Estimating and tracking costs of in-person meetings is one of the most important aspects of a meeting planner’s job. In fact, in our recent report ‘The State of In-Person Meeting Planning Trends', survey respondents ranked “ensuring meeting costs stay on budget” as the second most important consideration when planning a meeting.
Whether you’re new to budget management or feel like you don’t know how to get started, this blog will help you become a pro at meeting budgets in no time. You’ll learn how to set your in-person meeting budget, and yourself, up for success.
Depending on your unique organization and the meeting you’re planning, you’ve likely been told to create a budget based on one of these scenarios:
Once the budget is determined, you’re not done there. The next steps are to track costs and reconcile the budget once the meeting has concluded. By comparing budgeted versus actuals, you’ll learn valuable insights to use when creating budgets for future meetings.
When creating a budget for in-person meetings, you want to do your best to build a budget that is realistic and accurate. A realistic budget is one that uses organizational resources responsibly while ensuring a successful and enjoyable attendee experience.
You will likely need to submit your budget for approval, which is another reason why it’s important to create a realistic and accurate budget. It will be more likely to be approved, especially if you use real-time data to inform your budget decisions.
Don’t forget to leave room for unforeseen expenses. Unexpected planning challenges happen, such as disrupted flights, additional attendees joining last minute, and more. Ideally these unforeseen expenses shouldn’t derail your spending if you added in some cushion.
Your first step for any in-person meeting should always be identifying and confirming the meeting goals or objectives. Depending on what the meeting is meant to achieve, you’ll need to structure your budget to best support reaching those objectives. Solidifying the meeting goals will also ensure that everyone involved will be working towards the same end.
When it comes to in-person meetings, there are usually a few set-in-stone, or immutable, details that meeting planners simply cannot change. For example, meeting dates, locations, or attendees. Make sure you're aware of all of these factors before you move on in the budget creation process. Knowing these details upfront will help you better estimate major expenses like travel, accommodation, and dining. The better you can estimate your expenses, the more realistic and accurate your budget will be.
Just like with meeting goals, make sure to confirm and communicate these details with any relevant stakeholders.
Pro tip: If there are any meeting details that are flexible, such as location, take note of them. You might find yourself struggling to make your budget work and these flexible details are often a great solution to budget woes. Even small changes, like adjusting the meeting start and end times to avoid shoulder night accommodations, can significantly reduce costs.