by Beth Blair
Budgeting your meeting M
eetings come in all sizes and, as we all know, so do budgets. Regardless of how many people will be attending your
next meeting there’s always room to save a few bucks. We turned to some experts who have experience cutting costs and offer ad- vice for staying under budget without skimping on the details. 1. Save by negotiating - The fi rst thing to remember is negotiation is king when meeting planning and it starts with your location. If your free offi ce location doesn’t provide the space needed for your gathering, Gyutae Park, co-owner of Money Crashers Personal Finance (
www.moneycrashers.com), says to start with negotiating the venue fee. The key, he says, is to fi nd out what type of occupancy rate the location has had recently because there is more wiggle room when a site has been facing a slow season.
Negotiating even little details during the planning phase can keep you well under budget since many event locations are happy to throw in discounts or extras if it guarantees business. Lynn Ja- cobs, executive producer at St. Louis-based experiential market- ing agency Switch: Liberate Your Brand (
www.liberateyourbrand. com) suggests negotiating with hotels for free Wi-Fi in the ball- room, bringing your own audiovisual equipment without penalty and other extras such as power, visqueen, shipping, receiving and clean-up charges. 2. Save on food - Meals are often appreciated by meeting attendees and whether the purpose of serving a meal is to work through lunch or to relax after a heavy-loaded day some thought should be put into the offerings when trying to stay within budget. “Serving buffet-style food instead of having guests order off of a menu can keep costs down,” says Park. “You can further impact the cost of the food by planning your meeting around lunch, rather than dinner,” says Park.
When the question arises whether to serve hors d’oeuvres or a full meal, senior meeting sales manager Cheryl Burggraff of Rockford Area CVB (
www.gorockford.com) in Rockford, IL
WWW.MIDWESTMEETINGS.COM
says, “Serving a dinner can often times be more cost effective. Appetizers are normally priced in bulk instead of by-the-piece so to get a variety can add up very quickly. If you choose to do appetizers, have them butlered by the wait staff to help control the amount much easier.” 3. Save on imbibing - Burggraff also reminds meeting planners that liquor can be a big-cost item. “Instead of open bar, give each guest a drink ticket or have a drink special at a negotiated price,” she says.
4. Save on embellishments - Unless your meeting has a necessary theme, it’s okay to go minimal on trimmings. “Decorations can add up very quickly,” says Burggraff. “If you are in the meet- ing planning business, you are either pretty creative yourself or know someone else who is.” With this in mind, a simple do-it-yourself can keep you under your max spending and you get bragging rights for personally contributing to the meeting room’s conversation pieces.
5. Save on speakers - Some meetings aren’t complete without an outside voice but speakers can come with a heavy price tag. “If you want to have a speaker at your event, look for speak- ers who already have booked engagements near the time and place of your event, as you may be able to get a discounted rate,” suggests Park. Plus, since the speaker likely already has transportation and lodging you may only have to pay the speaker fee and a meal.
6. Seek sponsors - “If you can fi nd a company or organization rel- evant to your industry that might be willing to partially or fully sponsor your event, this can really reduce costs,” Park contin- ues. This option will allow you to host a top-notch meeting that may even allow for a few extras such as a post-happy hour or open bar. Park fi nishes, “Finally, always consider setting a strict budget for your event before you begin planning. This is one of the best ways to limit the expenses of an event or meeting.”
17
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100