Budgeting For Your Melbourne Corporate Event
If you’ve been given the task of organising your next Melbourne corporate event then you’ll need some help with the budgeting. Perhaps you’re shouldering all of the responsibility so it’s up to you to make sure that your business event in Melbourne is a great success. Well, budgeting for your event need not be a huge headache. We realise that every business has a bottom line to protect but there are things you can do to keep a close eye on what you’re spending. Trust us; we know a thing or two about corporate catering so here are a few of Brisk’s tips to make sure your financial investment reaps the right rewards:
Work out your Basic Expenditure
Without this you will usually run over budget, particularly when it comes to last minute bits and pieces. No matter what type of business event you need to understand the following before you do anything else:
- Cost of venue hire
- Rental equipment cost (e.g. projectors, staging, stands, chairs, tables, internet access, speakers etc.)
- Price of speakers or special guests, DJ, compere etc.
- Marketing & promotional cost (this could include leaflets, posters, cost of a marketing agency etc.)
- Printing costs (presentations, documents etc.)
- Catering cost (including staff if necessary)
How to Save Money
Once you understand your operating costs (above) you may want to find ways to cut corners so you can spend a little more money on other things such as entertainment (if this is suitable for your type of event). Or maybe you would like to offer more food options and more drink options? Perhaps you’ve just found out that your operating costs are too high and you need to exercise some cost-control! Here are some things you can do to cut-cost:
- Don’t act on impulse, so don’t get over-excited about extra decorations or choosing very expensive food options if you are on a strict budget. This doesn’t mean you have to skimp on good quality food (speak to Brisk for our corporate event food suggestions on a budget).
- Re-visit your catering. As catering experts we know that no-one wants to put on a corporate party that lacks food. So it is human nature to over-cater. Most of our clients over-order their platters of food, salad, hot finger-food and sweet treats so we would advise that you set up your catering budget and then take off 5%. We will always tell you if you haven’t got enough and cutting your budget by just a little will reduce food waste and save you money!
- Keep a good eye on what you’re spending. Especially if you’re not the only person co-ordinating the business event because if everyone has a hand in the corporate wallet, you might find things spiral out of control. Monitor all the staff involved, have regular meetings, keep a communal spreadsheet and make sure it gets updated every time an amount of money is spent.
Make Money on your Corporate Event
Corporate events are inevitable, you have to entertain clients and customers every now and again and many corporates run regular training seminars, talks or informal gatherings to discuss business. It’s difficult to quantify the actual ROI but understanding what you want to achieve from each event you run helps you to try and measure it. In some cases, it’s even possible to make a return on your investment – or at least make some significant savings. A training event for your own staff will help them to understand new systems or update an old working practice. Initially this will always be difficult to gauge but long-term the quicker staff adapt to new strategies – hopefully the faster your business will make money.
Some events lend themselves well to an entry fee, for example, a notable guest speaker. In which case when choosing a ticket price, think about your operating costs but don’t be tempted to put a high price on a ticket as you might shoot yourself in the foot and end up with low attendance. This could cost you dearly.
Finally…A Word in your Ear
Corporate events don’t need to be complicated, as long as you understand your budget, the type of event you are running and use the right suppliers to make sure your event is a success. Your corporate catering is a major factor in how successful your event will be, so don’t choose a caterer who won’t provide you with anything less than excellence. You want your guests to enjoy their food – it goes a long way to them enjoying the whole event! You can always rely on Brisk in Melbourne’s CBD to make sure that the food is top quality and exactly what you want, plus we guarantee exceptionally competitive rates for wonderfully fresh, often locally sourced ingredients. Everything is prepared on the day and delivered to you, beautifully plated as well. It always makes sense to choose Brisk.