What is: An event cost control is usually a spreadsheet or method of organization to manage all the expenses involved in an event.
Why do: Holding an event is a complex activity because the main purpose in planning it is to idealize profit opportunity. Therefore, saving the most by quality is the greatest difficulty encountered by the event promoters who will manage them.
With that in mind, here's how to control the cost of your event:
Controlling Event Costs
The main rule to control costs is to predict spending on the thought of saving with quality, that is, the economy can only be made in the right areas, properly.
The first step is to organize a spreadsheet with the budget forecast of costs for the event. Proper handling of the worksheet will favor the organization and assist in choosing where, how and when to reduce expenses. This way, you will end up managing the resources in the best way possible.
The secret is always to put all the costs in detail, from large to small and irrelevant, because in the end each penny should be counted as costly value of the event.
Methods to control costs
After forecasting values and collecting money, it's time to save money by controlling costs. So here are tips on what to do to reach this goal:
1. Costs in disclosure
The event begins to form when it is released. For large international events you need an experienced promoter, with marketing specialists. Therefore, trading for a cheaper than expected contract value is the only way to save money. However, for small and medium-sized events, there is no need to hire renowned experts.
Hire, for an affordable price, only one marketing professional to manage the area. The spreadsheet should state the cost of this contracting, as the cost-benefit result will only be verified in the post event.
The world today is virtual, even so, some events spend unnecessarily with the impression of large banners, posters, leaflets. The banners will advertise against the event, because in addition to visual pollution, it shows unprepared.
For this, it is advisable to use these forms of advertising only during the event to publicize the sponsors' brand. The media on radio and TV are for large events, but if you want, leave it to the sponsors because the main exhibition is the brand associated with the event.
The most effective method to publicize an event is the internet, with access to social networks and sending invitations via e-mail. It is simple, free and can be customized. Thus, the event will be known by the public and the number of participants will increase. The advertising expense of the event via internet will be minimal, but a good administrator must insert it in the spreadsheet, for the purpose of controlling expenses.
2. Cost in contracts
Another preponderant aspect that will increase the profit and economy is the convincing power of the administrator in dealing with both landlord of the property and the equipment of light and sound. The economy will happen after arguing the various events that will happen in the future, giving rents worse, provided they are made for a more affordable price. The cost control of these contracts should be a priority, since the large investment amounts will be directed towards this purpose.
3. Team Costs
Paying the event staff is a considerable expense in the budget. But to save money, it is important to value the professional; reduce the number of employees and increase the salary of workers. They will work more and better, supplying the work of the dispensed, with higher quality, because they will be earning more. Therefore, the costs will decrease compared to the budget allocated.
4. Costs with the buffet
When hiring the buffet do not make savings, choose the best possible, as an amateur buffet can put at risk the reputation of the event. On the downside, negotiate the value by reducing the number of dishes served and quantity, as the food is just a treat. The negotiation can be done according to the expected number of guests. The well-designed and managed real-time spreadsheet is essential to avoid buffet gaffes in relation to the number of dishes and and guests.
5. Costs with the speaker
Regarding the speakers, there is no way to economize, hire the more experienced. The talk is the climax of the event. The most that can be done is negotiate the value. Many events lose credibility due to the speaker's misleading choice. The cost of this contracting must be in accordance with the budget.
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