Keppler

Budgeting Meetings in a Tough Economy

These days, we are all being asked to do more with less, and meeting budgets have been scaled back. Now our jobs are to plan and execute meetings in smarter, more economical ways. In the "old days," to stretch dollars, we could cut Danishes in half! In today's more sophisticated meetings, we must look at all ways we can scale back.

Develop and Stick to Meeting Goals & Objectives: Money is often wasted researching destinations and sites, planning programs, and selecting speakers. If goals and objectives are in place for the overall meeting before the individual components are arranged, it is far easier to plan economically.

Carefully Select Destinations and Sites: Research air and ground transportation availability and costs, taxes and ancillary services, labor, and costs. Find out what services the destination marketing organization (DMO) can offer at reasonable rates. Look beyond the pretty pictures, and base your decisions on budget realities.

Research Costs and Negotiate Intelligently: Make a checklist of all areas where you need to rein in costs. Be realistic about where money can be saved and where you may need to give a little--remember, vendors have to make money in order to stay in business! For example, ask a hotel what they can do to help you control costs; you will often find a willing partner in planning. If you know where a vendor makes its money, you can look for savings in other areas.

Say No to BINGO Meal Planning: You know, breakfast - B11; lunch - L27; and dinner - D54! Instead of selecting from typical, pre-established meals, consider your total food and beverage budget for all meals for your full staff, participants, and vendors--breaks, bars, and service charges, and taxes.

Other Food and Beverage Tips: Sometimes purchasing a continental breakfast by the piece vs. per person can save money. Do the math before determining the best value. Consider adding some protein, such as hard-boiled eggs or cheese for a slight additional cost, which may mean you can save more on lunch portions. Buffets can be expensive and wasteful. Consider what you really need and you can save money.

Content and Speakers Add Value: Select speakers based on their style and content, not just on price! Don't skimp on content and delivery! Talk with internal staff to determine programs that will provide what the audience wants. Talk with your Keppler representative to find out if you can piggyback with another group who may also have a speaker in or near your location to save on transportation costs. Negotiate with the audio visual providers to determine how best to maximize the cost and use of equipment and minimize labor costs.

Consider Alternative Venues: Conference centers (www.iacconline.org) often offer the best ways to save money, especially for meetings of 250 or fewer. By using their Complete Meeting Package (CMP), which includes guest rooms, three meals per day, continuous breaks, meeting space, and standard AV equipment, the per person price is often a nice bargain.

As the late Senator Everett Dirksen once said, "A billion here, a billion there--sooner or later it adds up to real money!" Use these tips to guide your planning, and make sure your budget adds up and that it's less than you planned to spend!