Event budgeting for year-end functions

A year end function is without a doubt, the most important corporate event of the whole year. It’s a chance to wow your clients, thank them for their patronage and reinforce your brand’s standing. Unfortunately, when it comes time to plan their year-end bashes, many companies find themselves short on budget. Attempting to pull off an impressive event with a limited budget isn’t ideal. If you want to ensure that you’ve got enough money allocated to this all-important function, it’s wise to approach your event budgeting with care from the start.

Prudent event budgeting conducted at the beginning of the year safeguards against a budget shortage when the party season rolls around.

The best way to ensure that you have adequate budget for your year-end events is to plan in advance. In order to avoid an event that’s planned around a limited budget, plan your year-end function at the beginning of the new year.

When it comes to event budgeting, a thorough knowledge of your clients’ requirements and expectations is crucial. Once you’ve found out exactly what kind of event they’d like to have, planning your budget becomes inordinately easier. Many clients prefer a personal, more intimate affair compared to a massive blow-out come the end of the year.

Another important consideration to bear in mind is that there should be a separate end of year function for clients and another one for staff.  By the time December rolls around, your guests want to attend an event where they can let their hair down, and your staff are no different. Avoid potentially embarrassing and unprofessional incidences of staff over-indulging in front of all your VIP guests by holding two separate events.

End-of-year functions left to the last minute end up being substantially more costly than those planned in advance.

Many corporates leave the planning of their year end functions too late. This results in having to spend far more money than was originally allocated, as available venues are able to charge what they want due to the fact that they’re so scarce. What’s more, preferred suppliers are fully-booked during the silly season, which means that you’ll have to use a vendor who’s more than likely to offer subpar services. Besides having to spend more than you bargained for, putting the fate of your year-end function in the hands of suppliers who provide lacklustre services is incredibly risky.

Remember that the year-end function has to outshine every other event held during the year, and if you’re not using the best caterers, DJs, decorators and bar services, your event is bound to leave guests disappointed.

Besides efficient event budgeting, the most successful end-of-year events are actually year-long processes.

In order to ensure that your year-end event is well attended, send out your save-the-dates as soon as possible, ideally in the first few months of the year. Follow this up with teaser communication in order to build a sense of anticipation and excitement amongst your guests. The more efficiently run, the better the end result. Making use of event planning software like our very own RSVP management solution enables you to simplify the process and ultimately, plan and run a year-end event that delights guests and clients alike.

Image Credit: The FIA Blog