Right now, times are hard for businesses and individuals. Interest rates are high, and price hikes are present across the board, so there’s less cash in the pot. It’s getting more expensive to hold your events, there’s no doubt about that.
Events, however do provide so much value and ROI for businesses and organisations, not to mention that they drive interactions and connections with others. This connection to others is great for our mental health and well-being. Making your events fun or including a fun element increases engagement and attendee satisfaction. Who really wants to attend an event where they are not engaged and satisfied by the end, no one!
Here are our top tips for saving money at your next event.
1. Plan ahead
By planning out your event fully, you can make sure that you have the most important things covered. If you can attach a timeline to this plan, you won’t lose track of what stage each element is at in the event management process.
2. Budget Prioritisation
Identify key aspects of the event where spending is essential, such as venue, catering, entertainment, and theming. Allocate a larger portion of your budget to these areas, while being more conservative in others.
3. Negotiation
Don’t hesitate to negotiate prices with vendors, venues, and service providers. Many might be willing to offer discounts, especially for larger bookings, repeat bookings or off-peak dates. Consider booking in all your events for the year- conferences, gala dinners, welcome functions, product launches and not forgetting the all important Christmas party!
4. Flexible Dates and Times
Choosing off-peak days or times for your event can often result in lower venue and vendor costs. Additionally, flexibility with event dates allows you to take advantage of seasonal discounts or special promotions.
5. Choose a theme
By choosing a theme early on, you can save costs and not buy unnecessary items that you don’t really need. Core events staples like centrepieces/ table decorations, props and tables and chairs are easy enough to find, but be sure that they fit with your theme and style. Take a look at our event gallery to find your perfect theme. We welcome new ideas and love it when you set us a challenge to create something new.
6. Dry Hire
Consider hiring specific pieces of decor, table linen, chair covers etc from an event theming company to save costs on materials and labour. Most companies have items that are already made and ready to go. Contact local companies to find out what availability they have on items for your date. Most companies can offer delivery of the items to the venue if you are going to struggle to collect larger or heavy items for your event. View our dry hire page. If you are going to dry hire items, make sure that you have the people power to pull everything together. A typical gala dinner event with stage theming for 150 people can take 3-5 hours with 2-3 people involved in set up.
7. Choose in season greenery and florals
Most people come up with a theme for their event and then think of the florals last minute. This is a big mistake and can cost you dearly. We suggest that choosing florals at the same time as your theme can minimise the costs as well as opting for in season florals or even ones that you may have in your garden. If you are not able to come up with creative ways to display the florals, then there are many companies that can assist you with this to create something that truly wows your guests.
8. Recycle and reuse
Where possible, reuse items of decor or branded event collateral. This is great for sustainability and will also help you save costs on buying new items for each event. Event styling/ theming companies are great on helping achieve sustainability goals that you have for your event, as they reuse items on a regular basis. Consider asking the companies about their stance on sustainability and how they can help you achieve your event goals.
9. Volunteer Assistance
Consider assistance for event setup, and enlist the help of volunteers for tasks such as event staffing or coordination where appropriate. Just be mindful that some volunteers may not have event experience, and this may mean you will need to take the time to train them.
10. Sponsorship and Partnerships
Explore potential sponsorships or partnerships with relevant businesses or organisations that align with your event’s goals. They may be willing to provide financial support or in-kind contributions in exchange for branding or exposure opportunities. This is what our friends at Higher Perspective Conferences & Events are experts at.
11. Streamline Services
Opt for streamlined services or packages offered by vendors, they may be more cost-effective than selecting individual options from different companies. It will also save you a lot of time trying to find the right suppliers with the elements you need for your event. We have strong supplier connections and long-standing relationships, so we know that we will receive quality and professionalism on all fronts.
12. Digital Marketing and Communication
Utilise digital platforms for event promotion and communication to reduce printing and distribution costs associated with traditional marketing materials. Email, social media, websites and apps are great communication platforms.
13. Minimize Extras
Evaluate optional extras or add-ons carefully and prioritise those that provide the most value to your event and guest experience while cutting unnecessary expenses.
While challenging times call for budget conscious planning, engaging events remain crucial for businesses and individuals alike. By implementing these 13 tips, you can host memorable and impactful events without breaking the bank. Remember, a little creativity and resourcefulness go a long way in maximising the value of your event investment.