Have you ever regretted spending a lot on an item that doesn’t prove to be useful? Don’t worry, you’re not alone. One of the most common event organizing mistakes is wasting a huge amount of money on supplies and services that become useless after the event. Oftentimes, this is the result of overspending on the nonessentials and failing to look at more affordable options. The culprit? Poor budget management. But this doesn’t always have to be the case. There are a lot of ways to save money.
Enumerated below are 10 money-saving tips to guide you in planning your next event.
1. Track Your Expenses Diligently
Make it a habit to track your expenses down to the smallest items. To do this, keep a team that will monitor the expenses of all the event committees and the people responsible. Request for a regular report of all purchases from committee heads.
2. Ask for Sponsorship
Enterprises related to your event or your event’s target market would happily welcome sponsorship requests and shoulder some of your expenses. They can provide services and freebies in exchange for exposure. All you have to do is to gather a list of potential sponsors and send them proposals months prior the event. Depending on your proposal, many would grab the opportunity to promote their brand.
3. Learn to Haggle and Negotiate
The number one key to saving money, in almost all situations, is to learn the skills of negotiation. You’d be surprised to know that there are a lot of sellers and suppliers out there that would accede to a lower price. You can haggle your venue, food & beverages, equipment expenses and more. On top of the possible discounts, you can get certain freebies if you negotiate well.
4. Choose a Buffet over Sit-down Meals
For most event professionals, this piece of advice doesn’t need to be spoken but for the newbie, it is important to remember that a buffet is way more affordable than sit down meals because you can cut considerable costs. Sit down meals would require a huge number of wait staff and the menu is also pricier because of the effort to make individual portions. With a buffet, you can opt to serve a wide variety of food as long as people come and get it.
5. Invest for Long-term Use
Make long term investments in your booths and other collaterals by keeping certain popular motifs and themes. This way you can repurpose the same installations, designs, staff uniforms, etc. for next year’s event.
6. Be Streetwise and Practical
Always look for the best option as much as possible. When comparing quotations, get at least 5. When buying an item, ask for the wholesale price. You can also go directly to the suppliers and manufacturers to score big discounts. And when the last option is still beyond your budget, go for alternatives. Ask for experts’ advise to identify which items and services you can let go of and which ones you can replace with cheaper ones.
7. Opt for Teleconferencing
If you invited a guest presenter from overseas, why not consider a teleconference instead of sending him or her to your event which will cost heavily on plane ticket and accommodation. For internet-glitch free presentation, opt for pre-recorded videos. This alternative may even be possible for your event entertainment. Remember Amy Winehouse’s Grammys performance via Live Video in 2008?
8. Crowdsource Volunteers
If keeping enough event staff is your problem, try crowdsourcing local or student volunteers. Have your brand offer them something else other than money -- even the event itself can recompense volunteers. Just make sure you engage them early and know where to designate them to minimize errors.
9. Maximize your Social Media Potential
Traditional media are money eaters when it comes to promoting your event. But there are numerous social media channels where you can promote your event at a low price -- even free. Spread word of your event by making a campaign that would go viral in Facebook and Twitter. You can also visit niche sites or active forums to drop your event ads.
10. Don’t Spend on Event Souvenirs
Never spend on your event’s takeaways. If not possible, make this your lowest priority. Why? Because you can outsource this to your sponsors. Another method to save funds is to organize a game where only winners can be entitled your limited giveaways. But the bottom line here is to focus in making your event meaningful for every attendee. This way your event will be remembered even without souvenirs.
Do you find this article helpful? How about share us your money-saving practice by commenting below.