Tag: Budget management

Preparing a Budget for Your Conference: A Step-by-Step Approach

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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.

 

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How to Run an Event on a Shoestring Budget?

Budget manager

 

Budgeting is one of the critical elements of event planning and coordination. Irrespective of the scale and nature of an event, getting your budget on point is imperative to ensuring your event pans out as planned.

Having said that, a bigger budget may not necessarily guarantee an effectively executed event. A successful event can very well be planned and executed impeccably even with an extremely restricted budget. Read on to know how.

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How Much ROI did you Get from Your Event?

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.

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