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???

INCOME & EXPENDITURE

Budget = Founda?on

• f your

Event

INCOME & EXPENDITURE

Expenditure - What column headings do you need?

• Fixed costs Vs Variable costs?
• Vat/Tax? Are you liable to pay vat & claim vat back?

Unit Cost Fixed Costs QTY Fixed Costs VAT % Total Fixed Costs Nett VAT Total Fixed Costs Inc VAT Unit Cost Fixed Costs QTY Fixed Costs Unit Cost Variable Costs QTY Variable Costs VAT % Total Fixed Costs Nett Total Variable Costs Nett VAT Total Fixed Costs Inc VAT Total Variable costs inc Vat

Venue

Room 1

Restaurant

Room 3 Room 2

Budget Sec?ons – where is your money going? Audio- visual

PA

Screen

Technicians Projector

Design

Website

Event app

Programme Invites

Marke?ng

PR

Adver4sing

Social Media Experien4al

Unit Cost Fixed Costs QTY Fixed Costs Unit Cost Variable Costs QTY Variable Costs VAT % Total Fixed Costs Nett Total Variable Costs Nett VAT Total Fixed Costs Inc VAT Total Variable costs inc Vat

Venue Room 1 €100.00 1 €0.00 23% €100.00 €0.00 €23.00 €123.00 €0.00 Room 2 €100.00 1 €0.00 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 23% €100.00 €0.00 €23.00 €123.00 €0.00 Microhones €100.00 1 €0.00 23% €100.00 €0.00 €23.00 €123.00 €0.00 Design & Branding - Printing & Website Website design €2,000.00 1 €0.00 23% €2,000.00 €0.00 €460.00 €2,460.00 €0.00 Event App €2,000.00 1 €0.00 23% €2,000.00 €0.00 €460.00 €2,460.00 €0.00 Printed invitations €500.00 1 €0.00 23% €500.00 €0.00 €115.00 €615.00 €0.00 Marketing, Promotion & Advertising Online advertising €1,000.00 1 €0.00 23% €1,000.00 €0.00 €230.00 €1,230.00 €0.00 Print advertising €1,000.00 1 €0.00 23% €1,000.00 €0.00 €230.00 €1,230.00 €0.00 PR agency €2,000.00 1 €0.00 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
• Ticket sales (vat?- seek advice)
• Sponsorship sales
• Exhibi?on sales
• Funding – SFI, Failte Ireland, other

grant bodies

• Dona?ons
• Investors
• Crowd funding

Protect your income

Be organised: Sell early to get your income in early and manage your cash flow Integrated Communica4ons Plan: Promo?on & Marke?ng

• f your event

Event specific insurance (i.e. Hiscox) Clear & Concise Cancela4on Policies

Protec?ng Income

Measuring your financial outcome

Income less Expenditure = Financial outcome

Total Income €14,000.00 Total Expenditure €11,900.00 €2,100.00

Income Projections Possible attendance 100 people 200 people 300 people Sponsorship nett €10,000.00 €12,500.00 €15,000.00 Ticket sales @ €40 each nett €4,000.00 €8,000.00 €12,000.00 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

• f what

dangers lie ahead!

Restric4ve minimum numbers/contract terms in supplier quotes Hidden Costs & Service Charges – always read the detail in a quote. Is Vat or Tax included? Specific Insurance or Security Requirements

Don’t presume always ask!

I wonder???

Budget Management

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

Budget Management

Why things go wrong?

• Errors in the budget – only human!

Formula errors Input errors – quotes, figures, vat

• Inaccurate projected income/

funding issues

• A disaster outside your control –

ash clouds, terrorism etc…

What to do?

• Don’t panic!
• Know your budget -Build in

con?ngency/areas for cuts

• Think outside the box! – o]en most

crea?ve events are those with li^le budget

• Go back to your suppliers
• Increase income – never too late to

increase a^endance or sales