Events can be expensive. And, often the event planners with all the great creative event ideas aren’t the ones in charge of allocating the annual event budget. So, how do you go about asking for approval of your event budget?
The key is to communicate the real value of your proposed event for the company in a structured face-to-face meeting with the right person. This conversation can be daunting if you're not prepared, so we’ve got a few tips to ensure you succeed in acquiring approval for your ideal event budget and planning a successful event.
Do your research
Arm yourself with all the bits and pieces of the puzzle so you’re prepared for the full conversation.
Examine the position of your company and try to anticipate your boss’ answers beforehand, so you can prepare a strong, actionable proposal. When looking at how to create an event budget, adequate time must be spent ensuring that it includes all required elements for event success.
If you are the event planner, ask yourself these questions first:
- What kind of financial position is the company in?
- How much did they spend on events last year?
- How many events are you proposing to host in the coming financial year?
- Will this be a virtual event? Or an in-person event?
- Will you require an event space?
- What feel do you want to curate for the team?
Be realistic with your event budgets
If you're an employee involved with event management in any way, estimating costs, allocating funds, and mastering your budget outline is an absolute must. Don't go into the meeting with unrealistic expectations. Use your research to build a comprehensive proposal that dots the I's and crosses the T's.
Once you know how much you need for your ideal event, make a backup plan or secondary proposal so you're not floundering if you find out that the budget is going to be strict.
Event budgeting should be tied to strategy
Whenever you make a request for an event budget, it’s always helpful to tie the cost of your proposed event back into the company’s overall strategies and objectives. Map out all your event details including the event objectives/event goals, event program, and other costs like catering expenses, accommodation costs, labor costs, and other possible additional costs. It is important in the event budget planning stages to think through what suppliers you may need for the event and include them in the budget.
TIP: By using an event budget template, event managers be able to plan in detail and prepare for the unexpected. By using a mobile event app, the budget planning process will be easier.
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Calculate your event cost in under 5 minutes
Approach the right person
If you approach the wrong person, even a perfectly laid out proposal may be rejected at the first hurdle.
It's best to approach the top decision-maker in your company but make sure you have a good relationship first. Assess the situation for yourself before making any moves. If you have a much better relationship with your direct manager than the GM or HR manager, present your proposal to them first. It's all about finding the person with the power to say yes who you also know how to communicate with.
Tie your argument to business goals
How will this spend help the company? What is the ROI? Can you prove, or convince the decision-maker that a larger investment in business events and social functions will contribute to the bottom line?
The decision maker is likely motivated by one thing: the success of the business. And, they may even be worried that events and functions will get in the way of this success. The important thing here is to shift their thinking and communicate the real value of events for the success of the company.
Remember that business events and functions help employees to feel loyal to the company, and employees who feel valued are likely to invest more time and effort into their work. Larger events may even attract new clients and bring in big business.
Make it short and sweet
You’re presenting this proposal to a decision-maker, and they’re very busy. Make the conversation short and sweet, and make it count.
Start by communicating your understanding of the company's current event calendar, propose the ways that a meaty event budget will contribute to the bottom line, then end by reiterating your key points. Simple.
Be prepared for tough questions
We’ll warn you now. There will be questions. But, as long as you anticipate this fact you won’t be thrown off, or swayed from the main point of your proposal.
Expect something along these lines:
- Is this the right time to be spending money on events?
- Are we expecting to spend this much on events every year?
- Where is the real monetary value here?
Present with confidence
A confident proposal is a successful one. Speak with confidence and enthusiasm to show that the proposed spend is truly important for the health of the company.
If you receive questions, respectfully defend your proposal to show that you truly believe in the ideas you’re presenting.
Events are important for the health and well-being of a company. They’ll bring the team together, promote a healthy work-life balance and let the team know they’re valued as part of a larger work community.
Communicating the positive impact of your proposed event can help you secure your ideal budget, then let the event planning fun begin!
During the event
During the event planning process, make a note of all of your event-related accounts to keep track of how much money you spend.
Keep track of everything, from food and beverage costs to staff wages. This information is invaluable for budgeting for future events, as you’ll know what the cost of various services is in your area.
At the end of the event, review all invoices and receipts to make sure that you were charged correctly and that nothing was forgotten. This can save you a lot of money in the long run!
Finally, once your event is over, take some time to review it. Do an honest assessment of what went right and wrong so that you can apply those lessons to future events. This will help you become more efficient and budget-savvy when planning future business events.
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