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How to Set a Realistic Budget

You need to know how much money you have to work with to determine what sort of event you can produce. According to Worley, you should know early on how much you want to spend, and then plan on spending at least 10% more.

“Things are always changing, and you should have a cushion for added and unexpected expenses that pop up,” he said.

Once you have a budget, knowing where to allocate most of your resources is essential. For example, if you spend more money on fancy decorations than you do on a skilled tech crew or personable speakers, your event might be lacking in substance.

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“Choosing an A/V and technology team can make or break an event, so we always put a focus on hiring an experienced firm to manage live presentations … breakout session technology and photography, pre- and post-event,” said J.J. Barnes, vice president of marketing and business development at enVista.

Additionally, don’t skimp on food or beverages, and take into account special dietary restrictions. Though this may not seem as important as other aspects of your event planning, audiences are more forgiving of missteps when they aren’t hungry or thirsty.