Business conference is always an event composed of many elements. At the beginning of each a particular event, you should prepare a list of tasks to do and their expected costs – to set a budget of the event.
Overall, it is not possible to establish all conferences costs in the one place. It is caused by two reasons: first of all, each event is different, focused on the different topic and dedicated to the different target group. Secondly, as the event’s organizer you need to always be prepared for some unpredictable costs that must be paid to make the event happen.
The most popular costs that event producers have to pay (and could optimized them) are:
1. Conference room rental. There are a lot of rules you have to follow when you are looking for the best place for the conference. However, one of the most important reasons why you should choose the conference room is its price. It is the cost you always need to pay. You should also consider whether the price includes the provision of audiovisual devices (ex. microphones, projector) and additional space where you can arrange for example a catering
The prices for renting the conference rooms for 200 people vary (depending on rented period – ex. 4 hours, 8 hours and more) between 500 zloty (about 100 euros) and 2500 zloty
2. Hiring the speakers. In the conference’s program, you should find a place for lectures of the special guests who can share with the audience their experience and knowledge. Into the costs of hiring such people, in addition to the appearance fee, you need to add the costs of their Ravel, accommodation and meals. It is difficult to average these costs. The amounts vary (depending on the speaker) from about 1000 zloty (200 euros) for up to even 20 000 zloty (4000-5000 euro).
3. Catering service. Business meetings such as the conference, are often accompanied by the catering service. The form and the range depend on the character of the meeting. Some of the catering services have only coffee-table included, other provide the lunch for all participants of the event. The necessary minimum is always providing drinks for guests.
The price a simple coffee table could be between 10 zloty (2 euros) and 50 zloty (10 euros) per person. The lunch menu costs from 80 zloty (15 euros) up to 100 zloty (20 euros) per person.
4. Promotional materials. When you are planning the meeting you cannot forget about the promotional materials for all the participants. The package of the materials should consist of: the conference program, participant’s ID and the information folder. What you should also add to the budget are the printing costs. The range of the costs depends on the size of the event – usually the bigger and more prestigious event, the better quality materials are provided. As an additional gift, you can add the package bags or other gadgets with organizer’s label. The full cost of the promotional materials shouldn’t be higher than 10% of the whole budget.
5. The event’s marketing. Advertising the event in social media, sending a mass e-mail addressed to the selected target group, special devices that let the participants register online are tools you usually need you pay for. If you can afford it, it is worth to invest in the promotion about 10% of the budget. Well planned promotional Communications makes the event more popular and effectively encourage the target group.
6. The professional services. To organize a good event, you need to hire some specialist. They can create various graphics and official invitations for you, they can make professional photo relation. If the event is transnational and participants speak different languages, you need to hire an interpreter. Sometimes you have to provide for the conference a sign languages translator. All those people need to receive their compensation for their work.
7. Unpredictable costs. As an organizer, who prepare the business meeting, you should freeze the part of the budget for some unpredictable costs. Usually, it is no more than 15% of the whole budget. You should also have some cash in your pocket during the event to be able to pay some bills immediately – for example – taxi for the special guest.
You need to remember that you can negotiate all costs of the conference – fixed prices hardly ever happen. Also, the partners you are cooperating with during the event are ready to give you a special offer (ex. in barter exchange for the promotion).
Very important is to adjust the costs to the event’s plans and its budget. Sometimes you need to resign from some plans and in this way – reduce expenses to the necessary minimum. Well organized event should be wisely planned and then realized in 100%.