Budgeting
[ buhj-it ]
Noun
- An estimate, often itemized, of expected income and expense for a given period in the future.
- A plan of operations based on such an estimate.
Budgeting has never been more important – and also never so complicated. With so many new and changing factors at play like inflationary pressures on costs, implications of a global pandemic, staffing shortages and condensed timelines, making sure you’re taking the right steps to budget effectively will make a notable difference in achieving holistic event success – whether that event is virtual, hybrid or in person.
In this Education Essentials, you’ll gain insight into how other meetings professionals are budgeting for their events, how to determine the best event solutions in an uncertain environment, creative tips and tricks to ensure a return on investment and more.
Collaborating With All Partners to Understand Budget Implications
A lot has changed with the return to in-person events. Hotel, production, travel, technology and F&B costs have gone up but budgets are expected to stay the same. Many are finding that being transparent with your partner is key when it comes to your budget expectations. Join the FICP community on Friday, July 29 at 12:00 p.m. CDT for the next FICP Anytime webinar, “Collaborating With All Partners to Understand Budget Implications,” as we explore and answer the following questions:
Learn more about this webinar, and register now on TheNetwork.
Event Budgeting in an Uncertain Business Environment
Uncertainty. You’ve heard that word a million times before and it’s not going away. With in-person events making a comeback and hybrid and virtual events continuing to serve value in unique ways, you might find yourself left without a clear path forward as you plan for your next event. In this article, veteran planners share pearls of wisdom that can help you navigate budget needs while on a foggy path.
How to Budget Realistically for Hybrid Meetings
There are many valuable and effective reasons why you might choose to do a hybrid or virtual event versus an in-person one. For starters, it can provide an opportunity to cut costs. Who doesn’t love the sound of that?! BUT… before you go cutting away at the budget, this article is a great reminder to realistically evaluate your budget first. Between technology costs, support staff and surprise hidden costs, the budget process isn't actually that much different than an in-person event – it just requires a different lens.
Tools and Toolkits You Can Use Today
Event Budget Guide
In order to successfully optimize your event’s ROI, pre-event budget planning is essential. Based on real-life examples, this Complete Guide to Creating an Event Budget breaks down the budget planning process and provides tactics to help you create a holistic approach to your event management.
Event Budget Calculator
This budget estimator allows you to select your event needs, accommodations and anticipated management fees to determine the cost of your next event.
Partnering Through the Comeback
Earlier this year, the FICP community came together for an FICP Chats session: “Partnering Through the Comeback.” In this discussion, there were a number of important questions raised about the state of meetings and events as well as critical information and background shared about our current state and where we expect the industry to go.
To help answer some of these questions, FICP developed the report, "Partnering Through the Comeback," in which FICP’s hospitality partner community shares talking points across six key questions to help meetings professionals educate themselves and their stakeholders as we steer through the next several months. Read the summary, and download the report to learn more.
#TBT – What I Wish Someone Had Told Me About Budgeting
In this blog post from 2018, Sabrina Colquitt, CMP, senior meeting and event planner at TIAA, shared what she wished someone had told her about the budgeting process as an emerging meetings professional.
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Amidst soaring inflation and economic uncertainty, meaningful incentive rewards have become more important than ever. Rather than having their successes recognized with merchandise, today’s employees want out-of-the-box experiences they can’t find anywhere else. That’s especially the case for travel, as high prices have prevented many from visiting new destinations. To help, Destination Canada rounded up three unique incentive possibilities across Canada. Along with offering unparalleled accommodation and activities, these rewards are also easily accessible and, thanks to a favourable exchange rate, deliver exceptional value. Read it here.
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