Tuesday, March 26, 2013

Ways to Save Money While Planning A Corporate Event

With the economy still picking back up, you might find that you have a smaller budget than expected when planning your next event. But, instead of getting frustrated and trying to create a big budget event with limited resources, reverse your strategy and embrace the budget you have. You can have an effective and memorable event, even with limited funds. Here's how:

(1) Know Your Budget. You wouldn't start making a cake without a list of ingredients, right? So how can you prepare for a major event without understand what you have to work with? Talk to your co-workers and superiors to determine exactly what your budget is. Find out how much money you can spend on a venue, speakers, catering, awards, decorations, entertainment and incidentals. Creating baseline limits for each category will help you keep costs in line.

(2) Use Sponsors. Companies are eager to get their name out to the public without paying high advertising or PR fees, so take advantage of that. Find an up-and-coming company looking to make a name for itself and trade exposure for money.

You can use your industry connections to see who's out there, and to increase your odds of landing sponsorship, decide on a company or organization that's closely related to your business. Once you find them, present a road map for a reciprocal relationship in the future, and find the right person to present your offer to. You might be surprised by the outcome.

For three more tips, check out 5 Ways to Save Money While Planning Your Next Event.

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