Budgeting is never an easy task, especially so when it comes to managing a yearly F&B budget. Hosting events often requires significant purchases to ensure that you have the proper equipment necessary throughout the year ahead. The reality is that you may find your list of needs to be long while your available budget is short.
While budgeting for everyone might look a little different, we’ve gathered a few tips and tricks of the trade that can help you to maximize your event budget.
Get Organized
The first tip to maximizing your event planning budget is to get organized. Here are a few things you’ll want to take a look at to help get organized when the next budget season rolls around:
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Historical budget information (including over or under spending areas)
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Trends in event budgeting (top costs, how to allocate differently)
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Goals for the upcoming year (sponsor funding, targets, etc.)
Your organization for the year ahead will pay off in the long run when you find that you can budget for all of the equipment you need.
Make Quality Investments
We’ve all fallen victim at some point, whether it be in our career or personal lives, where we chose the cheaper design and paid for it in the end. Don’t let your events suffer the consequences of poorly made equipment. In the end, it just hurts your budget even more as you have to replace these items much more frequently than you should.
Do everyone a favor and invest in high-quality, long-lasting products. Don’t spend money on low-cost items you need to replace every year.
Plan Ahead
When looking at your budget for the year ahead, you’ll know what type of equipment needs you will have. For example, if you know you have a large group event at the end of the year, make sure you plan ahead to have everything ready to go before the event.
Purchase what you need when you can, as your budget allows. Don’t wait until the last moment. This will help avoid last-minute stress and unwanted compromises, including higher costs, lowered value, or even general availability.
Build Your Inventory Gradually
Keep in mind that you don’t always need to buy everything at once. Buy items separately according to your budget. For example, you can buy a few smaller items such as buffet risers or additional accessories from Rosseto each year and slowly build an entire system.
Consider Unexpected Expenses
As always, it’s in your nature to plan for the unexpected in events, and expenses should be no different. Consider unexpected expenses into your planning budget. Be prepared for unplanned extra spending you might need to make throughout the year.
Having an emergency fund of anywhere from 5% up to 25% of your budget helps you be on the safe side. This figure will fluctuate with trends, so make sure to do your homework and see what makes the most sense for your budget.
Find Cost-Effective Solutions
Do your research and choose a cost-effective method for your events. Opt for a buffet that is beautifully designed, functional, and protected, all in one. The Avant Guarde collection from Rosseto offers a modern buffet’s visual appeal without compromising safety.
Managing an event budget is a difficult task, but these are tips that can help. Using these carefully detailed tips, you can better plan your budget allocation for the upcoming year. In addition to providing cost-effective event solutions, Rosseto’s buffet and safety systems can also help you create smaller service stations. Smaller serving stations mean quicker and easier transport and setup, ultimately helping you cut down on labor costs.
