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PRISE is dedicated to delivering top-notch service with a team comprising innovative event producers, skilled management professionals, a talented production crew, exceptional entertainment staff, and courteous event personnel. With a wealth of experience in overseeing events and venues in some of Australia's most vibrant locations, PRISE possesses intimate knowledge with the premier event spaces in the region.​

PRISE is proud to have leading event producers with years of experience, producing over hundreds of events annually, and attracting countless people each year – PRISE has continued to push the boundaries of innovative and creative achievement as a premier event, marketing and production agency.

PRISE offers comprehensive event services tailored to your specific needs and preferences. Our primary focus is on designing your event to align with your requirements. Our team of experts delves deep into understanding your brand, taking care of every detail. Entrust us to produce your next exceptional event on a global scale.

setting & sticking to a budget

Understanding, setting, and adhering to a budget for your corporate event is crucial for several reasons. Firstly, it ensures financial responsibility and accountability, preventing overspending and unexpected costs that could strain company resources. Secondly, a well-defined budget serves as a roadmap for decision-making, guiding choices regarding venue selection, catering, entertainment, and other essential elements. By understanding the budgetary constraints from the outset, event planners can prioritize expenses and allocate funds effectively to maximize value and impact. Sticking to the budget also fosters transparency and trust among stakeholders, demonstrating fiscal discipline and respect for financial boundaries. Moreover, a carefully managed budget enhances the overall success of the event, minimizing financial stress and allowing organizers to focus on delivering a seamless and memorable experience for attendees. In essence, understanding, setting, and adhering to a budget is fundamental to achieving the desired outcomes and ensuring the long-term sustainability of corporate events.

steps to planning your budget

Step 1:
Set financial goals for your event

One of the initial tasks for event planners is to create an event profit and loss budget, aiming to forecast whether the event will yield a profit, loss, or break-even outcome as accurately as possible. However, defining financial success for your event varies depending on its type and objectives. While it's impossible to predict all expenses and revenues from the outset, and some may even change during the planning stages, it's crucial to draft a budget that accounts for the typical expenses and revenues.

Step 2: Determine your fixed & variable costs

Fixed costs remain constant regardless of the number of attendees and are calculated as a set total amount. On the other hand, variable costs fluctuate depending on the number of attendees and are calculated on a per-person basis.
Fixed vs Variable Costs Examples

Step 3: Identify your sources of revenue

To cover event expenses, explore various revenue streams, including advertising, concessions, booth rentals, management fees, registration, and sponsorships. Utilize budget planning tools like Excel or Google Sheets to monitor these revenue sources, categorizing them based on relevance to your event. Forecasting expenses and revenues is crucial in budget planning. Allocate a contingency fund for unexpected costs. Ensure the event's financial viability before proceeding with venue selection, promotions, and staffing.

Step 4: Create an event budget proposal

An event budget proposal is a formal document or presentation crafted to persuade stakeholders within your organization to approve it. If you've already formulated your projected budget for the event, you've completed a significant portion. Alongside detailing your anticipated revenue and expenses, it's crucial to incorporate:
The events purpose & goals
Data about past events
Budget contingency plans
Potential budget overages
Info on measurables & ROI

Step 5: Calculate cash flow for your event

To calculate your cash flow, sum up all your revenues and deduct any outstanding accounts receivable (funds owed to you for services/work completed). This figure represents your cash on hand before expenses. Subtract all your accounts payable (funds you owe for services/work provided to you) from this amount to determine your cash on hand. A positive result indicates a positive cash flow.

Step 6: Review & track your event budget

Not all expenses can be accurately predicted, and it's common for your budget to undergo changes throughout the event planning process. Therefore, it's essential to continuously review and track your budget as you progress. Given that demands for your meeting or event may shift, it's advisable to establish in advance who holds the authority to approve spending beyond the approved budget. Nonetheless, having a contingency fund, as mentioned earlier, proves beneficial for managing unforeseen expenses.

Step 7: Analyze your event’s financial performance

Return on Investment (ROI) serves as a metric to assess the effectiveness of your event. It's valuable to analyze various budgeting strategies by comparing their ROI. For instance, you may want to determine whether you achieve a higher ROI from funds allocated to outbound marketing or from nurturing your existing attendee base.

hybrid & virtual events

For a fully customized and branded virtual event, there are three common expenses that planners should consider budgeting for:
The virtual event platform you’ll host your event in
Design of your virtual event space
Your streaming service

Hybrid event planners should budget for two A/V costs. One for your onsite A/V equipment, and the other for your remote A/V equipment.

expenses for events

Fixed costs remain constant regardless of the number of attendees and are calculated as a set total amount. On the other hand, variable costs fluctuate depending on the number of attendees and are calculated on a per-person basis.

Your meetings and events prioritize the attendee experience, necessitating investment in aspects that offer value to your target audience.

For example, attendees prioritize an exceptional overall experience over the specifics of individual costs like $240 for a gallon of coffee or $45 per person for a continental breakfast. What matters most is the quality of the food and beverage, as it significantly influences attendee satisfaction.

PCMA recommends allocating 55% of your budget towards food and beverage, audiovisual, and speaker or entertainment expenses, as these directly contribute to the overall attendee experience.

corporate event budget example

In this scenario, you're organizing a fully in-person event over a single weekend, hosted at a hotel. Anticipating attendance between 500 to 1000 individuals, your primary objective is revenue generation. With a larger turnout, you expect to secure additional booth rentals and sponsorships, albeit requiring more staff and accommodations.

Presenting your event budget in this manner provides a clear insight into the potential profit or loss under various attendance scenarios. For instance, profitability is achievable with a minimum of 750 attendees, with increased profits correlating with higher attendance.

Conversely, an attendance figure of 500 would result in a financial loss. Armed with this understanding, proactive measures such as reallocating funds towards marketing, seeking more cost-effective venues, enhancing sponsorship recruitment efforts, or adjusting ticket prices can be implemented.

the importance of a budget

In an era marked by escalating expenses, ranging from coffee to A/V equipment, the creation and adherence to an event budget hold unprecedented significance.

Why is budgeting vital in event planning? Primarily, a well-structured budget can spell the distinction between financial failure and resounding success. Consolidating financial details into a single framework, event budgeting facilitates:

1. Understanding the breakdown of event costs.
2. Exercising control over event expenses and revenue.
3. Assessing the return on investment (ROI) of the event or conference.

While event budgeting may not rank high on the excitement scale in event planning, it should undoubtedly be a paramount concern—particularly if delivering remarkable event experiences within budget constraints is the goal.

According to Knowland’s 2023 State of the Meetings Industry, escalating event expenses emerge as a primary concern for event organizers. Nearly half (46.3%) of professionals cite rising costs as their biggest concern in event planning, with an additional 21% identifying dwindling client budgets as a top challenge.

The survey also predicts continued increases in food and A/V expenses:

- 39.8% of event planners anticipate A/V costs rising between 20-50%.
- 15.6% of organizers expect A/V costs to surge by more than 50%.
- 48.1% of event organizers project F&B costs to escalate by 20-50%.

LOGISTICS, EXPERIENCE AND DETAILS ALL COMBINED

Everything your event could ever need. A full turn-key solution.

WE PLAN AND PRODUCE ALL TYPES OF EVENTS

Below are only some of the experiences we offer

From the initial stages of the planning process, we assist you in building strategic event plans that surpass your objectives. With years of expertise in corporate event planning, we excel at recognizing opportunities to seamlessly incorporate brand elements and key messages into your event. Our team is dedicated to generating and managing the entire process from concept to completion!

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