Finance

9 Useful Hacks to Save Money on Your Next Event

An event organizer always seeks new ideas to save money from the next event while making the whole arrangement a success.

Those with the proper experience to organize any event within budget are considered one of the successful event managers. Event planning is a complicated affair, and as an organizer if you were to tweak properly, you sure will feel a lot relaxed and be more creative on your event planning.

Here, I will share 9 smart hacks so that you will be able to save a significant amount on your next event as an event planner.

1. Know your budget

Trust me, you have to get this right. And, as early as possible.

Before jumping to the event planning, it’s always better to finalize the budget required for the next event. Discussing with the colleagues and superiors may help to determine the budget specifically. Another good way to know the budget is to roughly calculate the amount of money that will need to operate the overall planning activities (venue selection, catering, decoration, guest, entertainment, etc.).  When you get to know the budget, you will able to know where to spend the money and how to reduce the cost.

2. Proper planning is the key

Planning for the event is the most important task an event organizer accomplish before conducting an event so it should be done carefully. There are a lot of activities an event organizer can consider for the event planning including, negotiating a deal, picking up a package offer, making a contingency plan, being flexible, being precise with the estimation, picking up the right sponsors, etc. Being an expert at these activities can help saving money for the next event.

3. Negotiate wisely (and cheaply)

Negotiating with venues and suppliers cautiously can reduce most of the cost for the event. It is many ways better to negotiate before signing contracts as you may know what you need in advance in details. An event organizer with having a great negotiation skill can lessen spending largely for the upcoming event, which eventually will help saving money for the next event.

4. Promote your event smartly

Promoting is an essential part of an event along with event planning. Without the help of promotion, it is quite impossible to run a successful event. As a result, an event organizer should not undervalue this integral part for conducting an event. One of the most effective ways to save money is to promote an event on social media (Facebook, Twitter, Instagram, etc.), e-mail, content marketing, utilizing free tech tools, etc.

5. Start organizing

As an event organizer, you have to plan for various events such as home-based events to large sports events, so on this regards organizing skills may help you to manage each type of events as well as to save money for the event. The following ways will guide you to be better at organizing:

  • Being creative with the venue selection (picking a better location, bigger parking place, etc.)
  • Choosing buffet catering
  • Giving priority to the attendees and influencing them
  • Being the master of reducing and reusing
  • Giving value to the volunteers etc.

6. Be creative (with task management)

Being creative may result in maximizing your advantage while conducting an event. For instance, providing attendees with the opportunities to express their opinion as well as using twitter to receive questions help the audience to break the communication gap for establishing good networking. The more creativity you will have, the more you will succeed in reducing the cost and can save money for the next events.

7. Working with universities and students

There are lots of students who are keen on working with event companies. So creating job opportunities for them can add new freshness to the event as there will be the full supply of energy, ideas, and talent which also enhance the event. For the event management industry, Universities are still considered the unexplored area, so working with universities as well as with the students can help saving money for the event.

8. Think long term for event branding

To establish event branding for a longer period, a manager should keep the branding generic where possible by not mentioning the specific time, venue, sponsors, hashtag, and so onward. For instance, the main benefit of using this is you don’t have to replace the promotional materials such as, banners, staff uniforms, boards, etc. which also will save your money.

9. Shop around (as much as you can)

Shopping around is a good way to save money for the next event. Going to manufacturers and suppliers directly and looking for the required items talking to the experts on choosing the alternatives options can help you reduce the product cost.

Planning for an event is very crucial for an event manager so you need to be careful managing the event budget. In this post, I have outlined 9 really useful tips to help in managing an event as well as saving money without compromising the integrity of the event. Hope this will help you in your next adventure.

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A curious explorer of life and the Universe, Chris has been writing articles and web content for more than four years. He mostly writes about sustainable living, digital world, media and technologies, modern lifestyle, self-development, community issues, and travel tips. He considers writing as an effective medium to contribute to social awareness and aims to help others by sharing his thoughts. Follow him on Twitter @chrisfree208

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