How can you adjust your budget during the planning process? (2024)

Key takeaways from this article

• Prioritize and discuss:

  Identifying key objectives and transparently discussing budget concerns with stakeholders can help you make informed adjustments without surprises.

• Shop around:

  Getting multiple quotes for services ensures you're not overpaying. It's a simple step, but it can lead to significant savings in your event budget.

This summary is powered by AI and these experts

• Tom Carrow | Full-cycle event Operations…

• Abdullah Al Qurishah Vision 2030 | PMT | Contracts | Public Relations | Government Affairs | Communications at Aramco

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  I agree, Adjusting your budget during the planning process involves reassessing your financial goals, identifying areas for optimization, and reallocating resources as needed. Monitor expenses regularly, consider changing priorities, and be flexible to adapt to unforeseen circ*mstances. It's crucial to maintain a dynamic approach to budgeting to align with your evolving business needs.

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• Mark Allen Villamin Project Manager at eTranslation Services

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  Always check for alternatives. Reach as many suppliers as you can to so you can check the lowest price as possible. Talk to the client and explain to them what are the necessary and unnecessary things they need to focus on to avoid over budgeting.Make a list of things to do/buy. In that way to can calculate the expenses.

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• Felix Yeganyan MBA Director of Finance at Marriott International

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  4 Goals - Happy Employees, Revenue Goal , Profit Goal and Happy Guests. There are none other . All goals are related and one leads to another.

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  During the planning process for event production for a client, you can adjust your budget by prioritizing expenses based on essential needs, negotiating with vendors for better rates, considering alternative options for certain elements, and reallocating funds from less critical areas to cover unexpected costs or enhance key aspects of the event.

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• Andrea Gruppuso Visual Production Specialist

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  Retroplanning is key in the overall process I think, although it is useful to imagine a project as a living being. Budget contracts, expands and modifies according to imputs. it is indeed necessary to take some time to stop, cross check and adjust it if needed.

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• Staceyann Doria, CMP, CED, HMCC Founder/CEO, The Event Narrative | Top 40 Under 40 Event Professional | Event Strategy Expert | Crafting Strategic, ROI-Driven Corporate and VIP Events | Expert in Event Design, Execution, and Brand Activation

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  Whether it is in a program or on a sheet make sure you are tracking your expenses as they come in to best track and adjust your budget during the planning process. Goals shift, counts increase, New ideas come up and you want to make decisions based on real time data.

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  Another way to track expenses and monitor cash flow in event planning is by utilizing budgeting and accounting software like Quickbooks.

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• CS. Marion Nyapola CS|| Planning, Strategy and Governance

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  Adjusting your budget during the planning process will facilitate effective achievement of the stated objectives. When Planning,there are several determinants that should be considered and resources is one key determinant.Mid term evaluation of your progress should also inform you on which areas require adjustments; this should be anchored on the results of evaluation and an elaborate risk analysis.

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• Anabel Zdeb Marketing Specialist at LINQ | UNCW Cameron School of Business Alumnus | Expert in Marketing Strategy | Passion for Digital Arts | Class of 2024 Graduate

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  See Also

  Top 10 Frequently Asked YNAB Budgeting Questions | YNAB8 Budgeting Categories To Map Out Your Finances5 Simple Steps for Creating & Maintaining a Budget | Money Mentors
  You can enhance productivity when planning for an event with precise expense tracking. With meticulous recording and monitoring, efficient fund allocation is ensured, preventing overspending. Budget tracking software simplifies this task, offering features like expense categorization and real-time updates. This facilitates financial oversight, enabling successful event execution within budgetary constraints. Streamlining the process, these tools save time and minimize errors, while fostering collaborative planning efforts online. Detailed expense reports aid post-event evaluation and future planning.

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• Cristiano Dornelles Marketing

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  Facing a common challenge in budget planning – errors. Instead of panicking, I see them as learning opportunities. In the next planning phase, I conduct a detailed analysis of past errors, identifying root causes to adjust the process. I introduce corrective measures and implement a more cautious approach. The experience from past mistakes becomes a valuable guide for refining the budget and ensuring more effective execution in the future.

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  It never hurts to ask a vendor for a way to make the price go down. The worst they can do is say no. It is important during planning that you get quotes from multiple sources so that you can be sure to get the lowest price for the best quality service.

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• Christina Piedlow CEO at TPG Trade Show + Event Marketing | Driving Innovation and Excellence in Event Marketing | Transforming Attendee Experiences

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  When negotiating with vendors, think outside the box. Perhaps as an event organizer, you can offer your supplier partners a sponsorship or a way to promote their products and services in exchange for discounted services. Another consideration would be to enter into a cost sharing agreement with your suppliers. Negotiate a contract where suppliers are taking on some profit risk if they do not achieve agreed upon objectives. When those objectives are attained, it's a win-win - you have the outcome you desired, and the supplier receives 100% of the contract value.

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• Tracy Monin Arkansas PBS

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  I have found that emailing vendors (following up with phone call) and sharing the benefits of what they will receive instead of what I am looking for has helped me to learn the art of negotiating. I have heard that if you can get someone to say, YES 3 times you will be successful with your negotiations. I am the most frugal person you will ever meet and I know I have something good to offer that they also are interested in, then there is room to negotiate!

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• Aman Raj 🔹🅲🅰🅼🅿🆄🆂_🅰🅼🅱🅰🆂🆂🅰🅳🅾🆁 ||🔹🔹🅲🆂🅴_2️⃣4️⃣ ||🔹🅲🅿🅿 ||🔹🅰🅸_🅼🅻 ||🔹🅵🆁🅾🅽🆃🅴🅽🅳_🅳🅴🆅🅴🅻🅾🅿🅴🆁 || 🔹🅿🆁🅾🅶🆁🅰🅼🅼🅴🆁 🔹🅿🆈🆃🅷🅾🅽 ||🔸🅱🅲🅴🆃 || 🔸 🅵🅸🅽🅰🅻 _ 🆈🅴🅰🆁 ||🔹

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  Research and Compare: Start by researching and comparing quotes and proposals from multiple vendors to get a sense of the market rates and options available. Compare factors such as pricing, quality, reputation, and included services to identify the best value for your budget.Set Clear Objectives: Before entering negotiations, clarify your objectives and priorities. Determine what concessions or adjustments would be most beneficial for your event and communicate these clearly to the vendors.

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• Liz Sittig Maitral Event Guru | Master Relationship Builder | Herder of Details

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  Adjust your menus. Work with venues to remove items from a menu. Be sure to be “charged on consumption” for individual items such as sodas, yogurts, granola bars, etc. Serve one entree instead of two. Work with the vendors. Tell them your budget. They can’t help if you don’t share that. They will always work with you when they can, they don’t want to lose your business! Build strong relationships with your vendors and they will always work with you! Treat them as a partner in your event, because they are.

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  Implementing the strategy of seeking alternative sources of income and support has proven to be a lifesaver in several of my events. Selling tickets and securing sponsorships. When appropriate tapping into free or low-cost resources, such as utilizing volunteer assistance.

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• Aman Raj 🔹🅲🅰🅼🅿🆄🆂_🅰🅼🅱🅰🆂🆂🅰🅳🅾🆁 ||🔹🔹🅲🆂🅴_2️⃣4️⃣ ||🔹🅲🅿🅿 ||🔹🅰🅸_🅼🅻 ||🔹🅵🆁🅾🅽🆃🅴🅽🅳_🅳🅴🆅🅴🅻🅾🅿🅴🆁 || 🔹🅿🆁🅾🅶🆁🅰🅼🅼🅴🆁 🔹🅿🆈🆃🅷🅾🅽 ||🔸🅱🅲🅴🆃 || 🔸 🅵🅸🅽🅰🅻 _ 🆈🅴🅰🆁 ||🔹

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  Ticket Sales: Increase revenue by selling tickets to the event. Offer early bird discounts, group rates, or VIP packages to incentivize ticket purchases.Sponsorships: Secure sponsorships from businesses, organizations, or individuals who are willing to contribute financial support in exchange for exposure and promotional opportunities at the event.Merchandise Sales: Create and sell event-related merchandise, such as T-shirts, hats, or souvenirs, to generate additional revenue.Crowdfunding: Launch a crowdfunding campaign on platforms like Kickstarter, Indiegogo, or GoFundMe to solicit donations from supporters who believe in your event's mission or purpose.

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• Hasan Daudpota CEO - Keys Productions

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  Though we dont do commercial Events, our entire Portfolio is Corporate Events, but we still advice alot of Brands/Projects to go for alter sourcing of budgets. We believe in cross collaborations, and there are alot of opportunities to do smart integrations. It can Logistics, Food, Fashion, Styling, Venue, Publications etc. Results are always great when things get done in collaborations.

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• Mariano Simonato working around the clock to provide creative, effective solutions

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  diversifying suppliers, vendors and possibilities is always the key to succeeding, both in sales and purchasing. in other words, diversity and quality are the keys.

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• Breanna Kerschen Senior Marketing Associate at Vistra Corp.

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  Fundraising is a great way to use creativity a use out-of-the-box methods to increase your budget. For example, you can host an event that aligns with your initiative, gain sponsorships for your event, and simply ensure that the costs to host the event are surpassed by the funds raised. In-line with this tactic, you must ensure that the marketing of your event is handled properly. You want to create positive PR for your overall initiative, so make sure you have a good team working with you to handle all the pieces that need handled.

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• Hasan Daudpota CEO - Keys Productions

  (edited)

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  There would always be changes in Plan, no matter what. In my 12 years experience, I have not done a single Event on planet earth which did not have changes from the approved Plan & Budget, it always happens, its a constant of this Industry. You need to be receptive enough to understand if there is a change which brings in better quality, you need to go for that, but first calculate the expense and risk involved. These are all fine line tasks & experiences and there cant be a fixed formula to address this. A portion of this should always be in your planning, so you can discuss these with your Client and Vendors as well, so it doesn't come as a surprise at the last moment. This is heavily linked with your Project Planning as well.

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• Marguerite Apotre THE STORY OF LIFE AND THE LIFE BEHIND THE STORY

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  Events can be stressful on a level that little else is. The more you are prepared beforehand the less you are likely to be stressed out on the day or days of. Many things that become last minute issues comes down to confused communication lines before the event. I cannot emphasize this enough. A CLEAR CHAIN OF COMMAND is key. I have seen so many issues that could have been easily avoided if it was made clear who was in charge before hand. Leaders, having a second in command that can fulfill your role if something needs your attention off site. This does mean paying an extra person but trust me it's worth it.

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• The Clutter Whisperers/ CW Organizing Solutions Caroline Warren, Principal - Clutter Whisperers/CW Organizing Solutions

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  They say that Man Plans, and God Laughs. Regardless, it's important to start with a detailed plan including program, budget, marketing and logistics.It's also a good idea to talk through alternate Plan B's in advance. If the event is in a tent, what's the backup if the weather doesn't cooperate? If the caterer has a problem, who can you go to at the last minute that you know can help? If the event has to be cancelled, how will you handle registrations and refunds or credits?Discussing the worst-case scenarios in advance gives you a leg up when things go awry.

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• Rubina Husain The Power Is In You. You Tell Your Story.

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  proposal should be adjustable and negotiable to fulfill the need of the planning process. So with a contingency plan, critical thinking thought process is a sure shot plan in readiness to deliver.

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• Mariano Simonato working around the clock to provide creative, effective solutions

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  in the modern world, the ability to overcome hurdles by changing strategy and approach is vital. if you do not change fast enough, there is no point in changing at all. the world won't wait, so you need to predict trends when you can and react whenever you cannot.

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• Tom Carrow | Full-cycle event Operations, Organizational Development, Management Consulting |

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  This has proven to be one of the most important aspects of budget management. There are many ways that actual costs start to creep past the forecasted budget, and may not be easily amended. Flagging these concerns, transparently discussing with stakeholders, and proactively taking action are critical in this case. These actions minimize any budget surprises and allows for alternative strategy to be discussed openly.

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• Luisa Unglaube MIT/Kellogg's/SCRUM Certified 👩🏻🎓 I Passionate Marketing 📑 Nerd Driving Innovative Strategies ♟️for Digital Success I Expertise vs Experiments – more than 20 years in the world 🌍 of advertising / ✨ BOOM 🚀 Operator

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  For me communication is key. Not only writing and speaking but at the same time be transparent about what is going on as in case difficulties arise that helps tremendously as people (stakeholders) trust me as a reliable person.

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• Nadarni Headlam International Student Advisor at Cape Breton University

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  Continuously communicating to your stakeholders is important to keeping your project top of mind and ensuring that they do no loose interest in your project. This is also important if you need additional funding and or if you need to change critical parts of your project or to expand the scope of the project.Your stakeholders are also knowledgeable and experts in the industry that can help to guide your project and assist to make your project even more successful.

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• Pablo Souza Consultor Associado

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  Busque ter claros os seus objetivos antes de sentar em uma mesa de negociação. Avalie os interesses das demais partes envolvidas e o que é esperado de você neste processo. Escute e, se possível, evite decisões precipitadas.Aprenda a dialogar mesmo nas divergências. O mundo tem gente demais, não dá para pensar que todo mundo é igual a você. Escute, se coloque no lugar do outro e não deixe de defender a sua posição.Procure administrar as convicções pessoais e crenças limitantes, compreendendo até quando é uma opinião pessoal sua e/ou uma posição institucional da empresa.

  Translated

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• Mehwish Abdul Sattar Award winning Serial Entrepreneur, Public Speaker, Investor, Social Activist, Tech Addict, Change Ambassador, wanderlust

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  Regularly engage with stakeholders to ensure alignment on project goals, priorities, and budgetary constraints. Share updates on budget adjustments, solicit feedback, and address any concerns or expectations proactively. Effective communication fosters transparency, builds trust, and allows stakeholders to provide valuable input, ultimately facilitating informed decision-making and successful budget management during the planning process.

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• Joan Eisenstodt

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  Start with knowledge! Then: zero-based budget v past year + some % even if same venue. Ask questions: what “++” or “+++” are; what’s taxed. Follow news local to destination. Try to negotiate provision to be notified of new/changed taxes, wages, other charges.Consider negotiating terms & conditions of service incl costs of servers, bar staff, others. Assume nothing. If you’ve negotiated a percentage increase over menu prices of the contract v meeting date/year, print menus and attach to the contract. Why? Most menus are digital v printed. Without “percentage over what” there’s no basis of knowledge. And, yes, coffee per gallon/cup is costly as were “dry snacks”* years ago. Learn why. Learn, stay informed.*Are dry snacks still served?

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  When creating a budget for an event, always add an extra 10%. There will always be additional costs that come about throughout planning. It is better to be prepared than to underestimate the number and be stuck with cutting important aspects.Lower costs where you can. Whether you negotiate with a vendor or check multiple stores for the best price, save where you can, even if it's just $10, as the money adds up. Always ask about vendor discounts as an event planner! You'd be surprised how many companies offer these discounts and what a difference it can make. Build relationships with vendors. Once you start working with a vendor more frequently, you may be able to ask for more discounts in return for more business.

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  Always be ready for the unexpected, make sure that your budget has a small room for flexibility in case of emergencies or unexpected events or expenses. It is important to accept the fact that though budgets have to be planned 100% it is important to leave room for the unknown and the unexpected

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  You've got to keep your eyes on everything. Regularly check where your money's going, and don't be shy to shuffle funds around based on what's really important. Talk down prices with vendors, and get creative with cheaper options for stuff that costs too much. Cut out the frills that aren't essential. If cash is tight, look for sponsors or sell more tickets. Use free tech tools to ease up costs, and lean on volunteers for help. Flexibility with your event date or spot can also snag you some savings. Keep your team in the loop so everyone's on the save-money bandwagon.

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• Imoh Anselem IT Project Manager| Customer Success| Startup Builder| Founder Institute '23 (NITDA Cohort) • I help founders and startups increase runway through grant funding, key partnerships and agile project management 🚀

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  A rule of thumb I work with is to always make the budget quotation flexible. What that means is; add x% on the original budget to accommodate unforeseen scenarios like economic downturn, high cost, inflation, etc.That way you're able to buffer most unplanned eventualities that may arise.All the best!

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