Module 5: Events Budget and Timeliness

Creating a plan to manage money spent on an event.

Ensuring a balance of quality for goods/services, and avoiding debt.

Identifying all costs within an event, including all potential expenses, to accurately budget.

Using past event data to set a baseline budget, including expenses and guest attendance.

Recording every expense to manage costs efficiently, and for accurate tracking.

Essential items for creating a comprehensive budget, covering from Venue to Admin expenses.

Finding affordable ways to promote an event online.

The act of planning the costs related to an event, ensuring resources are allocated effectively for an event.

Costs for items like linens, tents, and setup/teardown labor needed for an event.

Costs associated with enhancing the event's aesthetics, such as lighting, flowers, and decorations.

Costs for musicians, DJs, or speakers, potentially including things like food and lodging for them.

Costs for organizing and executing the event, including planning, marketing, and managing attendees.

Costs for promoting the event, creating materials, and managing registrations.

Costs for event planners, staff, supplies, and communication related to organizing the event.

Costs for salaried staff, accounting, legal, and consultant fees involved in running the event.

Costs that remain the same regardless of event size or revenue.

Costs that change in direct proportion to the level of output.

A payment made upfront by a renter to cover potential property damage.

Money received from the exchange of goods or services at an event.

Revenue generated from purchasing tickets to attend an event.

Revenue generated from partnerships with corporations or organizations.

Revenue from selling items commemorating the event or team.

Revenue from the sale of food and drinks at an event.

Revenue from selling commemorative programs or items.

Predicting the income your business will generate in the future.

Financial projections for a new business, often more based on estimates than hard data.

A strong belief in your business's success, leading to ambitious financial projections.

A realistic financial projection assuming average or modest performance.

A financial projection based on optimistic assumptions and high growth targets.

Important financial measures that provide insights into a business's health.

A detailed schedule of all event activities, including timings for each event segment, allowing for flexibility and addressing potential delays.

Unforeseen circumstances that may arise during an event, such as speaker overruns, vendor delays, or technical issues.

A post-event gathering for the team to discuss what went well, what could be improved, and to gather feedback for future events.

Analyzing the actual expenses incurred during the event against the original budget to measure financial performance.

Safekeeping all relevant information, like feedback, vendor contacts, and cost breakdowns, for use in planning future events.

The percentage of revenue remaining after deducting direct costs (like materials and labor). It indicates how profitable each sale is.

The percentage of revenue left after subtracting all operating costs (including indirect costs like rent and salaries).

The ratio of employees to clients, showing the employee workload per client.

The process of evaluating key financial ratios to ensure revenue and expense projections are realistic.

It reveals how much profit a business makes on each sale after accounting for direct costs. A healthy gross margin is crucial for covering overhead expenses and generating profit.

It reflects a company's overall profitability by considering all operating expenses. A positive operating margin indicates a business is generating enough revenue to cover its costs effectively.

It shows how many employees are needed to support a given number of clients. It helps determine if the business structure is sustainable as it grows.

A preliminary, unpolished version of an event budget that outlines estimated expenses.