Operating on a Shoestring Budget
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The document discusses strategies for operating on a limited budget when planning meetings and events. It suggests controlling costs by tracking actual costs versus budgeted costs and implementing tips to reduce overages such as offering fewer food and beverage options. The document also recommends maximizing resources by increasing current usage of items like professional speakers through tactics like having them create blog posts or webinars related to their topic. The key takeaways are to control costs by decreasing actual costs to meet budgets and maximize resources by boosting current usage of items to allowable levels. Attendees are advised to critically evaluate expenses and make incremental changes.
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Operating on a Shoestring Budget
- 1. Operating on a Shoestring Budget: Controlling Costs & Maximizing Resources Michigan Meetings Expo Monday, June 17, 2013
- 4. ↠ Budgetary concerns ↠ Controlling costs ↠ Maximizing resources ↠ Strategies ↠ Wrap-up
- 7. Controlling Costs Variance Actual Costs Budgeted Costs Example: Food & Beverage
- 8. Tips: Food & Beverage • À la carte • Fewer options • Counts/trends • Overage policy • Work with chef • Hold dessert • Pull break items • Water pitchers
- 10. Maximizing Resources Variance Possible Usage Current Usage Example: Professional Speakers
- 11. Tips: Professional Speakers • Blog post • Twitter chat • Facebook discussion • Promotional video • Newsletter article • Magazine interview • Webinar (pre/post) • Other onsite events
- 13. Final Thoughts TAKEAWAYS • Control costs by decreasing actual costs to meet budgeted costs. • Maximize resources by increasing current usage to meet possible usage. APPLICATION • Critically evaluate your expenses. • Implement incremental changes.
- 14. Meeting Minds blog http://bit.ly/19FNlZr Wolowiec: Instead of “Justifying Expenses”, think “Demonstrating Conference Value” CIC Publications http://bit.ly/19FNBaS Professional Meeting Management: Comprehensive Strategies for Meetings, Conventions & Events, Fifth Edition
- 15. Aug. 5, 2013 3:15 p.m. – 4:30 p.m. Building Financial Momentum Through Meetings & Membership Collaboration July 9, 2013 1 – 4 p.m. Building Financial Momentum Through Meetings & Membership Collaboration July 10, 2013 10:15 – 11:30 a.m. The Meetings Report: Five Game-Changing Tactics Redefining Education Strategy and Success
- 16. Aaron D. Wolowiec MSA, CAE, CMP, CTA (616) 710-1891 aaron@eventgarde.com www.eventgarde.com
Editor's Notes
- WelcomeWhy we selected this topic
- Who are you?Planners/suppliersYears of experienceAt least 5 years of experienceAt least 10 years of experienceAt least 15 years of experience20 or more years of experienceDo you have budgetary concerns?
- Diagnose your biggest budgetary concerns – 25 minutesMake a list – 2 minutesStar your top three – 1 minuteCount off in groups of nine – 1 minuteRearrange/form groups – 3 minutesIntroduce yourselves – 3 minutesNameOrganizationTop three listIdentify the group’s top five; write on half sheets – 3 minutesAaron to put up expense categories/examples – 3 minutesAdministration (e.g., attrition fees) Program (e.g., Audiovisual)Facilities (e.g., space rental)Food & Beverage (e.g., receptions)Marketing (e.g., printing)Exhibits (e.g., exhibit contractor)Registration (e.g., materials/supplies)Support (e.g., signage)Miscellaneous (e.g., gratuities)Go up to the magic wall, real aloud your response and place it on the wall – 9 minutes
- Return to the wall of expenses – 20 minutes Each group receives one of the headers – 1 minute Brainstorm – 10 minutesRemove duplicatesCome up with ideas to:Control costsMaximize resourcesWrite on the half sheets your suggestionsReport out to the group – 9 minutesCollect expense categories/examples (summarize in a blog post)