Don’t fudge the bud­get

Alberta Venture - - The Briefing -

The first ques­tion you should ask your­self af­ter con­cep­tu­al­iz­ing your event is how you can af­ford to put it on. Come up with a pricing model that weighs dif­fer­ent venues, cater­ers, en­ter­tain­ment choices and other ex­penses, and, if you can, get those ­num­bers in writ­ing. That way you can con­fi­dently ne­go­ti­ate those con­tracts and slip them into your bud­get again without any ma­jor dis­tur­bance.

Per­haps as im­por­tantly, McCarthy says, make sure you have a con­tin­gency fund. It’s ironic that taxes – the one thing be­sides death that you’re bound to face – are for­got­ten in so many well-mean­ing bud­gets. “If you’re go­ing to spend $10,000 on food, that’s around $12,000 once you add the gra­tu­ity and GST,” she re­minds us. Un­ex­pected fees, too, can creep up on you, so make sure you have all setup fees, ad­min­is­tra­tive charges and de­liv­ery fees in mind. And, again, be con­fi­dent in your ne­go­ti­a­tions. It’s not your ven­dors’ job to look through your con­tract and cross your Ts.

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