By budgeting comprehensively and meticulously for an external meeting or conference it is much more likely that you’ll be able to deal with any issues that arise. Knowing how last minute changes can be costly and using a spreadsheet to catalogue all of your expenses and income is of great help in ensuring the process runs to plan.

Initial Considerations

Here are some items to think about when planning your meeting budget:

• Account for licences (such as for music) and insurance.
• Put together a balance sheet: this should list all functional expenses, such as staff time, marketing, transport, accommodation, food and drink etc.
• Create a contingency fund: there could be unanticipated expenses.
• Set up a holding account for expenses, so that you’ll be able to pay suppliers.
• Establish meeting goals and relate these to how you allocate the budget.
• Research budgets from other similar meetings to give you a guide.
• Liaise with the company’s accounting department so that your budget’s format is compatible with them.
• Establish which expenses attendees and sponsors will cover.
• Illustrate where income is coming from and where it is being used.
• Determine where expenditures may be too large.

Put Together Your Expense Budget

• All expenses must be listed, and in the correct area of the budget.
• Supplier estimates must be obtained.

Put Together Your Income Budget

• Calculate expected income from attendee registration and exhibits (use recent trends and history) (if applicable).
• Ascertain whether events should break even or make a profit.
• Establish whether there will be external funding, including from sponsors.
• Be conservative in your estimates.

Tipping

• Know the company’s policy on tipping. Establish where the gratuity is mandatory and included and where you will have to allocate extra for it.
• Reward for good service and find out whom relies on tips as part of their wage.
• In rewarding you can ask your staff who they felt performed well.
• It is possible to reward in gifts, letters of recommendation and flowers as well as or instead of cash.
• Budget in any gratuities and tips.
• Keep a record of all tips given, with date, amount, receiver, meeting and a signature.
• Ask for proof that the tips were actually distributed to the correct people.