BLOG TIP # 3 – Know Your Budget

Tip #3

"It’s clearly a budget. It’s got a lot of numbers in it."

G. W. Bush

 “Know your budget!”

• Know what your event will cost.
• How your money is allocated.
• Where to cut and where to add.
• If the budgeting is sensible and realistic. 
• And be flexible as you set your priorities.

Those guidelines may seem obvious, but they are so often overlooked.

Surprisingly I’ve had numerous conversations like this: 

     “We’ve budgeted $800 for our entertainment.”

     “May I ask how much you’ve budgeted for the centerpiece flowers on the tables?”

     “Oh, we found a wonderful florist, he gave us a break, so we’ve budgeted $1,400 for the table flowers.”

The flowers that will wilt in a day and barely be noticed, are given more thought than quality entertainment that will be remembered a long while?

Yes, personal and business budgets are being scaled back these days. Everyone wants top quality, but each dollar has to be carefully considered. How can you wisely allocate funds, while getting the biggest value for your event dollars?

Here are a couple of thoughts:

Decide if your shopping for a Toyota or a Lexis.

The Toyota will appear to save you money. With entertainment: You may learn your “Toyota someone” doesn’t reflect the level of your event, so you might not have pride in who you booked. You may wind up someone who doesn’t make the grade when it comes to quality. Someone who may not delver what they promise. A “weekender” who lacks polish and professional experience. In the long run your” bargain” may reflect badly on you and disappoint your guests.

Deciding how you can afford the Lexis. No doubt you’ll get greater long term value for your investment. Looking at entertainment: Your “Lexis choice” will add a high level of customer service. They will be on time and on schedule. They will seamlessly represent you and your event. Their offerings will be crisp and professional. You’ll get a truly inventive top quality show. They will deliver on the promise to enthrall and entertain. You’ll be proud of your choice, and your guests will have fond and lasting memories.

Do you want to take a chance on less than the best, or are you willing to compromise or seek out wiggle room in your planning?

Okay, simply do your homework and negotiate with your top choice:

• Try to schedule a face-to-face meeting! Meet at a coffee shop or over lunch get to know one another, build trust and rapport.

• If you book far in advance chances are the talent will appreciate having a full schedule and offer a fair price.

• For some reason people tend to hire an “out of towner” who has more cache or glamor than the “guy next door.”  Start in your own backyard and meet with local presenters.

• If your entertainer is not in the area, negotiate the travel fee, how can you save money on travel and accommodations, perhaps they’ll agree to stay somewhere other than that ritzy hotel.

• Perhaps you can help plan another event in the area, on the same or next day, so the performer can offer a reduced fee for both events.

• Offer added value. If you can’t pay a speaker’s full fee, how else can you add value? Maybe you have media connections and can arrange a valuable news article or television spot for your entertainer?

• Or maybe you can guarantee your enter planning committee will post fifty valuable “tweets” about your event entertainment, or feature your talent on Facebook and LinkedIn. Offer testimonials on video or in letters.

• Perhaps you can suggest your guests purchase the speaker’s book, or allow your speaker to offer back of the room sales?

• Ask! You be happy and surprised to find how many inventive ways there are to lower a fee with a little added barter. If you don’t ask what you can do, they can’t tell you what they’d like you to do.

•  Try to reconsider your budge priorities, can you do with table carnations rather than roses? Can you have four instead of five courses at the banquet? Can the venue maybe waive some service fees? Skip the DJ? Look for a little wiggle room and you’ll be able to afford the best pro you can find.

The Bottom Line:

• Communicate, communicate, communicate (in person if you can)
• Negotiate, sit down and assess one another’s needs.
• Be flexible with your budget, look for alternatives and wiggle room