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Budgets for Business Events

We work on a budget. In every situation. Everything has a price tag attached to it and we at Industry Link act with utmost deference for cost and resources.

When planning an event there are multiple scenarios to include. The first one is the projected budget, or the ideal one. It includes costs as they should be, on a level that is both negotiated and within what it is that we need from a logistic point of view.

The second scenario is the contract stipulated one. You should never commit to costs that are final or to costs that cover all necessities. When setting a contract it is best that you go by a minimum and use scaled costs – per piece and you use as many as needed. Remember, end of the event, the bill is made according to what the contract states.

The third scenario is the real budget one. It is the amount that you end up paying, including costs that were , costs that were added along the way and costs that should have never been there if someone did their job right. These costs include a badly managed contractor negotiation that did not get the best offer for AV, for example, or an extra cost for printing because deadlines for your usual contractor were not met so they skipped you and now there is not enough time to deliver etc.

The cost structure for an event includes:

Rent for the venue

Travel (gas, flights, taxis) and accommodation (short-term rent or hotel)

Printing (banners, roll-ups, badges, flyers brochures etc.)

AV (mics, speaker, screens, equipment)

Food and Beverages (F&B)

and also…

Internal team cost

Admin resources (rent, internet, laptops, phones, subscriptions to various programs and apps)

 

 

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