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Planning an event, no matter the scale, requires careful budgeting to ensure success. Contrary to popular belief, a larger budget doesn’t always guarantee a better event. With smart strategies, creativity, and resourcefulness, you can deliver an impeccably executed event without overspending. Here’s a guide on how to plan and run a successful event on a limited budget.
A conference would be perfectly organized and executed on the outside as if everything was running on clockwork. Behind the scenes of such flawless academic events lies a lot of planning and forecasting, including some pretty complicated financial budgeting.
Preparing an event budget can leave you stumped at times, especially when it’s your first one. There are many things that need to be considered during budgeting, including the cost that it will incur and how that cost is relevant to the conference’s basic proceedings that you had in mind.
But, here are some easy-to-follow steps that you can use to quickly and effectively draw up a concise budget for your event planning convenience.
To find your event ROI quickly & easily, the simplest way is to sum all revenues and expenses and then subtract total expenses from total revenues (Event revenue – Event expense = Event returns). This is the fastest possible method to calculate your return on investment. Please note that this, however, does not include other more important event attributes viz. leads generated, returning attendees, meetings requested, marketing campaigns, attendee engagement, customer satisfaction, Press mentions, social network influence etc.
