What goes into a corporate event budget?
Most budgets miss lines, not totals. Start with a list of every line, then put a number on each one. The categories below cover most corporate events. Cross off the ones you don’t need.
What are the biggest lines?
- Venue. Room rental, minimums, service charges and the cost of anything you have to bring in because the venue doesn’t provide it.
- Food and drink. Catering, bar, service staff and any venue fees on outside food.
- AV and production. Sound, screens, lighting, a technician, and a livestream if you want one.
- Hotel rooms. If the event has a room block, find out who carries the risk if the rooms don’t fill. See how hotel room blocks work.
- Speakers and entertainment. Fees, travel, hotel and anything in the speaker’s contract.
What do people forget?
- Permits and fees for outdoor or public spaces. See event permits in Washington, DC.
- Insurance, if the venue or a vendor requires proof.
- Signs, printing and name badges, including rush charges.
- Rentals and delivery, including set-up and pickup.
- Transport and parking for guests, speakers and staff.
- Security and staffing for registration, coat check and the doors.
- Photo and video, including edits and delivery. See event photography pricing.
- Tips and service charges that aren’t in the first quote.
How much contingency should you hold back?
Hold back something, and decide who can spend it. The right amount depends on how many unknowns the event has. A first-time event in a new venue needs more room than the fifth year of the same meeting. Ask people who’ve run events like yours.
How do you keep a budget honest?
- Ask every vendor for a written quote that lists what’s included and what isn’t.
- Keep one sheet with quoted amounts, paid amounts and what’s still open.
- Update it every time something changes, and tell whoever signs off.
- At the end, compare the budget to what you spent and keep the file for next year.
Should you double-check this?
Every event has lines I haven’t thought of. Check your venue and vendor quotes for what’s actually included, and ask each one what could be added later.
Planning the photos?
For photo pricing, see event photography pricing and how many hours of coverage you need.
