Event planning and event budgeting are two different, but equally important, skills. If you’re in charge of planning a corporate event in New York City, you’ll want to make a maximum impact without blowing your bank account. Follow our tips below to get the most out of your event budget.
Before spending a single penny, communicate with your planning team about your goals for the event. For example, do you want to prioritize spending money on food and drink, or on attracting influential speakers? Ensure that each member of your team is aware of exactly what portion of the entire budget they can spend. Your objectives may change during the planning process, so frequently follow up with staff as preparation continues. Clear communication and delegation at the beginning can prevent costly money mistakes later.
A paper (or electronic) trail is essential to ensure you’re staying on budget. There are many tools available online to help organize expenses, such as FreshBooks, as well as software that can organize team tasks, like Monday. Ensure that all expenses and receipts are reconciled quickly, so adjustments to the budget can be made. It’s also important to organize contracts from suppliers and vendors – and make sure to read the fine print to calculate additional costs like deposits and cancellation fees.
Good negotiation skills are vital in business, and they can help in event planning too. There are boundless options for vendors and services that meet almost every need, and although it can seem overwhelming, we urge you to never take the first offer you find. Be prepared to shop around for better prices, or prices that include bonus services. However, don’t choose a business just because they offer the lowest bid; ensure that they also fit your vision for the event, and will provide a positive experience for your NYC guests.
Emergencies happen, and it’s good to have room in the budget when they do. A last-minute change to your event can be costly, and can range from entertainment acts cancelling on short notice to weather-related issues. We suggest allotting a small amount, like 5% to 10% of your total budget, as an emergency fund for unexpected costs.
You’ll have a long list of things to pay for when planning your event, from the NYC events venue and catering, to audio-visual equipment and entertainment. You can address each of these needs individually, or look for companies that take care of them all at once. Many event companies bundle services together, which can save you both money and time. Tribeca Rooftop and Tribeca 360°in NYC provides multiple services for events, including venue space, AV equipment and refreshments, as well as smaller details like table linens and signage.
Booking an event venue in NYC can take up a large part of your event budget, so saving money is important. However, a venue that is small on cost can still make a big impression. Look outside the traditional hotels and conference centers, which can cost more because they’re always in high demand. By choosing a non-traditional venue, you can save money while creating an event that attendees will never forget.
By following these tips, you’re guaranteed to get the most out of your event budget. A high-quality, professional event in NYC doesn’t have to drain your bank account. By saving money on your event, you can invest the extra funds back into your business - or into the next event that you plan!