Hello world!November 24, 2014
Cash on event delivery (COEB) – Cash flow management for your eventAugust 3, 2017
If you have been in the events industry for long or even planned a private event before, you are highly aware of the dreaded “Low Budget Event”. The stress of ensuring that the event is still a quality event, with those limited funds is the ultimate goal for any event organiser.
In today’s blog, we give you basic yet fundamental tips to ensuring that your events are always quality events whether you have the money to spend or not.
- Manage your clients’ expectations: It’s been known that clients have a tendency of requesting their awards to replicate The Academy Awards and yet their budget can barely cover a meal for 15 people at your local family restaurant. Managing your clients’ expectations is a fine art. What not to say to your client: “No, you cannot have that”. However, you can suggest aspects of the event that they can get that will be similar to the Oscars. Managing your client’s expectations ensures that the ambitions around the event are controlled and that the finances aren’t stretched.
- Develop and maintain relationships with suppliers: This is our golden rule, if we find a supplier that we work well with, that delivers and has the same work ethic as us; we keep them and hold them dear. Whenever we have an event that has thousands of rands available, we gladly work with whatever quote our trusty supplier has given us. This then gives us leeway to be able to negotiate for their services on the budget events we need to organise. This ensures that we maintain a level of quality that our clients have come to trust and love, at a cost that fits into the tight budget.
- Focus on the important elements of the event: If your event is a sit down dinner, ensure that your focus of the budget is on catering. If your event is a media launch, ensure that your focus is on getting the right media at the event. Other additional costs or elements can either be mitigated or circumvented completely.
- Short and Sweet: In order to have a better control of your limited budget, it is important for you to keep your event short. Shorter events can assist in savings such as venue hire, equipment hire and even catering costs.
- Manage your numbers: The number one mistake a lot of event organisers make when planning an event is not having better control of the number of people invited to the event. As appealing as it might be to have a venue full of eager attendees, it is imperative to ensure that your guest list is managed. Fewer attendees will definitely save you a number of costs.
Whether your event is on a tight budget or not, it is important to note that the number one rule is to ensure that you deliver an outstanding event for your client. Sticking to the budget and delivering a quality event will be sure to retain your client.