Event Guide: Staying on Budget

Budgets are tough! No matter if it’s an event budget, a personal budget, or a business budget, restricting your spending always seems to limit the fun factor. As an event professional, keeping to a budget and calculating all the expenses is an absolute must. Your clients trust you to take their budget, provide services, and ultimately create the event of their dreams. Going over the allotted amount only leads to hurt feelings and unhappy customers.

We’ll give you an example:

Without naming names, there is a reality TV show that redesigns a person’s home to make them fall in love with it again. However, the show also takes the homeowner to view other home options if they decide to list their current house on the market. Per usual, the couple provides the designers with their budget. But it never fails, the budget is repeatedly adjusted to accommodate for extra expenses. The homeowners become discouraged, there’s usually a disagreement, and the only way to get what they want is to increase their spending.

Want to know why this happens? Although the clients have big dreams and a certain vision of what they want their house to look like, the designers never fully prepare the homeowners for the hidden fees and realistic costs of their wants.

Your clients hired you to help them stay within their event budget. Don’t give them a vision of their event you know will not work, or force them to spend more than originally planned. But that’s what we’re here for—to prevent hurt feelings and crushed dreams before they happen. Without further ado, we’re proud to present this week’s event guide—staying on budget.

Quick Percentage Rundown

Based on percentages provided by our friends at theknot, here’s a quick rundown on how much of the budget is typically dedicated to each part of the event.

We find this approach to be super helpful and a great tool! However, there’s more you can do to make budgeting easier. Borrowing from our previous blog, we suggest dividing the budget up into different sections and categories. For a wedding, you have three events to plan for: the rehearsal dinner, the ceremony, and the reception. Allot a certain budget for each of these events, before delving into figuring out the flower budget, food budget, etc.

An Example:

	Rehearsal Dinner	Ceremony	Reception
Flowers	$500	$4,500	$4,000
Food	$1,500	N/A	$5,000
Music	N/A	$500	$1,000
Total	$2,000	$5,000	$10,000

Grand Budget Total: $17,000

*budget isn’t based on actual wedding.

Now that you’ve helped your clients get a budget in mind, here’s a few tips on how to get them to stick to it. 

Record, Record, Record

Recording every payment and IOU is a great way to keep on track of the budget. Luckily, if you’re an Inspherio user, you have an accounting feature built into your membership to help you monitor all payments and spending activity.

Learn all the Hidden Costs and Fees

Forgetting to factor in tips or overtime for vendors is the surest way to stumble upon bills at the end of the event. Remember there is usually someone who cleans up after the event, service charges for venues, florist’s demo costs, license fees, etc. Also, be sure to include enough money in the budget to provide gratuity for the extra help. 

Pad the Budget

The best way to avoid overages is to build in a budget safety net. We suggest earmarking at least 5% of your budget for the unknown. You might need to purchase umbrellas if it’s raining, more flowers, or cleaning supplies. You never know what could happen, so it’s best to be prepared!

3 Ways to Save the Budget

Sometimes you are given a budget that doesn’t match your client’s dream event plans. Well, we have some tips on how to work with that, too. 

What’s Important

What are the top priorities at the event? If you are helping your clients plan a wedding, their top priorities might be the venue, the catering, and a DJ. The items they can probably use less of the budget on is flowers, invitations, and the cake. Deciding on what’s most important early on can be a big money saver.

The Guestlist

The more people they invite, the more money spent. It might be tough for your clients to draw a red line through guests’ names, but it’s the fastest way to save money. We suggest having your clients sit down with the guest list over a span of several days to really think about who they want to invite. 

Simplifying

Instead of going for filet mignon, why not choose the sirloin? If it’s winter, choose a flower like a rose or a Star of Bethlehem instead of a sunflower. By simplifying the menu or choosing decor that’s in season, your clients will save more money.

Never let a budget scare you away from planning your client’s dream event. Give us some tips in the comment section below on how you stay under budget!

Read More »

Keep on Schedule with the Itinerary Feature from Inspherio

Let’s start with a scenario, shall we?

It’s the day of your client’s event. The festivities are beginning, but the musicians haven’t showed up yet and the photographer is wondering when she should start taking pictures. You tell everyone to rest assured; you have it all figured out. You reach for your itinerary, only to realize that it isn’t there. Panic rushes over you. What do you do? Everything you’ve planned, all of your hard work, is on that sheet of paper. People are starting to gather around you, growing more and more anxious by the minute. How will the event go on? What time do people arrive? The questions begin to swirl, and you’re sinking lower and lower into the floor—how could you forget the itinerary?

Freeze frame!

OK, so it’s bit extreme, but you get the point! You never want to be caught at an event without all of your necessary items—nor do you want anyone to start panicking. As your Crew, we don’t want that either, which is why we created the Inspherio Itinerary feature to help keep everything on schedule. And the best part is, you can access your itinerary from your computer, phone, or tablet anytime and anywhere.

So without further ado—introducing the Itinerary feature from Inspherio!

How-to Guide

Knowing when everything is supposed to happen during your client’s big day is important. But, it doesn’t have to be a difficult task to keep up with. Just let Inspherio’s Itinerary feature help. To get started, follow these simple instructions!

• Click on the “Leads” tab on your Inspherio dashboard.
• Select the client you are creating an itinerary for from your Active or Incoming Leads folder.
• From there, click on the Itinerary icon located under the the “Just For You” section.
• In the itinerary management section, you can choose to upload your own template or use the one that we provide.  
• If using the one we provide, click on the “Add Itinerary” tab. A popup screen will appear allowing you to enter in important information—time, duration, and client and vendor information. 

• Now just rinse, wash, and repeat a couple times until your itinerary is complete.
• Once you’re finished, you can save it for your records, print it out, and/or send it to your clients and vendors. It’s really that easy!

Never get caught unprepared! With Inspherio, you can access all of your event information in one easy-to-use location. Sign up for Inspherio and make sure you’re always prepared. Try our free 30-day trial today!

Read More »