MIND THE (BUDGET) GAP
With inflation at a 41-year high, now more than ever, it pays to mind the (budget) gap. But meetings and events continue to be an important line item in any business plan and typically provides a high return on investment. Getting colleagues, clients, or customers together to share ideas, build networks or provide education is a proven driver of success.
In today’s economic climate, it gets challenging to produce impactful meetings and events when your allocated budget does not align with your vision. With costs increasing across the board, you may need to reevaluate your event strategy and alter key event elements.
So how do you manage to this while still producing an amazing event? It’s time to get creative!
Throw that same old agenda out of the window and consider all ideas! Here are some helpful hints to get you started on minding the (budget) gap:
Reduce program days: shortening your program will save on hotel, catering and transportation costs.
Offer an evening on their own: allow guests a night to themselves to explore the event location.
Consider second-tier cities: research smaller cities that offer more affordable pricing
Get local: if your team resides in the same geographic region, consider hosting your event nearby to minimize travel expenses.
While you may have to make some changes to your events, there are still exciting ways to produce successful and effective meetings even with inflation on the rise.
Wingspan Newsletter Volume 96