What kind of financial position is the company in? 📈
How much did they spend on events last year? 💰
How many events are you proposing to host in the coming financial year? 📅
What feeling do you want to curate for the team? 🤗
Creating your budget strategy and getting it approved 🙌
Whether you have your budget solidified or not, follow these steps:
Define the why before the what: Get to the understanding of why you want to do these experiences in the first place.
Have conversations with stakeholders and get advice: Get buy-in from the different teams and departments that you're representing. (This is where those Event Planning Surveys really come in handy!)
Research & plan your options: Data is your friend! Make sure that you've explored the different events you're interested in and considered what is best for your team's use case. Thoroughly research your options and allow some wiggle room in your budget for unexpected changes (i.e. new employees that have joined since your past events, changing your mind on what initiative this event will be targeting, etc.)
Talk to the right people: Figure out who the right person to have these discussions is with and plan a meeting. Is that the CFO? The VP of Finance?
Start small & tie it to your business goals: Planning one event or quarterly events is a great place to start while you're gaining traction and momentum. Once you've received enough positive feedback, use those wins to re-negotiate your programming and rework your event budget spreadsheet for events moving forward.
Be prepared: Make your budget presentations (and emails) short and sweet. Be ready for tough questions and have your lay of events prioritized by 'necessary' and 'nice to have' so that you're prepared to discuss budget cuts and have your solutions ready when necessary.
Be confident: Confidence always sells!
Track everything: Once your budget is approved and the event planning process has begun, keep a detailed record of everything, including wins, obstacles and learnings, adjustments within spending, etc!
Review & re-plan: Next year, when coming up with your yearly team-building strategy, use the past year's data to better plan your next remote or in-person event series!
As you've learned, creating an event budget requires a good deal of research, confidence, and creative thinking.
Skip the venue rental and host your event virtually! Here at Confetti, we've helped customers plan thousands of team building events, all based on their unique budgets and initiative needs. Ready to ride the wave of engaging and interactive virtual team building?
Leave it to the pros! 🎉 Contact [email protected] to start planning an event within your unique budget today!
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