1. an estimate, often itemized, of expected income and expense for a given period in the future.
2. a plan of operations based on such an estimate.
Planning for success requires designing a meeting or event's budget. A thoughtful budget balances expectations with reality, helps determine your return on investment (ROI), and becomes a foundation for achieving your event's objectives. In this Education Essentials, you'll learn about the budget planning process, including tips and best practices to help you become a budgeting expert.
Budgeting. It’s the cornerstone of creating a sustainable meeting or event. In a recent blog post, Sabrina Colquitt, CMP, TIAA outlines budgeting basics and covers why meetings professionals should budget, what they should consider when budgeting and how to build a comprehensive budget. If you're a budgeting pro, share this resource and your own tips with emerging meetings professionals on your team. If you're new to budgeting or training a rising star on your team, be sure to review this article that outlines the importance and differences between budgeting and forecasting.
Event Budgeting: A Guide
Budgeting is a crucial skill for meetings professionals. A detailed, comprehensive event budget will help you better allocate funds and calculate accurate event ROI. Check out this guide to navigate event budgeting for 2019. You'll find tips and best practices, including how to establish your event's goal, use historical data, pay attention to detail, over communicate with key stakeholders and stay aware of the latest event trends. Review typical event expenses, find a budget template and learn how to balance event budget and ROI. If you're feeling swamped during budgeting season, check out these productivity tips from Audrey Thomas, CSP, Organized Audrey.
For a more in-depth look at this year's meetings and events forecast, review the 2018 Global Meetings and Events Forecast from American Express Meetings and Events, and be sure to attend their session at the FICP Annual Conference this November.
Navigating the Evolving Contracting Process
Though the contracting process is different for each organization and meetings professional, the experience is evolving. With changing regulations, technology and stress on risk, more meetings professionals are facing increased checks and balances. In Carlos A. Cerqueira's presentation from the 2018 FICP Canadian Seminar, learn how best to navigate these lengthy processes and focus your time and energy on asking the right questions, negotiation strategies, best practices and more.
#TBT - Budgeting Made Easy
View full infographic.
In 2017, FICP shared this infographic on budgeting best practices for meetings and events to supplement the blog post, Budgeting Made Easy, written by Katie Senkowski, CMP, AIG and Susan Wylie, CMP, CMM, MassMutual Financial Group. Read the full blog post for tips you can implement to make your budgeting process smoother with each year.
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