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Determine the budget of your event
Estimating your event is not easy. How exactly does it work? For a realistic budget it is necessary from the beginning to properly agree and fulfill the tasks, authorities, (cost)procedures and reports with the people involved. Do you want to know how to do this in a structured manner? Read this article!
For budgeting your event, a mix of the different calculation methods below is generally used in practice. During the organization of the event, the accountant will have to draw up a liquidity budget, this consists of an estimate of the incoming and outgoing money flows of the entire planning period. Make sure you are well informed about the status of the budget by regularly viewing it.
Functional cost classification
Map the costs of the various activities. Make it clear by creating main groups such as costs for guests, costs for outsourcing and assign a specific allocation per component.
Distribution of costs in variable and constant costs
With this cost allocation you map the constant a variable cost so that a beak-even analysis can be made. The ‘break-even-point’ indicates when the permitted budget (the revenue) and the costs incurred touch each other.
The constant costs are like the fixed costs you make, regardless of the number of guests. You can think of printing, room rental, décor construction etc. the variable costs, however, depend on the number of guests. The variable costs include catering, bus transport and, for example, the implementation of the program.
Pass on costs to the various organizations
It is also possible to allocate the various costs to the agencies and committees that handle different parts of the event. With this method of budgeting, everyone is allocated a budget within which the activities they provide take place.
If the wishes a requirement of the event are known, a detailed budget can be made. As the event progresses, it will become increasingly sophisticated. Make sure that you also create a liquidity budget in addition to making a budget.
Spends your budgeting
You can also cheese to leave the budgeting of your event to professionals. When you leave the budgeting of your event to us you will be completely unburdened, and you will not be faced with unforeseen costs. We provide the perfect budget and cost control for your event. Are you planning to hand over budgeting and are you curious about the possibilities? Please contact us to discuss the possibilities.
Erwin Balkema owner of Bano Can we also help you realize a successful event or exhibition participation online or hybrid? Bano Event Technology