HOW TO CALCULATE YOUR EVENT BUDGET


By Nigel Cooper, Executive Director of P&MM


UK based, Nigel Cooper, discusses how investing in events can make a direct impact on the success and well being of any company.

How to calculate your event budget
We are often asked how much an event will cost so that the client can decide if they can afford it. Maybe the question should be: “What's the cost of loyalty, motivation, initiative, enterprise and hard work?” Because that's what good events create.
 
If you disagree, then try and remember the buzz in the office the week after the office Christmas party or the atmosphere at the company conference. Now imagine if it was like that every week. You might say “It's not possible”, or simply that you can't afford it; but think about it.
 
What would it really cost to create that atmosphere every month? Could you do it?  Could you create a series of well-timed, well-planned, structured, cost effective events? What could be achieved?
 
You would certainly succeed in bringing the team together, getting them talking, getting them to know each other, relieving stress, creating loyalty, happiness, team spirit, motivation, changing attitudes? In short, they would transform your business.
 
Events don't have to be expensive - just well planned and thought out.
 
Let's look at the options; family fun days, theatre trips, theme park trips, cinema previews. You have a Christmas party; why not celebrate the longest day with a summer party. Contact your local football club and as long as they're not sold out, you could arrange a great/night day out at very low cost. Take over a local restaurant, organise a coach trip to a beach, forest, theme park. Hire a local nightclub. How about booking a cinema for a film opening or encouraging every department to compete in a ten pin bowling challenge.   You can organise a charity day at work with a fun run, sponsored prizes in an auction and you can link it to a major national charity event to make it really big.

Look at some of the basics as well, how much does it cost to put an Easter egg on everyone's desk? What if you did it on the Thursday before Easter with a card inviting them to a barbecue or free lunch in the canteen?
 
If you were bold enough to want to change the way your employees feel and you embarked on this type of programme, imagine the impact of the announcement, the buzz at the news.  The questions from the staff will be: “Why? What are they doing?” Then there will be the realisation that you want to make a difference; you're genuine, it's about them. This is going to be good, fun, enjoyable, rewarding.  Who wouldn't be more motivated? Whose attitude wouldn't be affected? Who would want to leave?

How much does it cost to buy everyone lunch once a month? How much does it cost to take over a ten-pin bowling alley for the night? How much is a ticket to a concert? What about a day at the races for the company, you might only need to provide entrance ticket! And before you say it's not for us, we're too big or we're too small there are options here for every size and type of business and at every cost. If it's about the cost, the real question, is; are you enlightened or frightened?
 
What if you did all of the above and ended up spending a massive €75 a head per month? That's €18.75 a week or €900 per year. No doubt you have already multiplied €900 by your number of staff.
 
Congratulations if you're brave enough to carry on reading. Now ask yourself, how much would you pay for just 5% more effort or 5% more attention to detail? What about 5% more loyalty or 5% less absenteeism? Do the maths; can you afford not to invest €18.75 a week? What impact would you need to make the extra spend not only self-financing but profit enhancing?

The question is whether you believe it would happen, but if you don't then maybe you should take a look at your own website. Without fail every corporate website talks about their dedicated, dynamic, professional, and skilled workforce. But they also talk about how passion, commitment and belief comes from the top, about how much they care, how they want a motivated work force and how they want to create a rewarding experience for their employees.  Every training course, handbook and business manual preaches about retaining and motivating employees.  About how they are the public face and the coal face of the company. How many small, medium and large companies are bold enough to deliver it?

Just a wild naive thought!