An important item to add to your event budget that is not often included

In today’s episode of Event Ninja News, I explain why it’s important to add this often missed item to your event budget.

Watch this week’s episode for my full description or keep reading for a quick overview.

Are you including this very important piece of information in your event budget?

That is…

YOUR TIME

But why?

As an event manager, I understand how much time it takes to plan and run events… from the most complex of conferences to the simplest of meetings, it all takes time. However, I also understand that it is often difficult to justify exactly how much work goes into an event. You managers and other colleagues sometimes just don’t get it.

That why it is super important for you to start tracking the time it takes for you to manage all the different elements of your next event. Not only does it give you and everyone else involved in the event a clear idea about the time it takes, but it could also help you recruit extra help in the lead up to an event.

So, what are you waiting for? Get tracking!

Do you have any tips on how you justify your time preparing for an event? I’d love to hear your ideas and stories. Leave me a comment below and I’ll be sure to reply.   

Keep running events, connecting people and changing lives.

x Kim

Subscribe to our weekly Event Ninja News here
Each week we will send you a short video with a quick tip to help you become an Event Ninja!

Below are some previous episodes you may like to check out:

Should I price my event tickets to cover the cost of putting on my event?

How do you tap into a wider market to promote your event?

Save thousands with this one idea when booking group accommodation

Are you looking for a venue for your next event?
Come on over and visit us at www.venues2events.com.au to find the perfect venue for your next event.

3 comments

  1. Hi Kim
    I have just secured my first sub contract job managing a conference for 80-100 people interstate.
    Im super excited but as this is my first job on my own Im am unsure how I should charge my time. I couldnt find an award wage to use as a guideline. So I dont know whether to charge by the hour etc.
    Any advice you could give would be great.

    Regards
    Kim Jeanes

    1. Hi Kim,

      Great question!

      First of all congratulations on the job, it’s sounds like an exciting challenge. Charging is certainly a tricky thing to get right. In our business we always go with a project fee as opposed to a per hour rate.

      First of all, I don’t really love per hour rates as how can you guarantee that someone is working at super speed for each and every hour they charge you. Secondly, I want you to avoid the awkward conversation around having to justify the number of hours you are spending managing their conference because at the end of the day unless someone has managed an event themselves they have no comprehension of the time it really takes to manage an event well. Sad but true fact.

      So…estimate the number of hours it’s going to take you for each area of the event you are managing (registration, venue management, speaker management etc.) and put a dollar value against each area. Track the actual amount of time you do spend managing each area and with each new contract, you will get better and better at estimating the amount of time it will take you to successfully manage a conference and you can price accordingly.

      It’s likely you will undercharge the first event, just like I did many times when we were just starting out but trust me it will get easier when you track your time and truly understand what is involved in managing each element of an event.

      Your client will also appreciate a fixed event management rate and value you for your expertise as opposed to resenting a per hour invoice. That’s my take, good luck!

  2. Via email from our Ninja News reader Ana…

    Thanks Kim

    So very true! Other staff who themselves don’t run events just don’t get how much is involved in proper event management.

    Things like “work smarter, not longer” leave me fuming!

    Good event management is in the detail and there is so much of it. Smooth event management that looks effortless is anything but!

Leave a Reply

Your email address will not be published. Required fields are marked *