It is important to have a fully costed, realistic budget in place. Consideration at the outset will avoid any disappointment later.
- Be realistic in your calculations: overestimate rather than underestimate
- Work on a worst-case scenario basis: assume maximum expenditure and minimum income
- Never write a budget on the basis that the event can be cancelled if it isn’t going to break even: you will usually find that some charges will have to be paid even if an event doesn’t go ahead
- Allow for every eventuality in your budget: it is easier to trim your planned expenditure by cutting items out than to increase your income to cover unexpected costs
- Obtain no-obligation quotes from suppliers in order to ensure that your budget is as accurate as possible
- If attendees will be paying significant delegate fees, consider how they will raise the funding (does the event provide sufficient justification for funding applications, ie. is it a unique event in a high-demand subject?). Allow delegates enough time raise the funds.
- Compare your proposed delegate fees and commercial sponsorship charges to other similar events; even the most professionally organised event will fail if the delegates can attend a similar event elsewhere for less money
- Do not commit any expenditure, or allow your speakers and delegates to do so, until your budget has been approved
Your budget may need to cover:
The website of the University's Finance Office gives guidance on all of the University's financial regulations. These regulations must be adhered to at all times.