How to Negotiate Your 2025 In-Person Meeting Budget

In the final months of the year, many of us are getting organized and defining our plans and budgets for the year ahead. As an executive assistant (EA), these plans will undoubtedly include many in-person meetings. No one knows what makes a great in-person meeting better than you, and what budget you’ll need to make that happen. 

As a meeting planner, you should take the reins and be proactive in asking for the budget you need versus waiting for Finance to give you an unrealistic budget. However, even when proactive, it can require a bit of negotiation to get the budget you’re hoping for. To give you the best chance at coming away with a budget that you’re happy with, there are certain things you can do to make that happen.

Let's dive in.

Come Prepared with Data

When negotiating anything - whether that’s a meeting budget or a promotion - you always want to have robust evidence to bolster what you’re asking for. This is where data can play a major role in supporting you. By using technology, data, and AI for organization and budgeting, you can get a more accurate and holistic view of what you’ll require to hit your meeting goals.

Historical Data

By starting with your own meeting data, you’re able to get the most accurate view of how your budgets have worked in the past and how to prepare for the future. To do this, review the meetings planned over the past year or several quarters, dig into what areas or categories (such as travel, food and beverage, or venues) you spent the most on for those meetings, where you spent the least, and what your budgeted versus actual costs came to. You’ll be able to identify if there are certain trends or outliers in the data to provide an accurate idea of what you’ll need for next year. 

For example, you find that you over estimated the cost of accommodations this past year than was needed but you underestimated food and beverage costs. Rectify this in your new year’s estimations.

Keeping a log of budget reconciliations - and performing them after every meeting - will make this experience much easier. By doing so while the planning experience is still fresh in your mind, you will have more detailed notes for future planning and estimations.

Pending Meeting Plans

Do you have a rough idea of how many meetings will need to be planned in the next year? Are there recurring meetings that happen every quarter, or an annual event that will not be missed? The more you can anticipate, the more accurate your budget estimations will be. 

Be sure to factor in changes to your company's strategy, priorities, and operations from last year to this year as well. For example, is your company going through a major hiring spree and you will need to plan more new hire onboarding meetings than this past year? Last year’s budget won’t always necessarily work for this year.  

If in doubt, meet with your executives and key stakeholders to help you gather this kind of information. Come with what you are expecting and ask if there are gaps or further input to consider.

AI & Technology Estimations

If you are starting from scratch and don’t have historical data or solidified plans to lean on, don’t fret. There are plenty of AI tools and clever technologies that can help you estimate realistic costs per spending category.

TROOP, for example, quickly estimates travel budgets for an in-person meeting using real-time data, including flight and hotel costs for each attendee. It allows you to compare different meeting locations and venue options based on cost and other data points. 

AI tools like ChatGPT also can quickly gather common pricing for venues, flights, restaurants, and other categories. By using specific details in your prompts including the meeting location, dates, and preferences of attendees, you can get even more accurate information and cost estimations.

Factor In The Unexpected

While your budget reconciliations and estimates may be granular, don’t feel the need to get too detailed for a budget estimation you plan to negotiate.

Package your estimates into rounded totals either per meeting or per spending category. When doing so, factor in some cushion for each one. Why? Because even the best laid out plans can go awry (a canceled flight or a last-minute added attendee) and extra costs can add up. 

It’s always better to overestimate (within reason) and come in under budget than the other way around.

Presentation Matters

All of this budget planning would be a waste of time if it’s not presented in a way that’s clear and informed. Organize your findings in an easy-to-understand way, like a spreadsheet or a presentation. Provide a clear picture of what you are asking for and why. Explain how you go to your estimations using data and technology and what considerations you took into account.

It’s always a good idea to review with your executive or boss before taking your budget to other stakeholders. They may be able to give additional insights, spot any errors or gaps, or suggest better ways to present your findings.  

When you’re happy with your budget, you can then organize a meeting with all the necessary stakeholders. Remember to be proactive and get it to them early. Oftentimes, meeting planning requires commitment well into the future months, and you’re more likely to get costs approved if you’re ahead of the game.

In Summary

The more you can back up your budget estimations with data and technology, the more successful you are likely to be in your negotiations. 

TROOP can greatly improve the accuracy of your in-person meeting budget estimations and how much time you are spending on doing these estimations.

Find out more details about how you can use TROOP for your 2025 budget, get in touch with us today.