Planning an event can be an exhilarating experience, but it also comes with the responsibility of managing finances effectively. Creating an event budget is like assembling the pieces of a puzzle – each element requires careful consideration and a strategic approach to ensure everything falls into place seamlessly. To make the budgeting process more relatable, we’ll adopt the “How Full is This Jar” philosophy as a metaphor. Imagine your budget as a jar, and your task is to fill it with rocks, pebbles, and sand. In this blog, we’ll guide you through the process of building an event budget, highlighting the main sections and how to prioritise and allocate funds effectively.
Embrace the “How Full is This Jar” Philosophy
Picture your event budget as an empty jar, waiting to be filled with the essential elements that will make your event a success. Just like the metaphor, certain items are the “big rocks” – the fundamental aspects of your event that cannot be compromised. Other important elements are the “pebbles,” which complement the big rocks and enhance the event’s experience. Lastly, the “sand” represents the memorable moments that add that extra touch of delight to your attendees’ experience.
Identifying the Big Rocks: Setting the Foundation
The first step in building an event budget is identifying the big rocks – the critical components that form the foundation of your event. These include:
- Venue: Your event’s location is a major rock that impacts various aspects of your budget, such as rental fees, audio-visual requirements, and transportation costs.
- Catering: Food and beverages are an essential part of any event. Determine your catering budget based on the number of attendees and the type of menu you want to offer.
- Speaker/Entertainment: Depending on your event’s nature, allocating funds for keynote speakers, performers, or entertainers is crucial to create a memorable experience.
- Marketing and Promotion: Building brand awareness and promoting your event is essential for success. Allocate funds for advertising, social media promotion, and printing materials.
- Staffing: Consider the personnel required to run your event smoothly, including event managers, technicians, and ushers.
Adding the Pebbles: Enhancing the Experience
With the big rocks in place, it’s time to add the pebbles – the elements that enhance the overall event experience. These may include:
- Decorations: Allocate funds for event decorations that align with your theme and create an engaging atmosphere.
- Technology: Depending on your event’s scale, consider investing in event apps, registration software, or live streaming services.
- Swag and Giveaways: Consider providing attendees with branded merchandise or thoughtful gifts that leave a positive impression.
- Networking Activities: Allocate funds for icebreakers, workshops, or networking sessions that encourage interaction among attendees.
Sprinkling the Sand: Creating Memorable Moments
Now that you have the essential rocks and pebbles in place, it’s time to sprinkle the sand – the delightful moments that create lasting memories. These could include:
- Interactive Activities: Consider adding fun and engaging activities, such as photo booths, mini-games, or interactive displays.
- Surprise Elements: Delight attendees with unexpected surprises, like special guest appearances or exclusive experiences.
- Thank-You Notes: Personalised thank-you notes or appreciation tokens can go a long way in creating a positive impression.
- Memorable Photo Opportunities: Create Instagram-worthy moments for attendees to capture and share.
Balancing the Jar: Prioritising and Allocating Funds
As you add rocks, pebbles, and sand to your budget jar, you’ll need to balance and allocate funds wisely. Be flexible and ready to adjust your budget as needed. Prioritise your spending based on your event’s goals and expected returns. If some elements need more funds than originally planned, consider reallocating from less critical areas.
Contingency Fund: Preparing for the Unexpected
Just as unexpected treasures may find their way into a jar, unforeseen expenses may arise during event planning. Create a contingency fund to handle unforeseen costs, ensuring that your event stays on track without draining your budget.
Sticking to the Budget: Be Mindful of Your Resources
Sticking to your budget requires discipline and resourcefulness. Regularly review your expenses and monitor spending to ensure you stay within the set limits. Consider leveraging cost-saving strategies, such as negotiating with vendors or seeking sponsorships.
Evaluate and Learn: Reflection for Future Success
After your event concludes, take the time to evaluate your budget’s effectiveness. Analyse expenses, assess return on investment and gather feedback from attendees. This reflection will help you refine your budgeting skills for future events. When it comes to allocating your budget for the big rocks, pebbles, and sand, you can consider using a common financial ratio: the 70-20-10 rule.
Big Rocks – 70% of the Budget: These are the essential elements that form the foundation of your event. Allocate approximately 70% of your budget to cover the major expenses, such as venue, catering, speaker/entertainment, marketing, and staffing.
Pebbles – 20% of the Budget: These are the elements that enhance the overall event experience. Allocate around 20% of your budget to enhance the event, including decorations, technology, swag, and networking activities.
Sand – 10% of the Budget: These are the delightful surprises and memorable moments that make your event truly special. Allocate approximately 10% of your budget to create these unforgettable experiences, such as interactive activities, surprise elements, thank-you notes, and memorable photo opportunities.
By using the 70-20-10 rule, you can ensure that you allocate your budget effectively, prioritising the essential elements while leaving room for enhancing the experience and creating magical moments. Remember, this ratio is a guideline, and you can adjust it based on your event’s specific needs and priorities. Happy budgeting and may your event be a magical success!
At Mask Events, we specialise in creating immersive. interactive and completely unique experiences that’ll leave a lasting impression on your target audience. Contact us here to find out more about how we can help take your event to the next level.
