MANAGE YOUR EVENT EXPENSES AND INCREASE
Budget can be a negative or scary word, but what if you changed your perspective on it for your events. Your budget is a key component of your PROFIT.
Now that’s a word we can all get behind! But to know your profit is to know your expenses, sales, contingencies and basically ALL monies associated with your event.
The Power of an Event Budget
When I started working in events for Fortune 1000 brands, the first thing we did when we signed the contract was to develop a budget.
We knew what the profit margin goals were, but we didn’t always have the hard costs of our expenses.
That meant we had to do some research to make sure that we kept our numbers in line to keep our profits up.
→ Track Expenses ←
Manage where you are spending every dollar. Is the expense worth it?
→ Track Sales ←
Where are your sales coming from? Sponsors, Exhibitors, Tickets, Products, etc.
→ Track Long Term Data ←
Compare your Expenses and Revenue to past events to find areas that need improvement.
Setting a budget means you need to decide how much you want to spend, what your income goals are and what your contingency, backup or buffer is. Now, here’s where having a budget is essential to your long term profit goals for your event.
As you follow a budget year over year with your events, you can analyze your numbers and see where your spending is higher, where there is room to adjust and where your highest profit margins are.
This lets you adapt and improve your spending and increase your income with each event. Using a budget is not scary or bad.
It’s one more tool in your business arsenal to help you be more successful and to manage your expenses and revenue for your events.