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THE SINKING SHIP...FIXED EXPENSES

"The good news is that fixed expenses should be fairly easy to predict."

Here's What Everybody Need to Know About Sinking Ships! Benjamin Franklin once said: “Beware of little expenses. A small leak will sink a great ship”. This is my second blog about event budgets. This time I am ranting on fixed expenses – those pesky little expenses that remain the same, no matter how many attendees come to your event. Or do they? Things like entertainment costs, speaker fees, audio visual equipment and venue rental typically stay the same whether you have 20 attendees or 2000. After all, you need an Emcee for your event and he/she is most likely charging you a fixed amount for a four-hour window of time – it makes no difference whether it’s a room filled with 600 or a more intimate setting. The good news is that fixed expenses should be fairly easy to predict. Armed with your quotes and budget history (quotes are enough if you don’t have a budget history), it is a pretty simple exercise to plug in the costs that you know will remain relatively stable throughout the planning process. There’s a BUT coming here ….. This holds true unless you make drastic changes to the original request. If the original ask changes, you can expect to see changes in the cost of the service too. Here’s where those small leaks creep in and threaten to sink the mighty ship! sinking ship cartoon I see it most often with event AV. You find your supplier, you agree to the equipment and labour you need and the corresponding amount for the service and then boom! You get onsite and there’s a last minute addition to the AV. A speaker is asking for a wireless mic. Media shows up to cover the event and you need a feed. You forgot to order a hardwired internet connection for the social media screen. Last minute additions can add hundreds and thousands of dollars to your final AV invoice, so budget conservatively and plan for little extras that may pop up. These are just a few examples of fixed expenses that you will need to factor into your event budget. I go into WAY more detail on these and many others in Volume III of my eBook that has 20+pages about event-related expenses and tips on prepping an event budget. Get it HERE. Until then, I wish you best of luck in keeping the leaks at bay and your ship on course! Ahoy! PS – If you’re taking on too much water or if you’re tired of bailing out the boat, let me know. I secretly LOVE event budgeting and would be happy to help you steer the ship and corral those fixed expenses in your budget. Book a consult with me TODAY!

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