Creating and sticking to your budget when planning meetings and events sometimes are two different things. Here are seven commonly overlooked steps when planning and executing your meeting that can help you stick to the budget.
1. Allow contingencies in the budget for the unexpected. Don't cut it so close that you set yourself up for failure.
2. Include tax and services charges in the budget.
3. Include labor costs in the budget.
4. Communicate clear policies to speakers and staff. What will you pay for? Set limits on meals, travel expenses, etc.
5. Review your master account daily and limit the number of people authorized to add charges to the master account.
6. Rely on your history not attendance when giving your meal guarantees.
7. Know the value of your business, when you are negotiating your contracts make sure you are getting the best pricing based on the history of what you have spent in the past both on and off the master account.
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