Conversations about the current cost-of-living crisis are inescapable, but while the economy lulls, in-person events are as popular as ever. So how do we impress attendees when budgets are tight and demand is high? Here are top tips for keeping the wow-factor on a lot less coin.
Sustainability works in many ways
You can keep costs low and still be kind to the environment. Choose reusable items for styling and branding that can be stored, tweaked and rolled out multiple times. Bulk-purchase generic branded material for use across multiple events.
Always opt for digital over printed materials. Use existing venue screens and QR codes to pass on information rather than producing items that end up in landfill or recycling-bound printed material. Everyone has a smartphone to pull up a program.
Avoid food wastage through solid communication streams such as multiple reminders which allow people to send their regrets if they can’t attend, keeping your catering numbers as precise as possible. If it’s a free event, allow for 10 per cent attrition when finalising numbers. The kitchen can whip up more food in the case of an anomaly, but tonnes of food wastage is inexcusable in 2024.
Choose your timing wisely
Think about the time of day you traditionally hold your events and then explore the opposite. Save money by hosting a breakfast instead of a sundowner, or choose a weekday over a weekend. Guests will likely enjoy the element of change. Non-weekend days are often more cost-effective, and earlier in the day can remove the expense of alcohol.
Also, plan for off-peak times of year. Corporate Christmas and end-of-year parties can swing into late January or early February when you’re not competing with the masses for floorspace and premium entertainment.
Collaboration is king
Excellent relationships with suppliers give you the upper hand, and good value is often the result of treating people with respect and kindness. Nurture industry relationships so when you need a favour, they’re there for you.
Caterers can often do something off-menu and budget friendly. Venues can also look at events on the day before or after your event to see if you can piggyback on bulk food buys and infrastructure to reduce manual labour costs for rigging, placing furniture and styling.
If you know there’s usually another annual event on the date next to yours, contact the organisers directly to see if you can share some costs.
Creative venue choice
Choose a stunning venue so you only need minimal or no styling items. Today’s interior architecture and design in new and revamped venues can be masterpieces so let that work for you. If there’s a view, even better.
Think of venues that are not commonly used. For example, a beautiful cafe usually closed at night becomes an unexpected evening venue. It can provide extra income outside its normal trading hours so its operators may be able to offer a better deal than a regular nightspot. But beware, you may require a temporary liquor licence.
Lighting can do wonders for styling, especially in unpredicted venue spaces. Choose inexpensive uplighting or funky, pre-made gobos over florals or bulky hired styling that is expensive to deliver and set up.
A venue with open catering options may not be restricted by minimum spend so you can choose a caterer that fits your budget and goes a long way. Did somebody say gourmet paella?!
Bars and booze
Alcohol can be one of the biggest expenses in your event budget. If you know your crowd is non-negotiable on it, there are options to spend wisely. But be warned, set expectations in your pre-event comms so people know what to expect before arriving.
One option is to start with an open bar then move to a cash bar. Set a tab you’re comfortable with and when it’s up, that’s it. But keep the bar open for cash sales so people can make a choice.
Serve non-alcoholic drinks for free and have a cash bar for alcohol. People are increasingly choosing not to drink so cater for this trend, but ensure you have low-cost options for people wanting alcohol. Australia has a drinking culture, and an open bar is commonly expected so it is paramount guests know what to expect before they arrive.
Track and report
Expensive tastes on a budget are challenging but not impossible. Track every area of spending closely throughout your planning and don’t deviate. Do thorough reporting once the event is over to reveal areas to save on next time.
Did everyone turn up? Did anyone actually listen to that live singer, or did they talk over the performance? Valuable intel is captured via thorough reporting.
Final thoughts
Plan well in advance for your event. Better prices for keynote speakers, venues, caterers, stylists and entertainment can work for you compared to last-minute bookings. But why am I telling event managers to be prepared? It’s in our veins!
