Setting a budget

  • Why is it so important to set a budget for every event you hold? Unless you are lucky enough to be in a position where money is no object, which many of us are not, it is imminently sensible to set a budget from the outset. It gives you a starting point. It allows you to think about the products and services you need to make your occasion a success.
  • Work out what you can realistically afford without going into debt. No one will judge you on the amount of money you spend. Special occasions should all be happy events, but if you spend it worrying about money you have spent; what a great shame!
  • You need to be realistic. Think about what suppliers you need for your event and apportion your overall budget across the services you require. It can be an estimate per supplier initially and you can adjust it as you go along but juggle within the same overall budget.
  • There is nothing worse than an Event Host trying to tell a supplier that you expect the totality of his/her services for a fraction of the cost they would normally charge. It is wasting everyone’s time and you won’t get suppliers responding to your requests. Understandably so!
  • Whilst all of us like a bargain, you need to remember that Suppliers have a business to run and overheads such as staff salaries need to be paid for. If a supplier puts their business at risk you are likely to lose out in the long run when they go out of business and can’t attend your event.
  • Negotiation is an entirely separate subject. There is no harm in negotiating a price but get a starting point before you begin the process and this is usually a quotation/price based on your requirement. Many suppliers will be prepared to negotiate though don’t be surprised if you are wanting their services during a busy season you are less likely to receive significant discounts.
  • myEventGenie.com allows you to set your initial budget, invite suppliers to quote your requirement and then you can compare prices between suppliers…coupled with our Planning Tools, these features will help you stay on track with your spending.

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