Whether you’re creating a multi-million dollar, stadium-scale production or an intimate charity event, the formula for staying under budget is the same. I’ve worked on enough events to know that meeting expectations starts with a smart scope. Below I’ve uncovered how to go about building and sticking to a meaningful event budget.

Assemble a detailed starting point

A budget number without description is meaningless. When determining a budget for an event, it helps to know ballpark figures for what everything costs so you have a good idea of what the overall investment will be. Complications can arise when you tweak services or elements you’ve incorporated in the past. Clients may ask, ‘Why is this more expensive?’ Clarifying the components and purpose of the cost helps everyone understand what they’re really paying for. So for however much X costs, you’ll have a definitive explanation for what X entails and its purpose. If it’s integral to the event, the client will recognize its importance.

Know where you can afford to be flexible

Once a top-level concept and budget are approved, it’s time to get to work hammering out thorough details and aligning the vision. At this point, you might want to further customize pieces of the event to eradicate any potential cookie-cutter qualities – and more likely, to have direct involvement in the project.

As experts in event planning, it’s on us to know where we can afford to modify the details. So for example, the client may have approved a staging budget for six 60” video monitors and two front projection displays, but may later decide to add another projection screen. It’s up to Switch to identify how drastically the change will alter the budget – and whether it’s worth the effort.

Rely on your vendor relationships

Strong vendor relationships are key in this business. Vendors with whom you’ve nurtured a mutually respectful relationship can help you leverage your budget When they trust and know you are a reliable partner, they’ll want your business.

There have been a few times when vendors have helped me maximize my budgeted means. For example, I’ve inquired about the pricing for a lighting unit knowing I had $25k to spend on it. The vendor rep knew it cost $32k, so he came back with options for comparable, just as impactful lighting units.

Working between a client’s expectations and a vendor’s ability to deliver can be difficult. You have to find a way to align everyone’s expectations with a budget that will still yield success for all involved parties.

Budget for creative

For me, the easiest numbers to calculate are the labor and equipment figures. They are pretty straightforward, and they don’t change much year to year.

But content creation can be much more difficult to price. The scope we initially design for creative content may change depending upon the concept chosen and any extra costs. For example, a three-minute CG video will be more expensive to produce than a Talking Head video, but if it allows us to produce work that resonates more with the audience, it will be in our client’s best interest to alter the scope.

Ensure lasting client satisfaction

Budget experiences are more tangible than event experiences. During the meeting or event, endorphins are flowing as everyone revels in the exciting, highly produced show. But while the audience’s full-throttle energy and reactions eventually dwindle into a memory, the cost of the event doesn’t fade. The client will always be able to compare the total figure for the event to the planned cost. No add-ons, last minute revisions or excuses will validate a busted budget.

A well-organized and detailed scope of work enables us to accurately budget for an event. The more descriptive we are with the budget breakdown, the better equipped we are to defend the cost of labor, equipment and content and be transparent with clients. Our relationships and reputation depends on it.

Curious for more tips about event budgeting? Email Joe at JoeF@theswitch.us.