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

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On the outside, a conference would be a perfectly organized and executed as if everything was running on clockwork, aside from having everything that a conference would need. But. Behind the scenes of such flawless academic events, lies a whole lot of planning and forecasting, also including some pretty complex financial budgeting.

Preparing an event budget can leave you stumped at times, especially when it’s your first one. There are lots of things that need to be considered during budgeting, not only the actual things that an event would need, but also the cost that it will incur and how that cost is relevant to the basic proceedings of the conference 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?

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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 did you Get out of 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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