Budgeting for Events in a Pandemic-struck World

Locking in a budget for any event is easy when variables are eliminated from the equation. The more certain you are about how an event looks, the simpler it is to account for the costs of setting it up. In today’s world, however, the minimization of these uncertainties seems to be a thing of the past.

The COVID-19 pandemic has increased the questions both event organizers and clients ask about putting up events and measuring their success. Not to mention the adverse effects the pandemic has had on in-person gatherings—the lifeblood of event organizing companies.

As the world continues to adjust to the long-term effects of the virus, event companies must also create event budgeting strategies that respond to the times. These are the things you must account for when planning events today.

Questions to Ask for Event Budgeting Today

Before budgeting for your event, ask the following questions to get a clear idea of what you need to take into account.

1. What are the latest trends in events?

When organizing, it is important to understand what the particular audience wants to see when they attend. You do not just have to focus on saving costs, after all. You also need to allocate your existing budget towards investments to give you the best returns when you hold your event.

For instance, due to the pandemic, intimate outdoor events have become more preferable for some people. If you are tasked to organize someone’s birthday celebration, a birthday party cruise is one unique and interesting pitch to honor your client’s preferences.

Stay up to date with what trends people are following, whether for corporate events or others, then respond with plans that are well thought out.

2. What does your event seek to accomplish?

In the busyness of it all and the pressure to cut costs, you would be surprised at how easy it is to forget the original goal for certain events. Answer this question at the beginning of your planning and make it a guide for your decisions.

The goal of your event is what you hope to achieve with its staging. Saving money and resources is only a guide as you work to accomplish this goal.

Establishing this also allows you to prioritize various components of your event. With a clear goal, you have a better grasp of the negotiables and non-negotiables and can distribute your funds as needed.

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3. What cost-saving techniques apply to this event?

Because this is a season when the world is not quite finished with the pandemic, events still face several constraints. Be intentional about devising ways to reduce costs without sacrificing the quality of your event.

For instance, your company may be organizing a large-scale event with speakers who are coming from overseas. In pre-COVID-19 times, flights and accommodations could be your responsibility. To prioritize the safety of speakers and attendees, the best course of action is to have certain speakers join remotely via video conferencing.

Adopting technologies and automating is one way you can save big on costs. From event management platforms that streamline logistics processes to digital platforms that allow participants to join remotely, see where these are applicable. Ensure that the ones you adopt are also suitable for the kind of event you are setting up.

4. Can you take on sponsors?

You do not always have to fully shoulder your budget. Sponsors give some funding for certain aspects of the event, usually in exchange for brand promotions at your event. During the pandemic, provide compelling data to potential sponsors that allow them to clearly see the value of pouring their resources or funding into your event.

Remember to treat sponsorships as partnerships. Ask them for feedback, as this will also help you set up future events.

5. What are your contingency plans?

It should not be a question of if you have a contingency plan or not. Immediately ask what your contingency plans will be in case of certain situations.

Hold a meeting with the parties involved in event planning to consider the threats that could negatively impact your event. In the time of COVID-19, these should include preparations for possible positive cases among your team or guests and even sudden government restrictions interrupting or preventing the event from physically taking place.

Foreseeing every single incident that can occur is not possible. However, being prepared for a variety of situations allows you to stay on top of matters should something occur before, during, and even after the event.

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