Should You Increase Your Event Budget In 2023 ?
After sitting in the bleachers in 2020 and 2021 a lot of folks are ready to get back at it. This past year was a great sign for the event industry. Events and conferences rebounded quicker than a delayed flight. Having to raise our budget was a quick fix compared to the pandemic. The ability to meet up in person overshadowed the long receipts and inflated prices.
The faster we can prepare ourselves for elevated cost the faster we can adapt. We want to breeze through 2023 and the only way to do that is by planning ahead. Which leads us to Should You Increase Your Event Budget In 2023?
At this point our only goal is to move forward and deal with the punches as we go. Part of the plan will be to raise our budget and the other part is to get creative.
Here is why we need to adjust our budget, get creative and reconsider vendor options in the upcoming year. Let’s explore some options for our 2023 event budget.
The first step we should take is too…..
- Plan Further Out – Start by signing your rental contract a year in advance. This will guarantee that the date is secured and that you get a discount for booking out. Two years a go a venue contacted me the week of my event. Thats right the event had not even taken place yet. And they offered my client the same rate for the venue if we signed the contract. Imagine if you could secure all your vendors with the same rate? Or receive a discounted rate by signing a contract a year in advance?
If you are not willing to put down a deposit that far in advance we can look at……
- Reduce square footage ? This suggestion came from a member of my MPI group. And I love it! As she put it, “stronger impact in a smaller space.” This gives you a chance to get creative and when you get creative your event is going to stand out. You want to leave your guest and attendes with an unforgettable experience. So cut down the square footage and look for unique venues that will cost less than the big banquet hall. If you need help locating unique venue spots hit me up. I’d be happy to put together a list for you.
If you want to keep some of the same vendors but want discount ask them this……Can I get a discount if I pay with cash?
- Pay with cash -Merchant fees are on the rise. A lot of companies are offering discounts if you pay with green-backs. The company we order our staff t-shirts from offers a 10% discount on Sunday if you swap out the plastic for the green. We also work with a vendor who provides LED walls and he also implements a disouconts if you pay in cash.
Not sure your getting the best deal in town? Connect with a broker or an agent.
- Use a broker to book your hotel rooms and travel. My client needed twenty five rooms for a Christmas party. I tried to get them the best deal possible but it was still too expensive. The rate I got was $209 per room. The broker was able to get the same hotel for $190 per room. This is a huge savings when you are booking rooms for both events and travel.
All industries will be face rising cost. By pre-planning you can stay one-step ahead of the curb and put-forth an award winning event! Have you found a strategy that works well with your event’s budget ? Share your idea in the comment section.
