As 47% of event planners report rising costs as their biggest concern, they remain under pressure to continue delivering high-quality events within budget and search for new ways to maximise those event budgets.
It’s no secret that venue hire, labour and other expenses have risen dramatically in recent years. Event organisers forecast a 50% increase in the price of food and beverage as well as audio-visual equipment hire during 2024.
“We have definitely seen event costs rise in recent years,” Reed & Mackay Head of Events (UK) Marali Kempthorne confirms. “So our dedicated team of event professionals, who have a wealth of experience across multiple industries and locations, work closely with clients to deliver tailored solutions to fit their budgets and reach their goals with their target audiences.”
Here, the Reed & Mackay Events team shares useful tips organisers can implement to incorporate in their planning checklist and help maximise their event budget.
CLARIFY EVENT OBJECTIVES
Setting clear objectives is essential for measuring the success of your event. Identify these channels at the start of the planning. This allows you to prioritise funds to the channels that contribute to the event’s success.
“Understanding the event’s purpose and the key decision factors is a vital component of event management,” Kempthorne adds. “This allows us to provide support with elements such as location, travel requirements, activities and branding. For example, if your goal is to bring everyone together, then this will impact funds allocated to travel.”
CREATE A BUDGET BREAKDOWN
When you’re looking at how to budget for your event, creating a cost breakdown helps allocate funds to areas that contribute to meeting event objectives. Furthermore, it also limits unnecessary expenditure.
“Reviewing past budgets is a good starting point,” Kempthorne explains. “This allows organisers to identify areas of overspending and opportunities for cost reduction. A dedicated event team can support clients with creating a detailed budget based on their goals. Additionally, it can provide travel analysis for clients to highlight appropriate locations within budget.”
PLANNING AND RESEARCH
Thorough planning is the backbone of cost-effective budget management. Researching venues and suppliers within your budget allows you to compare quotes and make more informed decisions.
“Planning early allows you to access venues and suppliers that fit your objectives without having to compromise. It reduces the risk of suffering from rate inflation if your dates are in high demand.
“However, we are seeing an increase in shorter lead times. If you’re willing to be flexible, then there is always room for negotiation on last-minute bookings,” Kempthorne adds.
PARTNER WITH A TRAVEL AND EVENT MANAGEMENT COMPANY
Travel management companies (TMCs) with an experienced events arm provide expert advice and guidance to event organisers. Additionally, their commercial relationships can be leveraged to secure favourable rates.
“As a global travel and event management company, we have strong relationships with independent and small businesses as well as large-scale ones,” Kempthorne says. “This allows us to provide clients with value-adds in their bookings. These can range from favourable cancellation policies and room upgrades to complimentary welcome drinks on arrival.”
Get in touch
Mail hello@reedandmackay.com to discuss all your travel and event management needs.
