Large companies need to host events for product launches, conventions and exhibitions. Smaller companies need to host events as well, it may not be as huge as the events for large companies but just the same, it is necessary to host events but avoid overspending on them.
Thus, if you need to host events whether your company is big or small you will need an Event Budget Template to know if the profit you expect from the event will be justified as compared to the cost you will need to shell out.
There is an Event Budget Template from Excel which will help you analyze the profitability of such an event by looking at the profit and loss statement in the template.
The template is so simple but it has the important details necessary to plan events that will be successful. Let us discuss the template to give you an idea of what a viable event your company should host.
Details for the Budget Template
What are the expenses you will incur in the Event? This is the first tab in the template. You should put an estimate by reviewing historical events or estimates you get from suppliers.
o Cost of the site
- Room and hall fees
- Site Staff
- Equipment
- Tables and Chairs
It might be necessary that you lump them all together and ask for reasonable discount since this may not be the first and only event you will need to host. Some conference venue halls offer a neat package but start by detailing them first and then asking for discount when you find it necessary.
o Decorations
- Flowers
- Candles
- Lighting
- Balloons
- Paper Supplies
These items are all necessary for the event but if you can ask them to be packaged with the venue the better your chances of profiting from the event.
o Publicity
- Graphics work
- Photocopying/printing
- Postage
Profitability of your event will only be realized if the public knows about it. Attends your event, buys products or acquires services from the event. Thus, you have to spend on publicity. It is good to ask for detailed quotation for each item, then try to request for package when you think it is reasonable enough.
o Refreshments
- Food
- Drinks
- Linens
- Staff and gratuities
Another venue cost you can bundle with the hall fees but if it is not reasonable to package them together, you have to find a catering entity that will provide good food and good service at reasonable cost.
o Program
- Performers
- Speakers
- Travel
- Hotel
- Others
These are expenses you cannot go away with if you host an event and thus the Event Budget Template needs to clearly specify these details. This may be the biggest cost next to the venue and food expenses but they are necessary for the success of your event.
o Prizes
- Ribbons/Plaques/Trophies
- Gifts
They are likewise important for the success of your event but you can be creative in spending for them.
o Miscellaneous
There will be other expenses you have to spend for in the event and you have to consider all of them in the Event Budget Template. Write all other expenses with estimates in your budget template.
After some expenses has been realize input the actual cost in the Event Budget Template. This will give you an idea of how much variation you have from your estimates to you actual. This will help you plan properly your next events.
Another important factor to consider in the Event Budget Template is the Income you expect from it. This is the second tab of your Event Budget Template. They are important because you have to know how much you have to make in the event to ensure that it is profitable.
Admissions
How many guests you estimate to come and how much admission they will be paying. Separate the adult and children computation. You may also put others in the admissions column where you will input the admission received from guests given special admission rates or discounts.
Ads in program
This is another income stream for events. You can invite sponsorship or advertising placement in the program. This is necessary to have some money come in before, during or after your event.
Exhibitors/Vendors
If it is a huge convention, many exhibitors will surely grace the occasion and they are good enough income for your event. Separate the sizes of booth based on the requirement of your exhibitors.
After the event, you have to analyze as well the profitability by inputting the actual income versus the actual expenses you incurred.
This will bring you to the profit and loss summary of the Event Budget Template. If you take a look at it, this tab is set on automatic with the expenses and income tabs. There is also a chart that will tell you if you made money or not in the event.
By analyzing this template and looking at the actuals, you will understand if hosting similar event and doing the same things will give you profit or not.
If you did not make money based on the Event Budget Template, you may need to review your event and make good the next time.
This is a neat template from Excel but if you would want your own template, you can always do so but let this Event Budget Template guide you.
http://financialexceltemplates.com/ is the best resource for high-quality and downloadable Excel Template to help you manage the Finance side of your business.
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