienced event planners who offer smooth, diligent events and understand the importance of those events. An event management company will cater to all of the corporations needs, from securing the venue, to hiring entertainment, creating the desired atmosphere, coordinating guest lists, creating invites, designing menus, providing staffing solutions, and ultimately producing the entire event. 

While there are certain corporations who believe they can take on the task themselves they risk wasting an opportunity to connect with their clients, vendors and the public and ultimately can create a negative image of the corporation.  Anne Thornley-Brown, President, Executive Oasis International, advised that some of the wrong moves that derail a corporate event are the wrong location, the wrong season, wrong timeframe and the wrong budget. 

An event management company will handle the all the details of the event as they have experience and multidimensional skills (aka Jack of all trades), technical knowledge, time management and financial skills. They poses interpersonal, organisational and communication skills. Which really means they have seen it and done it all so nothing will take them by surprise! Hiring and event management company means that your corporation will have invaluable support and benefit greatly from a flawless event.

Tip Of The Week: Planning Your Honeymoon

This is such a personal choice however here are a few things to consider:

1. Availability: How much time can you get off work? Some couples are choosing weekend getaways because they simply cannot afford 2 weeks off work. Check with your employer and don't book anything until you know all the facts!

2. Weather : If you have chosen a destination, they you must research the weather especially if it's a tropical island because you do not want to spend your honeymoon there in the middle of the rain season! It is wise to check out which destinations have the best weather in the month in which you will be married in.

3. Budget : As we all know wedding can be quite pricy therefore the budget of your honeymoon can be quite small but not to worry- here are a few tips to make your dollar stretch;

- Go in the off season not peak season (please again check the weather because some places are affected by this greatly!)

- Register for your honeymoon: just like you would for gifts, register online for your honeymoon 

-Do not pre-book: If you have already selected your location, do not pre book all the activities at the destination because you may find that your plans change when you get there. Be spontaneous! 

-Shout it from the rooftop: Let everyone know that you are newlyweds because you will most likely get  free upgrades, discounts and freebies!

-Opt for a package: If you want to save money and are on budget perhaps consider a package for your honeymoon e.g. Flight Centre will advertise flights & accommodation + free breakfast ect...

-Research online: Visit Living Social and other discount sites that will give you amazing packages for half the price! 

Best of luck xx 

Tip of The Week: Wedding Planning Myths

This week, I wanted to clear up some common misconceptions about wedding planning and help you decide if you need a wedding planner. Once engaged, brides are excited until they reach their fist obstacle (usually revolving around time or money). So what happens next? Endless hours of searching for the right vendors, bargaining down prices, running around town and ensuring that the checklist is getting done on time! This would also be the time when wedding planners are called in. 


Myth no.1 : Wedding Planners Cost Too Much 
The truth is that a celebrity with a mega star budget will hire a celebrity planner that will charge them the OTT price. The fact is most wedding planners (us included) tailor packages that are suited for the individuals involved. While there is a set price for certain packages (top to bottom), there are also varying factors. For example; one of our packages covers  finding a florist and arranging the flowers for the big day but the bride has already sorted that out. This means that we can take the time and cost that it would have taken to accomplish this task out of the package and reduce the cost to suit your needs!   


Myth no.2: Wedding Planners Are Only Required For Large Weddings 
Not true! As we mentioned before there are different packages, for example ours include full wedding planning, a la carte wedding planning, day of coordination and destination wedding packages. This means that if the bride and groom have planned most of their wedding but don't have time to finish, the a la carte package will suit their needs. Perhaps the whole day is planned and ready to go but the bride doesn't want to worry on the day about the schedule so she may choose to have a wedding coordinator come in for the day. 


Myth no. 3: Wedding Planners Take A Huge Chunk Of $ Out Of The Total Wedding Cost 
This myth commonly derives from the full wedding planning package. Basically the way this works is that the wedding planner will organise the whole wedding, as it will take over certain amount of hours, then the wedding planners fee is based on percentage of the total wedding cost (between 10-20% is standard). The truth is this is a silly myth because once again the wedding planner will sit down with the bride and groom well in advance to work out their needs, what suits their budget and the couples expectations. This way the wedding planner can do the jobs the couple won't be able to cover themselves and again the couple will save money! 


It is wise to remember that as wedding planners, we have industry contacts and are always on top of all the newest trends and ideas. Your time costs money too. If you work full time you will most likely need to take time off work, plan during lunch breaks and not have too much time to relax. The number 1 reason why wedding planners are hired is that couples want to have a stress free wedding. A planner also works as a buffer between friends and family who might have different expectations to you for your big day. There are plenty of advantages to hiring a planner and I hope that this post has helped clear up some of those misconceptions! Should you have any questions about this post or anything else please contact us. xxx

Tip of The Week - Wedding Budgets

The type of wedding budget you have will determine what kind of wedding you have, regardless of who is paying for the event. I have to say that there are MANY things that can be done to reduce the budget and STILL create that day that you have always dreamed about. Many people will try and convince you otherwise but to get the wedding you have always dreamed about under the budget that you can afford will take an experienced planner, lots of research, belief in yourself and ACTION! 

Here are a few tips from us to get you thinking; 

• The Date: Saturday is the traditional day to hold a wedding however most venues will be fully booked out. To cut the budget and change it up a bit, consider a Friday night or a Sunday reception. You will save more money thank you think and have a greater selection of dates to choose from!
• The Ceremony: exchange your vows outdoors in a botanical garden and you won't have to spend a lot of money on the decorations! 
• The Dress: Thinks about the fabric. Poly satin will cost less than silk sating and most guests won't know the difference. Choose expensive lace and beading for the bodice (think Kate Middleton) but eliminate embellishment on the train. Find the dress you like in store and look it up online as you will save up to 50% off the RRP. 
• Grooms Attire: if your wedding is semi- formal, the groom can wear a suit he already owns. Alternatively if you have many groomsmen, get them to hire their suits from the same vendor as in some cases they will include the grooms tux for free! 
• The Flowers: Swap expensive flowers for less expensive ones and substitute! Alternatively, you can hire amazing artificial flowers from event stylists. They will have the best ones in the business! 
• The Catering: Keep it simple! Brunches, platters and buffets are much less expensive than seated dinners. Reduce the number of courses. Stick with the caterers speciality, the season and the region! BYO drinks to the venue (if they allow it) - purchase champagne or wines in bulk from a liquor supplier and bring it to the venue. Check out our previous tips on beverages. 
• The Invitations: Keep them simple or better yet use save the date eCards or online RSVP. Create your own wedding website for free and get guests to RSVP online! 
• The Entertainment: DJ's are less expensive than live bands, however if you want a live band, think small!!! Most DJ's and bands will charge less on weekdays than weekends (think Friday night again!). 
• The Honeymoon: Use your credit card to pay for your wedding (something like AMEX). Take advantage of the frequent flyer points and avoid travelling during peak season. Take a chance and send in your wedding pics to magazines and online competitions to win a free holiday!

Here is our basic budget breakdown to help you think about where the money should be allocated :)