Presenter: Deborah Gardner, CMP Author & International Speaker

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1 Presenter: Deborah Gardner, CMP Author & International Speaker

2

3 QUALITY COST MONEY Proving Your Worth By Forecasting Profitable Results

4 Proving Your Quality Worth Tells others how serious you are in the industry You don t define quality. Your attendees, customers, boss, stakeholders do Find attributes that people care about and deliver it Embrace the mindset exceeding expectations Forecast results with quality Focus on your worth of the quality

5 WHAT IS A BUDGET? An essential and strategic event management tool that allows accurate projections, monitor program income and expenses, track cash flow and establish cost controls or other revenues to serve program goals i.e. Convention Industry Council manual

6 BUDGET OBJECTIVE Develop a budgetary philosophy i.e. cost control strategy & formulas Understand the difference between expenses and revenue Identify indirect, variable and fixed costs Determine to make a profit, breakeven or lose money

7 TWO WAYS TO BUILD A BUDGET Incremental budgeting is analyzing the projected and actual figures from the previous year or meeting If there is no history data this is considered zero based budgeting which you will estimate the expenses and revenue

8 BUDGET CHALLENGE The budget for the SGMP Annual Convention was developed by reviewing the projected and actual figures from the previous year s budget. What type of budget was implemented? A. Zero-based B. Incremental C. Performance D. Fixed

9 CATEGORIES OF EXPENSES INDIRECT COSTS VARIABLE COSTS FIXED COSTS Items which are not related to the event or tied to the attendees (staff time, overhead costs, equipment, etc.) Costs that will vary depending on the number of attendees/per person basis (F&B, on-site materials, guest rooms, transportation, or gratuities) Incurred regardless of the number of attendees (room rental, a/v equipment, marketing, signage printing, or speaker fees)

10 CATEGORY CHALLENGE The sponsor has allocated approximately 10% of costs to staff salaries for this years luncheon speaker series. What classification of costs would the planner budget this money under? A. Fixed B. Variable C. Zero-Based D. Indirect

11 CATEGORY CHALLENGE What type of cost is the final total of a dinner with approximately 90 to 100 people attending and a plated dinner of $55 per person? A. Fixed B. Variable C. Zero-Based D. Indirect

12 BREAK EVEN FORMULA #1 Total Fixed Expenses Reg fee Variable Costs = # of Attendees Fixed costs $37,550 Registration fee $500 Variable costs $ or 94 or 89

13 BREAK EVEN FORMULA #1 Total Fixed Expenses Reg fee Variable Costs = # of Attendees Fixed costs $37,550 Registration fee $500 Variable costs $100 $37,550 $500 - $100 = 93.8 attendee

14 BREAK EVEN CHALLENGE The International Federation Conference goal is to have 150 attendees this year. The set registration fee is $300, food/beverage is $120, room rental is $3,000, A/V is $11,000, speakers $8,000 and printing is $15,000. What is the total fixed costs? A. $29,000 B. $37,000 C. $45,000 D. $55,000

15 BREAK EVEN FORMULA #2 Total Fixed Expenses # of Attendees + Variable Costs = Reg Fee Fixed costs $37,550 # Attendees 94 Variable costs $100 $375 or $399 or $499

16 BREAK EVEN FORMULA #2 Total Fixed Expenses # of Attendees + Variable Costs = Reg Fee Fixed costs $37,550 # Attendees 94 Variable costs $100 $37,550/94 = $399/person $399 + $100 = $499 Reg Fee

17 BREAK EVEN CHALLENGE The planning committee is determining the registration fee. They knows 60 attendees will be participating. The total fixed costs are $30,000 and the variable costs is $75.00 In order to break even, what registration fee should they determine? A. $500 B. $547 C. $575 D. $625

18 PROFIT FORMULA Total Fixed Expenses # of Attendees + Variable Costs = Reg Fee Fixed expenses $37,550 + profit $10,000 # Attendees 94 Variable costs $100 $505 or $605 or $595

19 PROFIT FORMULA Total Fixed Expenses + Profit # of Attendees + Variable Costs = Reg Fee Fixed expenses $37,550 + profit $10,000 # Attendees 94 Variable costs $100 ($37,550+$10,000/94 = $505/person $505 + $100 = $605 Reg Fee

20 PROFIT CHALLENGE The Women s Basketball Association wants their fundraiser to profit $8,000 this year by inviting 250 people to play. They estimated the variable costs will be $500 and the total expenses will be $2,500 for this event. How much should they charge per player? A. $542 B. $480 C. $530 D. $428

21 10 Tips for Building Accurate Budgets Know Goals & Objectives Evaluate Event Needs and Familiarize with Attendees Budget Planner - Categories; Projected, Actual and Variances Budget Cushions - 5% to 15% of total budget Budget Buster Line Item - any possible adjustments needed Documentation - a detailed budget history Communication - internal and external Savings Tip - ask Do we need it? Post Consolidation Report summarization ALWAYS EXPECT THE UNEXPECTED!!!

22 THANK YOU! Any questions, please contact me at

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