Planning for a huge event often involves a correspondingly huge amount of money. From venue rentals to food catering, everything costs money. Yet, there is no such thing as an infinite budget – working within one’s means is the biggest challenge.
It might seem impossible, but there are still many ways to save costs in organising a large-scale activity. Whether it is an important business conference for overseas delegates, an inter-schools camp, or a mega wedding of your dreams, here are some ways you can reduce your list of expenditures:
Know your budget
Before committing to any spending, establish how much you are able to spend on the event. If it is a company event, you will probably already have a fixed budget to work with. If it is a personal event, you need to decide how much you are willing and able to spend.
Then, list out the items you need for the event – these include the location hire, food catering, programmes, door gifts, and so on. These may differ based on the nature of the event, so consider this carefully so that you don’t miss out on something important. After which, you can allocate your budget for each item. By planning your budget early on, you can control your spending and make sure you have enough to spend on everything you need.
Find cheap bargains
While in many cases it is true that you get what you pay, it is not out of the question to find bargain prices for quality goods and services. If you opt for wholesale suppliers, you can usually secure products at extremely low prices, especially if you order in bulk. This applies to food packaging supplies as well as other goods like printed materials, gifts, apparel, and more.
Many companies also have loyalty rates or exclusive prices you can take advantage of. Look out for sales periods or find companies through connections and try your luck for a special rate. By saving just a little bit on each aspect of your event, you will be able to cut down substantially on your total expenditure.
Getting organised is critical to planning for any event. Instead of handling everything yourself, delegate the different aspects of event planning to your team members. By having different people take charge of the various components, you can each focus on finding the best deals and settling everything necessary in that area of concern.
For example, if you handle everything yourself, you might give in to the add-on services from the food catering company to give you more convenience. However, if you let a dedicated food committee handle it, they can invest more time to devise cost-saving strategies, such as by obtaining take out lunch boxes from a supplier of plastic containers in Singapore directly, instead of opting for the costly add-on service from the caterer.
If your event will be attended by a large number of people, finding sponsors for your event may be a viable way to cut some costs. Sponsors are companies that cover part of your event's expenses in exchange for advertising at your event. Sometimes, this involves them providing some of the goods and services for your event.
While this sounds like a dream plan, it is not so simple to land a sponsorship. The key to getting companies to sponsor your event is to show them what their company stands to gain from this arrangement. The best way to do so is by looking for companies whose target audience is within your event’s attendees. This way, you can convince them that they can reach out to their target consumers through your event.
Funding a large project may seem like a daunting task, but with some strategic manoeuvring, it is possible to minimise the costs spent. With these tips, you can plan a successful event without breaking your budget.