11 minute read
Why You Shouldn’t Be Afraid to Provide A Budget for Your Event
Why You Shouldn’t Be Afraid to Provide a Budget to Your Event
By: Meredith Walker I Executive Event Consultant I https://posheventsandaffairs.com
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As an Event Planner, I am selling my clients their dream. It does not matter if it’s a 21st birthday party, engagement party, wedding, baby shower, anniversary, or retirement celebration; it is my job to sell the dream and bring it to life while saving the client time and money.
Every Event Planner I know has an introductory questionnaire for their clients to complete. Five questions I include in my confidential questionnaire are:
1. What is your favorite color, and what does it say about you?
2. Imagine you have two weeks off and enough money to travel anywhere in the world. Where would you go?
3. What food or dish makes your mouth water just thinking about it?
4. What movie is so good; you recommend it to all your friends?
5. What is the one thing everybody thinks they know about you, but they, really, don’t know? No matter how many questions are on a questionnaire, one question for sure is always there, and that question is “What is Your Budget?”
You would think I was asking for their date of birth, driver’s license number, social security number, what street did you grow up on, and so on. Seriously, it’s like pulling teeth for some clients and, honestly, quite frustrating for event planners.
Why might you ask? Remember, my job is to sell the dream, saving my client’s time and money. When a client is hesitant to share their actual budget, instead of responding with “I don’t know” or “I want it to be unique and fun,” I am immediately at a disadvantage that eventually costs my client more time and money.
I have found this issue with clients spending $10,000 for a baby shower to $200,000 for a wedding. It is my opinion that if a client believes they need to guard themselves against sharing their actual budget with the person they have hired to create their one-of-akind event, then they have chosen the wrong event planner. The relationship that is forming must be from a place of trust.
Let me give you a couple of examples to help you understand my point.
I have a C-suite executive client who wanted to throw a retirement/anniversary party for her and her husband’s closest friends and family. She came to me and said, “I know nothing about planning an event. I want to be at a lovely venue, and our favorite color is blue. I want there to be dancing, good food and a fun time. My budget is $150,000”. It is a planner’s dream client. Specifically, on how much she was willing to spend. I am happy to report we stayed within her budget, and at the end of the night, she told me, “It was perfect.”
several events. She has a beautiful home where she enjoys hosting events. Their property includes a pond, two guest cottages, and a vineyard. When she calls me with a new event, I have her complete the questionnaire, and she is very responsive until we get to the “What’s your budget?” question. She will say things like, “You know, I was thinking of a Tuscanthemed dinner party for 75 guests, with warm colors, traditional Italian dishes, excellent Chianti and great music. And whatever it takes to make it spectacular”.
That type of response will require more of my team’s time which is going to cost more money. My team and I will develop more than one design aesthetic summary to present to the client. It will require more calls to vendors, caterers, musicians, etc. One design with a budget of $40,000 or less and another design north of $40,000. Both will be presented to the client for her approval: but it’s more time and more money for the client. I am hired to eliminate the client from overspending on time and money.
So here are my three takeaways on the subject:
1. If you do not trust your event planner, you have the wrong event planner. 2. Change your mindset if you believe your event planner will make it their goal to spend every dime of your budget. Ask them questions about best spending practices using your budget. Your event planner can help set your mind at ease. 3. If you want to see where the money is spent, ask your event planner to provide you with a spreadsheet of the expenses throughout the planning stages.
A professional event planner never has anything to hide when it comes to the client’s money, and a client has the right to know how their money is being spent.
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Many thanks to: Paul K. Dunn, DunnCo Marketing Sheen Dunn, Azalia Phoenix Home, LLC Panda Morgan, SAC/SRA Consultant Juavette Johansen, Broker Owner & Insurance Broker - Bridgeway Realty Chris Horton, SBDC Regional Lending Manager & Founder of The Inclusivity Project Margaret Jackson, NorCal SBDC Inclusivity Project Regional Business Advisor Titi Ikhile, Director, Lending & Consulting, Working Solutions and her team Mataga - Buick | GMC | Cadillac - Bryan Collins
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