How to Stick to a Budget for Business Conference Expenses

Businesses regularly host events and retreats as part of their marketing. Without these events, it’s hard to tell people about their products, services, new operating procedures, or development itinerary. 

But events can be expensive, so here are the easiest ways to stick to a budget for business conference expenses.

Get Sponsorship

Find a sponsor from a complementary industry. They may not take care of the entire bill, but they might make a contribution if they can advertise and promote their products and services. 

Choose an Inexpensive Location

Many businesses seek out a low-cost location to host their events. Check prices at venues in your area and see if there’s a decrease in price as you move out of the city. Usually, you’ll find that rental prices fall if you’re willing to go somewhere out of town. 

Choose a Budget Caterer

You don’t want to go too cheap on food, but you should work with a budget caterer. Most cities have a range of caterers. Some caterers offer the highest-quality food available, while others keep costs low without creating a disappointing dining experience.

Rent All the Equipment

The event rentals market is booming because businesses don’t need to buy all their own equipment. Instead, they rent items from a third-party agency and then return them when they’re finished. You can rent almost anything such as special furnishings, staging and scenic elements, drapery, decor, and accessories.

Hire an Upcoming Entertainer

Paying a well-known entertainer to appear at your business event can cost a fortune, but there are always up-and-coming performers with lower fees. Look for people creating a lot of buzz in the community but who aren’t yet established.

Be Flexible With Dates and Times

Venue prices can vary dramatically throughout the week and the year because certain periods are more popular than others. Venues price are higher during peak periods to reduce demand, and they offer lower prices during less desirable times such as during cold months. Negotiate with your venue if they have off-peak pricing to get a better deal.

Set Up Contingency Plans

Flooding, rain, cancelations, fire, and the death of a speaker can all negatively affect your event so set up a contingency plan. For example, if you’re hosting an open-air event, then erect a canopy in case of rain. You might hire a backup generator during storm season if there’s a risk of power outage. 

Book Through a Venue Agent

Venue agents are professionals who match companies with third-party spaces offered by hotels, charities, public non-profits, and other organizations. 

Agents are a good value because they understand the market and can often get a better deal for you. The savings they generate for you are often many times their rate. 

Use Local Keynote Speakers

Many businesses spend a fortune on keynote speaker transport, often transporting someone from across the country. Hire speakers from your local area so you’ll have more money to spend on speaking fees.