Making Ends Meet

EVENT EXPERTS SHARE COST-SAVING TIPS FOR INFLATIONARY TIMES

BY RACHEL CRICK

Between supply chain issues and inflation, the term “affordable meeting” might seem like an oxymoron.

The rising prices every consumer sees at the gas pump and the grocery store inevitably affect everything, and meetings are no exception. Increases in costs of both essential event components and the finer details leave planners feeling like they must choose between being frugal and impressing their attendees. But wallet-weary planners need not despair —these expert tips can help stretch dollars and deliver exceptional events without breaking the bank.

Budget Basics

Like every aspect of event planning, the first step toward designing an affordable event is to understand the client’s goals and expectations. Asking questions about the event’s audience and the desired overall look and feel is an excellent starting point.

“Really understanding those key points and what your client is trying to achieve will help you identify where to spend the money,” said Kayla Cook, owner and lead planner at Kayla Cook Events, an event-planning company in Washington.

For example, if the event is an internal function, like a training session for a company’s employees, education will be a big component, so audiovisual services will be an important part of the budget, while the venue and luxury items may be less so.

For events meant to impress clients and bring in sales, a luxurious venue and elaborate décor might be in order.

“High-impact events need details,” Cook said.

After the event’s overall goals have been considered, planners must determine how much wiggle room is in the client’s budget by assessing contractual fees that will be tacked on, including resort fees, service charges and local tourism taxes.

“Assess all those potential line items and get those built into your budget up front,” said Michelle Flowers, senior director of event management at Maritz Global Events. “Back into what money you have left over from there.”

Albrecht Events

Experience: 18 years

Kayla

Owner

Kayla

Experience: 15 years

Finally, planners should consider not only the client’s wishes and necessary charges, but also attendee needs and expectations at every stage of the event.

Flowers recommends planners think about the attendee experience, and ask themselves: “As you follow the attendee through their journey, what do they need at each point?”

What Not To Cut

Some of the highest priced line items for events are the least negotiable — and, unfortunately, the most necessary. Planners should expect that a hefty portion of the budget will go toward these necessities and let their clients know to expect the same.

“Right now, it’s the basics — like hotel costs and airfare, and food and beverage — that have all gone up, and there’s not a lot of negotiating with hotels,” said Ashley Albrecht, owner of Albrecht Events.

Several factors, including inflation, supply chain issues and labor shortages, have caused prices to skyrocket. Hotels can be especially costly because of the additional fees from exclusive, in-house vendors. It can be risky to make big cuts to these parts of the budget, because they can make or break an event.

As painful as it may be to spend such a large chunk of the budget on the most basic event necessities, some things can’t be helped.

“What we’re finding now especially is it’s very difficult for the industry to attract and obtain skilled labor,” Flowers said. She added that this is especially true for services like A/V, where lighting packages that once cost $1,500 now run close to $6,000. Still, audiovisual is a meeting necessity.

“Don’t skip out on A/V,” Cook said. “A/V can really elevate your event.”

This is also true for food and beverage costs, which have increased as much as 20 percent.

Make Strategic Choices

There are, though, strategies for saving money on big line items. Planners can consolidate, streamline and make conscientious cuts in their budgets.

On designing affordable meetings: “It’s about what’s convenient, but also what’s the most streamlined and costefficient way to map out the agenda, leverage the spend and get a good ROI.”

Michelle Flowers