What Most Managers Overlook When Budgeting for Events

Event budgeting involves more than paying for speakers and a venue. However, while many managers excel at estimating these obvious expenses, they sometimes forget about several critical areas. Here’s what most managers overlook when budgeting for corporate events.

Permits, Licenses, and Insurance

Securing permits or licenses for the event is critical, especially if you plan to host it in a public space. Events that involve alcohol, amplified sound, or street closures typically require additional layers of bureaucracy.

Additionally, general liability insurance is a must to protect your organization from unexpected incidents. Including these in your event’s budget from day one is a wise decision.

The Importance of Sanitation

One of the most overlooked essentials in event planning is sanitation. Outdoor and large-scale indoor events often require portable restrooms. However, many managers either forget to budget for sanitation entirely or underestimate the expense. The cost factors involved in renting a porta potty include the type of unit and rental duration.

Staffing Needs

When budgeting for staff, it’s easy to account for the obvious roles—speakers, security, and a few ushers. However, tech support, custodial staff, parking attendants, and emergency medical services are all potential roles that you might need to hire. The absence of these employees can lead to a lack of support when things go wrong. Smart budgeting includes staff for both visible and behind-the-scenes needs.

Tech and Wi-Fi Requirements

With the rise in hybrid and digital events, many organizers are investing in sophisticated tech. Live-streaming equipment, virtual event platforms, and reliable Wi-Fi for attendees might seem secondary to some planners, but they are increasingly fundamental to the success of an event. These amenities come with additional costs that you’ll need to factor into the overall budget.

Emergency Fund Allocation

No matter how well-planned your event is, things can go wrong. From unexpected weather conditions forcing you to rent last-minute tents to a delayed shipment of crucial supplies, surprises can throw your budget out of balance. Setting aside between 10 and 20 percent of your total budget as a contingency fund can be a lifesaver when dealing with these unexpected crises.

Create a Balanced Budget for a Successful Event

Every event can come with unexpected costs. While most managers feel confident budgeting for venues, catering, and entertainment, many miss the mark on less obvious but equally important details. These overlooked expenses can create chaos behind the scenes or blow past the original budget. It’s often what most managers overlook when budgeting for events that ultimately cause the biggest disruptions.

Remember, a truly successful event budget accounts for everything, not just the parts guests will see. Taking the time to recognize hidden costs early can save money, reduce stress, and ensure a great experience for everyone involved.