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Budgeting for Meetings, Functions or Events
If you have a financial background -
For larger meetings, events or social functions it will usually be a financial officer or a volunteer with a financial background who will be responsible for creating the overall budget. If your qualifications fall in that category, this section may be a “no brainer” for you and you can skip it.
If you are less experienced -
The learning process for handling new budget responsibilities will be easier and more pleasant for if you approach it as though the budget will become your best friend! It will, in fact! Respect it and refer to it constantly. The budget will serve as your pathway to meeting the financial goals of the event, and it will raise a barricade when a change in direction is needed to keep you on track and out of financial trouble.
Budgets are not set in stone -
The budget of necessity will be a work in progress. In the beginning revenues and expenses can only be forecast. If the event or function is a recurring one and a financial history of actual performance from previous years is available, the forecast will be easier but not complete until current quotes from all venues, facilities, and service providers are provided. The preliminary planning process for the event will move forward during the budgeting process but financial commitments must be delayed until it has been carefully reviewed and approved.
Line items in the different budget categories will remain flexible to some degree but the bottom line will not. Staying within budget is a team effort and all participants in the planning and production process must flag immediately if situations occur that will affect the projected revenue or expense. Quick action can then be taken to put an alternate plan in place to compensate before financial damage becomes irreversible.
Regardless of the scope of your responsibilities in planning and coordinating any conference or function, large or small, your input and involvement in the budget process will be important. As you become more familiar with it, you will be amazed at how clear the picture becomes about items that need to be monitored more closely than others and when adjustments must be made.