Importance of Budgeting a Special Event

2389 words - 10 pages ✓ Expert Reviewed

My personal project will be a report on how to create an event on a budget. I will outline the importance of having an event budget in place as well as outline creative ideas in creating a successful event on a budget. Planning an event can also lack creativity so this report will cover creativity vs. budget in event planning.

Marking Criteria

• Outlines importance of having an event budget 5 MARKS
• Illustrate a broad range of creative and innovative event ideas on a budget
• Outlines benefits and challenges of creating an event on a budget
• Outlining the importance of creativity in events 5 MARKS

Our society is evolving at a fast pace. We require more skills, knowledge and creativity more than ever before. Those who are incapable of change will be left behind and organisations will be forced to replace them with people that are more receptive to creative and innovative thinking. It is not organisations that adapt to change; rather it is the people within organisations who are required to change. Therefore, it is not surprising that a number of studies and reports have identified creative thinking and creative problem solving as fundamental workplace skills. (Kaufman, Sternberg 2010).

In the event industry, the planner is not just creating an event, they are creating an experience.
For most associations, events represent a major revenue stream that can be significantly impacted by downturns in the economy and
cost cutting in members’ organisations. There are, fortunately, ways to continue to offer top-quality events without raising registration fees or expanding event budgets. (Donaldson and Faucher, 2013)

The importance of an event budget

Creating an event budget is one of the most important aspects in the initial planning stages. It allows planners to forecast whether their event is feasible to go ahead. Costs going into the event should be balanced by the amount of funds coming in.

A successful event budget is sticking to a carefully planned budget; ensuring you don’t run into difficulty says Bhans Sheomangal, account manager for Strike Productions. (Publicity Update 2013)

The preparation of a budget is an essential part of event management. It is fundamentally important that event planners are able to predict with reasonable accuracy whether the event will result in a profit, a loss or will break-even. This is achieved by identifying and costing all probable expenditures and by totaling all expected revenues. By comparing expenditures and revenues, it then becomes possible to forecast the financial outcome of the event.
The prediction of financial outcomes of the event needs to take place very early in the planning stages. There is no use on setting dates, booking venues, preparing plans until there has been some attempt to determine whether the event is financially viable. (Isaac, date unknown)
All aspects of an event must be considered when creating...

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