How to Create a Budget for Your Next Team Event

If you’re planning a company event, tracking expenses is essential to ensure that your gathering is successful and stays within budget. 

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Here are some tips to help you create a budget for your next company event:

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1. Set a budget limit: Start with your budget provided. This will inform decisions around location, length of stay, and activities included. If you aren’t sure where to start, on average, companies spend $1500-2500 per attendee for a 2.5-day team offsite, including flights and accommodations.

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2. Estimate the number of attendees: Now that you know your overall budget, estimating the number of people you’re expecting to attend will help you better understand how much to allocate for food, drinks, and other expenses. 

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3. Consider the event type: Depending on the type of event you’re hosting, you may need to allocate more funds for certain expenses. For example, if it’s a team-building event, you may need to allocate more funds for activities, whereas a networking event leans heavier on food and drinks. 

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4. Breakdown the budget for each category: After you’ve determined the type of event and set a budget limit, start calculating the cost of each item you’ll need to cover. This includes flights, accommodations, gastronomy, activities, entertainment, and any other costs associated with your event. Breaking down by category will help narrow your options to stay within budget.

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5. Don’t forget to factor in taxes and fees: Don’t forget to factor in taxes and additional fees when calculating the cost of your event. These costs can add up quickly, so it’s important to include them in your budget. 

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Tracking expenses for your company event is essential to ensure that your special occasion runs smoothly and stays on budget. By following these tips, you can create a budget that will help you plan a successful and memorable team event.

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Consider utilizing the Zinnia Budgeting Calculator to streamline further the process of tracking expenses and creating a budget for your company event. This user-friendly tool allows you to input various cost categories and automatically calculate and tally the total for you. 

Take the stress out of budgeting and make your event planning even more efficient by working with Zinnia. Send us a note today to confidently start planning your successful and memorable team event.