Preparing the Events Budget Cont’d

All events carries its unique budget. The budget for a wedding maybe large however the budget for a concert maybe more costly as it caters to a larger audience. Below stated a few expenditures an event may incur. Not all the expenditures stated applies to every event.

Travel and Accommodation  

Some events are official events and requires the presence of dignitaries or guest speakers. This cost is borne by the event organizers. If such a cost has to be incurred, it must be included in the budget.

Trophies and Awards  

Trophies and awards are sometimes donated but not in all instances. If the organizer has to incur this cost, it must be accounted for in the early stage of budgeting. To make this most accurate there must be full knowledge of the number of competitors, categories and division of the competition.   

Salaries

The planner should ensure this cost is included in their overall professional service fee. This is very important as the planner and the staff’s time is very important and must be paid for it.

Telephone

Provisions must be made as some events requires lengthy telephone conservations with certain sponsorships and stakeholders.

  

Printing

Printing invitations, programs and tickets are critical but comes at a cost. Therefore the budget must having a printing cost to accommodate such.

Security

In events where alcohol is sold, there must be a police presence. In larger events there must be fire fighters as they are trained in first aid. These officers are paid individually for their services on that day, a cost that must also be included.

Venue

Unless the venue belongs to the host or someone willing to allow the event to be hosted at their premises for free, the venue must be paid for. This cost must be included very early as it is one of the most critical aspects. Therefore this cost must be obtained at its earliest convince.

Insurance  

Stage, light, camera, action are the norm for some events. To be able to host some of these events, insurance must be purchased. Insurance is also a cost that must be taken into consideration in the budget.

Promotion

Advertising is very expensive but without it some events are simply a failure. Clarifying what are the best marketing strategies to employ at the earliest time is important. After that decision has been made, being informed of the prices that goes with these strategies are important. At this point, this expenditure can be included in the expenditure side of the budget for that event.    

Equipment Hire

Equipments used by participants and or the events management staff including radios, computers and sound system.

Transport

Includes the cost of transporting equipments and other vehicles for passengers such as guest speakers. 

Question: Should events that sell alcohol have police officers?