Tips Creating Conference Budget
Planning and managing a conference takes a lot of hard work. There are many things to do in order to create a successful conference. One of them is a conference budget. For some of you who never plan a conference budget before, you may find some challenges in it. To make it easier, there are certain tips on conference budgeting that you need to follow.
Tips to Make a Conference Budget
In order to make an accurate conference budget, you can follow these tips.
1. Take a look at the previous budget
If your organization had a conference with a similar format in the previous year, you can take a look at that budget when budgeting for the next conference. Using this budget as a reference will help you a lot in making the next one.
2. Set contingency fund
The future is unpredictable. Therefore, when you set the budget for the next conference, you need to set the contingency fund. As a result, when there are some unpredictable expenses, you will be able to pay for it. The contingency fund you need to set up is between 10% and 15% of the total conference costs.
3. Make a checklist of what to be included in the budget
There are many things that need to be included in your budget. Some of them are a venue, food and beverage, marketing expense, speakers and training, accommodations, and equipment costs. If you forget to budget one of them, there will be disasters that happen to your conference. To avoid it, you need to make a checklist of what to be included in the budget.
How to Stay on Budget
You may have set an excellent budget but if you cannot stick to it, your conference cost may go up uncontrolled. Therefore, you need to make sure that you always stay on the budget. There are several things that will help you stick to your budget.
1. Review your conference budget periodically
In order to stay on budget, you need to review the budget periodically or every time before you make a purchase. Therefore, you always remember how much money you may spend.
2. Create a simple budget tracker
Creating a budget tracker is important. It allows you to find out right away if there is an expense that goes out of budget. As a result, you can do something to solve this problem.
3. Remind yourself that it is not your money
Before you make a purchase for the conference, you need to remember that it is not your money you spend. Therefore, you will spend it wisely and always try to stick to the budget.
Budgeting for the conference is different from budgeting for business, household, or personal. However, it is not something impossible to do, especially if you follow the tips above.