STEP 1: HAVE ONE

It’s interesting to observe how clients react when asked about their budget. Some either don’t have one or seem apprehensive, fearing that sharing their number might lead to overspending.

While it’s true that a few less-than-scrupulous planners might use the number to push limits, the reality is that a clear budget is crucial for staying on budget! For the pros who you will lean on to develop your event, knowing where you stand on this is essential for crafting a design that aligns with your vision and financial parameters.

Understanding your budget enables a planner to tailor recommendations and suggest products and services that fit within your financial scope. It also allows for honest discussions about your choices and their impact on cost. With this knowledge, good planners can alert you if your selections are pushing the budget too high or too low which can cause quality to deteriorate. In doing this, they ensure that every dollar spent contributes meaningfully to your special day.

So, to make the planning process smoother and more effective, come prepared with a budget or at least be ready to discuss it early on!

STEP 2 BREAK IT DOWN

If you already have a budget in mind, congratulations! That’s a crucial step towards ensuring a fantastic event experience. At Siagel Productions, our first task when we understand your budget is to break it down into two main categories: “food & beverage”, and “non food & beverage”. While it may not sound groundbreaking, this approach is highly effective because food and beverage costs are a significant part of any event and should be fixed in early to avoid deficiencies.

For example, if your total budget is $100,000, you may allocate $50,000 to food and beverage depending on your guest count. This leaves the remaining budget for other aspects of the event, such as rentals, decor, and entertainment. By understanding how much of your budget is dedicated to food and beverage, you can make informed decisions about other elements of your event. Please note this example oversimplified and is for illustrative purposes only.

Considerations like whether to include an open bar or whether to have elevated food options are crucial and can provide early opportunities to glidepath towards a higher or lower budget.

The remaining portion of your budget—non-food and beverage—will be allocated across various event facets. These may include rentals, décor, linens, accessories, novelty, invitations, transportation, entertainment, lighting, production, media, and miscellaneous expenses.

At Siagel Productions, we’ve developed a sophisticated system to track and report on all aspects of your event. This allows our full-service planning clients to view a detailed financial snapshot of each facet, providing a clear and organized perspective that sets us apart.

STEP 3: CONVERT ESTIMATES TO FINALS

Once you've determined your budget and identified the various aspects of your event, the next step is to assign budget estimates to each category. At Siagel Productions, we refer to these as "estimates," and our goal is to refine them into “finals” by securing accurate quotes from our trusted vendors and suppliers.

For instance, if you're planning a $50,000 event, you might allocate $25,000 for food and beverage, $10,000 for entertainment, $10,000 for rentals, and $5,000 for miscellaneous expenses. Once you’ve penciled in these estimates, it's time to explore design options, vendors, and materials that fit within these categories. By making informed choices and balancing your budget, you can prioritize key elements while finding savings on less critical items.

As you receive final quotes and prices for these services, replace your initial estimates with the final figures. Ideally, by the time your event rolls around, your spreadsheet should reflect all final costs that total up to your budget. If everything aligns and your event planner has done their job effectively, you’ll make it on budget! If you are over, it’s hopefully because you splurged even after your planner gave you a heads up about it : )

Good luck out there!