The Complete Guide to Event Budge4ng Clare Kilmar4n Conference - PowerPoint PPT Presentation

The Complete Guide to Event Budge4ng Clare Kilmar4n Conference Director Conference Partners clare@conferencepartners.ie

Where to start???

Budget = Founda?on INCOME & EXPENDITURE of your Event

INCOME & EXPENDITURE

Expenditure - What column headings do you need? Fixed costs Vs Variable costs? o Vat/Tax? Are you liable to pay vat & claim vat back? o Total Total Unit Cost Unit Cost QTY Total Total Fixed Variable Fixed QTY Fixed Variable Variable Fixed Variable Costs Inc costs inc Costs Costs Costs Costs VAT % Costs Nett Costs Nett VAT VAT Vat Total Unit Cost Total Fixed Fixed QTY Fixed Fixed Costs Inc Costs Costs VAT % Costs Nett VAT VAT

PA Audio- Budget Sec?ons – where is your money going? Projector Screen visual Website Technicians PR Design Room Invites Event app 1 Marke?ng Experien4al Adver4sing Venue Room Programme Restaurant 2 Social Media Room 3

Total Unit Cost QTY Total Total Fixed Variable Unit Cost QTY Fixed Variable Variable Total Fixed Variable Costs Inc costs inc Fixed Costs Costs Costs Costs VAT % Costs Nett Costs Nett VAT VAT Vat Venue Room 1 €100.00 1 €0.00 0 23% €100.00 €0.00 €23.00 €123.00 €0.00 Room 2 €100.00 1 €0.00 0 23% €100.00 €0.00 €23.00 €123.00 €0.00 Catering Lunch €0.00 1 €10.00 1 9% €0.00 €10.00 €0.00 €0.00 €10.90 Dinner €0.00 1 €20.00 1 9% €0.00 €20.00 €0.00 €0.00 €21.80 Audio Visual PA system €100.00 1 €0.00 0 23% €100.00 €0.00 €23.00 €123.00 €0.00 Microhones €100.00 1 €0.00 0 23% €100.00 €0.00 €23.00 €123.00 €0.00 Design & Branding - Printing & Website Website design €2,000.00 1 €0.00 0 23% €2,000.00 €0.00 €460.00 €2,460.00 €0.00 Event App €2,000.00 1 €0.00 0 23% €2,000.00 €0.00 €460.00 €2,460.00 €0.00 Printed invitations €500.00 1 €0.00 0 23% €500.00 €0.00 €115.00 €615.00 €0.00 Marketing, Promotion & Advertising Online advertising €1,000.00 1 €0.00 0 23% €1,000.00 €0.00 €230.00 €1,230.00 €0.00 Print advertising €1,000.00 1 €0.00 0 23% €1,000.00 €0.00 €230.00 €1,230.00 €0.00 PR agency €2,000.00 1 €0.00 0 23% €2,000.00 €0.00 €460.00 €2,460.00 €0.00 TOTAL FIXED COSTS INC VAT €10,947.00 TOTAL VARIABLE COSTS INC VAT (100 PEOPLE) €3,270.00 TOTAL €14,217.00

What are your Income Streams? A fixed amount o Ticket sales (vat?- seek advice) o Sponsorship sales o Exhibi?on sales o Funding – SFI, Failte Ireland, other o grant bodies Dona?ons o Investors o Crowd funding o

Protect your income

Integrated Communica4ons Plan: Promo?on & Marke?ng of your event Be organised: Protec?ng Sell early to get your Event specific income in early and insurance (i.e. Hiscox) Income manage your cash flow Clear & Concise Cancela4on Policies

Measuring your financial outcome Income less Expenditure = Financial outcome Income Projections Possible attendance 100 people 200 people 300 people Total Income €14,000.00 Sponsorship nett €10,000.00 €12,500.00 €15,000.00 Total Expenditure €11,900.00 Ticket sales @ €40 each nett €4,000.00 €8,000.00 €12,000.00 €2,100.00 Total Income €14,000.00 €20,500.00 €27,000.00 Total fixed costs nett €8,900.00 Total variable costs nett (100 people) €3,000.00 Total Expenditure €11,900.00

Beware of what dangers lie ahead!

I wonder??? Restric4ve minimum Hidden Costs & Service numbers/contract Charges – always read Specific Insurance or terms in supplier the detail in a quote. Security Requirements quotes Is Vat or Tax included? Don’t presume always ask!

Budget Management

Beware of cancela4on dates: set reminders in your diary Keep a record: Payments in & out, Set targets & monitor Budget Copies of quotes and your progress: Pull back if needed emails agreeing pricing Management & terms of service Manage cash flow When is your income due in and when do you need to pay the bills?

Why things go wrong? What to do? o Errors in the budget – only human! o Don’t panic! Formula errors o Know your budget -Build in Input errors – quotes, figures, con?ngency/areas for cuts vat o Think outside the box! – o]en most o Inaccurate projected income/ crea?ve events are those with li^le funding issues budget o A disaster outside your control – o Go back to your suppliers ash clouds, terrorism etc… o Increase income – never too late to increase a^endance or sales