Planning pitfalls ahead: how to manage your event budget successfully?

Do you have a master plan? Learn how to manage your event budget successfully

You’d think that event costs would be obvious, that there would be some sort of Mathematical formula that lets you know what you’re getting yourself into. But when it comes to event planning, Prices can vary depending on the day of the week, vendor availability, the distance between a venue and a vendor, and believe it or not, even your company’s perceived affluence can make a difference.

The truth is out there

Event planning involves getting prices via email or text, and almost always has hidden costs – it’s rare that the final price matches the original quote. Okapi rare (look it up)

so, is there any way to calculate event expenses? Oh yeah!

1.Set the right event budget

 

Last year’s event budget is often your guideline for this year’s event. But what succeeded last year in Ohio won’t cut it this year in Texas! Your budget must reflect your current needs- an impossible mission without relevant information, like vendor prices and current trends. That’s where we come in! Maryoku event budget calculator at your service: featuring frequently updated vendor information based on thousands of quotes (venues, rentals, décor, etc.), this calculator can help you stay on track and steer clear of under-budgeting your event.

2. Expect the unexpected

Save yourself the stress by padding your budget with a 10-15% back up for unexpected costs. It’s inevitable: people decide to come last minute, your boss wants wine instead of beer, and five people suddenly go vegan (today of all days??). Make sure you document these unexpected expenses and adjust your budget, accordingly, using our free Maryoku Auto Budget Management app.

3. Hidden costs

Keep the following possible hidden fees in mind when planning your initial budget: Tips and service fees can add 15%. Site entrance fees and spontaneous onsite purchases will also add up. Oh, and what about those insurance and cancellation fees – if you must cancel a vendor for any reason, you could be billed a whopping fee.

4.Will you be my rebound vendor?

 

It’s hard enough finding the vendors you want, let alone backups, but that’s precisely what we’re recommending. If a vendor stands you up, you’ll be scrambling to find a replacement and be forced to pay through the nose. Thank god for Maryoku’s free Marketplace to book your vendors; the system automatically sets second-best backup options within your budget, so you’ll never be left high and dry.

5. Compare proposals

It’s not always easy to compare similar proposals. While some proposals are itemized, others are bundled, making it that much harder to evaluate. You guessed it; we have just the gadget for you- Maryoku’s Budget Benchmark Tool provides you with automated side-by-side comparisons, along with a benchmark to make sure you’re not overpaying or being ripped off.

6. A bundle of joy

Hiring a single vendor who supplies several services is always more cost-efficient – it also cuts down on frustration since the subcontractors and your vendors are probably used to working together. Don’t worry about your vendor making a profit – it’ll likely still cost less. If you’d like to add a specific outside vendor to the team, you should ask your vendor if he knows that person, It’s a small world, after all.

feeling ready? Go for it! And remember that Maryoku is here to smooth your path towards event planning excellence. With Maryoku as your guide, you’ll never go astray.