Monday, August 4, 2014

Stretching Your Event Budget

BizBash author Rose Curiel worked with planner Todd Hawkins, founder and head of the Todd Group production company, to develop seven tips on maximizing your event budget. Hawkins has come to specialize in nonprofit events, impressively counting the West Coast chapters of St. Jude and the Red Cross among his many clients. Working consistently on fundraisers and being more concerned with raising versus spending money, Hawkins definitely knows a thing or two about cutting productions costs. His tips work equally well for both nonprofit and corporate events.

1. Draw from internal resources when possible
Look at the client’s resources

2. Leverage vendor loyalty
If you find that you’re bringing a particular vendor consistent business, you can work that relationship to your advantage

3. Never underestimate the power of social media
Potential partners who might be willing to pick up part of the tab are just as invested in an event's social media numbers as a planner is

4. Consider skipping the gift bag
If you’re paying for it or you’re spending lots of money and staff resources to assemble it, then you need to cut it

5. Don’t be afraid to ask questions
Vendors, venues, anyone you work with - negotiate custom offers for a better price, especially if you plan on providing them future business

6. Serve signature cocktails
An open bar can significantly drain a budget, but guests often expect to unwind at events with a cocktail, limit that with a drink they'll remember

7. Propose shortening the event
Think strategically about whether or not guests will actually stick around

Read more to get the big picture so you can devour the details with these money saving details at your next event!

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