Short Summary about Events Budget Monitor
“EVENTS BUDGET MONITOR”
What is an event budget? is a financial plan which sets out an estimate of proposed expenditure for a given event and the proposed means of financing the event.
Why budget for costs? advantages: >A thoroughly planned and approved budget will insure your event is financially viable . >A budget translates plans into specific costs. >A budget facilitates coordination and cooperation between the various aspects of the programme. >Routine comparison between the budget and the actual financial performance can highlight possible trouble and allow time for an appropriate response.
From the Event team’s perspective, budgeting is a key element for:
>Planning – The best laid plans are pointless if there is no agreed budget in place to deliver on these plans. Planning for the event, costing the plan and agreeing the budget must go hand-in-hand.
>Management & Control - By putting a budget in place, the Event Management Team will be very clear on how much or how little they can spend in different aspects of the Event.
>Priorities – With a clearly defined budget, it is much easier to establish where cut backs may be made if required.
>Identifying Income Requirements – by identifying the finances to run the event, the Event Team may need to charge an entry fee, source sponsorship or Value In Kind(VIK) services or supplies.
How to budget
~steps to follow: step 1 = set goals + initiate planning step 2 = establish objectives + identify event activities to accomplish goals step 3 = design plans + describe method of reaching the goals step 4 = budget preparation and approval + quantify income and expenditures based upon forecasts step 5 = seek quotations + source at least three quotations for the supply of the required goods or services. This provides a firm basis for deciding the appropriate supplier. Best estimates may be used in situations where numbers or quantities have not been
What is an event budget? is a financial plan which sets out an estimate of proposed expenditure for a given event and the proposed means of financing the event.
Why budget for costs? advantages: >A thoroughly planned and approved budget will insure your event is financially viable . >A budget translates plans into specific costs. >A budget facilitates coordination and cooperation between the various aspects of the programme. >Routine comparison between the budget and the actual financial performance can highlight possible trouble and allow time for an appropriate response.
From the Event team’s perspective, budgeting is a key element for:
>Planning – The best laid plans are pointless if there is no agreed budget in place to deliver on these plans. Planning for the event, costing the plan and agreeing the budget must go hand-in-hand.
>Management & Control - By putting a budget in place, the Event Management Team will be very clear on how much or how little they can spend in different aspects of the Event.
>Priorities – With a clearly defined budget, it is much easier to establish where cut backs may be made if required.
>Identifying Income Requirements – by identifying the finances to run the event, the Event Team may need to charge an entry fee, source sponsorship or Value In Kind(VIK) services or supplies.
How to budget
~steps to follow: step 1 = set goals + initiate planning step 2 = establish objectives + identify event activities to accomplish goals step 3 = design plans + describe method of reaching the goals step 4 = budget preparation and approval + quantify income and expenditures based upon forecasts step 5 = seek quotations + source at least three quotations for the supply of the required goods or services. This provides a firm basis for deciding the appropriate supplier. Best estimates may be used in situations where numbers or quantities have not been