March 24, 2023 - by Haf
Event budgeting is one of the key factors that contribute to your event Return On Investment – often known as ROI.
And the most important step in getting a great ROI is event budgeting. Imagine, you’ve got this pressure to get great ROI weighing down on your shoulders.. 3, 2, 1 you’re back in the room. Wipe the sweat off your brow, we’ve got you covered.
Why do I need an event budget?
Budgeting keeps you on track to not overspend on your event.
You can go into as much or as little detail as you want with budgeting. You can allocate one sum of money for a general budget, or divide it up for each element needed for your event. Whichever way works for you, budgeting always helps those assisting with your event.
Planning also keeps everything in check. It’s all well and good planning your spending to the last penny but looking into the abyss not knowing if any attendees are going to come and help you make the event worth it is where the panic really sets in. Wouldn’t it be the dream to not pay for your event platform or attendees until after the event? Dream no more…
Yes, you read that correctly. You can pay only for the number of attendees that turn up.. After the event. When you choose our Flex Plan, you can get an accurate estimate beforehand to help your financial forecast and paying after the event really helps with cash flow, no more digging deep and hoping that you’ve pulled this event off.
How do I set an event budget?
Budgeting can initially seem like a minefield, if you start with a good template, it can help you manage your budget more clearly. Some other top pointers might help below:
Define your event goals. What do you and your attendees want to gain from the event? This will help you determine if you need to spend more in ensuring that your attendees are going to get what they came for. Is it investing in more speakers?
Are you hosting a food related event where the attendees are likely to be foodies and are expecting top nosh? Or are you hosting a hot topic and need to invest in ensuring you have discussion tools at the ready? (Spoiler, we can do that).
Reviewing past event budgets. You may have really overspent on something last time that was unnecessary. Reviewing past event budgets can help you allocate funding accurately. If you underestimated your attendee count last time, you can use Haia’s Flex plan to get an accurate estimate this time.
Submit that event budget. There’s nothing more frustrating than having to wait for loosely gauged quotes to submit approval requests. When you use Haia’s Flex plan, you’ll only need about 30 seconds to get your estimate. Then it’s time to submit that request and watch your event take off, *virtually* stress free.
Hopefully this blog has taken you from spiralling, to being excited for your event. There are platforms out there to make hosting a hybrid or online event easy. If you want to find out more about our Flex plan, you can take a look for yourself here. Or if you’ve previously underestimated your event hosting skills, you can book a demo here and discuss a plan that would suit you better.
Head of Marketing and Communications
Haf is responsible for marketing, communications and helping out with events within Haia. She enjoys blogging, photography and walking. You can reach out to her with any questions regarding any events you'd like to run on the platform!
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