You’ve decided to have an end-of-year event, but how do you go about budgeting and planning the financial side of things? Some businesses might pass on the end of year party and choose to bonus their employees instead, or maybe even help pay down some student loans. No matter your choice, this multi-step end of year action item list is excellent for everyone. Whether you want to say a big, “Thank you,” to all your employees, invite clients and suppliers, or use the event as a marketing tool, we’ll provide some help today!
Step 1: List Some Goals
What are you trying to achieve with this event? Although we listed some previously, here are just a few ideas:
- staff appreciation night
- customer bonding night
- industry event with other businesses
- fundraising night for charity
- product launch or demonstration
Or you might just want to bring everybody together (staff, customers, suppliers, etc.) to celebrate a successful year in business. Whatever you have in mind, think about what you want to achieve from the night.
With event budgeting, it’s not just about keeping an eye on what’s being spent. Instead, it’s a tool for the organizer so they can spend money effectively. Rather than having an overall budget, it can be valuable to have set amounts for different things.
Step 2: Look Back
Assuming this isn’t your first end-of-year event, we recommend looking back into the past to assess your budgeting in years gone by. Within moments, you’ll see how much you spent in different areas, what went well, what went poorly and more. Perhaps you tend to always overspend in a particular area? If so, you’ll know to take more caution or conduct more research this time around.
Step 3: Detail, Detail, Detail
The more detail, the better. Once you draw up the basics of a budget plan, you can list the individual items and their descriptions. As you get closer to the event itself, you won’t have any confusion, because every single expense has been listed clearly in the plan. What’s more, it will also help you next year as you look back and review the good and bad of the budget. Over time, you’ll eventually master the art of budgeting – and you won’t need our guide any longer!
Step 4: Keep Stakeholders in the Loop
Next, ensure that everybody involved in the process has all the information they need to do their jobs correctly. For example, a sudden reduction in budget needs to be shared with the person in charge of finding a venue, otherwise, you will overspend in this critical area.
In addition to internal communication, you also need to be open with all event vendors. Whether it’s the venue, food supplier, entertainment or another party entirely, communication is a vital key to a successful end-of-year event.
Step 5: Consider Outsourcing (or Getting Help)
Finally, you don’t need to do everything alone when there are specialists out there who are ready and willing to help. In fact, this applies to the whole business. In recent times, more and more people are learning the value of outsourcing HR and payroll to other companies. With independent financial services, they know all about budgeting and creating events that achieve the goals laid out in the very first step.
Ultimately, you don’t have to go it alone. Also, you don’t have to start from scratch. Look back at historical records, do some research online, remember to keep everything detailed, keep communication strong between all parties and get help whenever you need it. By doing this, budgeting for your end-of-year event will be easier than ever!