Cut Costs, Not Corners

by Guest Author (Wendy Phillips)

July 30, 2024

3 tips for events that meet goals and fit the budget

As planners, we’re expected to deliver results while delighting our clients and staying on budget. While still focusing on the goals, where can we trim costs without affecting the attendee experience?

Tip #1: The Power of Partnerships

You know what’s important to your client. Your sourcing team knows what potential options are available and their costs based on current trends. They have the power to negotiate multiple concessions.

Start by sharing the big picture, program history and the overall goals with your sourcing team. The more the sourcing team knows, the better the partner it can be.

For example:

If you’re negotiating a contract in 2024 for a 2027 meeting, lock in menu pricing based on current prices.
When it comes to F&B, negotiate a flat discount rate versus a discount if you achieve the contracted minimum. This see significant savings.
Check options for internet usage in the meeting space. Can you negotiate a per-user versus per-device cost? Can you negotiate getting credit back, a rebate to the master account, a complimentary private network or a dedicated bandwidth?
Ask about delivery charges. If you know you’ll be shipping a lot of material, see what can be complimentary and negotiate a lower package rate.

And don’t forget the small things, like asking for free rekeying of office space. Those charges may be small but can add up to a significant slice of budget without adding value to the meeting.

Tip #2: Focus on ROI

Where do you need the “wow”? What are the takeaways you want attendees to get from the event? What will they remember? And what won’t make any impression?

For example:

Decor: We all love walking into an amazing space. But what’s the ROI on decor? Can you substitute napkins and linens? Do you need so many lights? Or would a more recognizable “big name” speaker make more impact?
Food: Yes, plated dinners sets a certain tone. But buffets are more cost-effective and conducive to serving more people. Plus, there is less food waste because diners only take what they want.
Wine: When serving wine, only open bottles as needed. Once they’re uncorked, you pay.
Appetizers: The most fun part of any meal! So many options! But do you really need so many?

Examine each component through two lenses: 1) Will it resonate with this particular audience; and 2) will it help accomplish the goals of the meeting?

Tip #3: Give Everything Another Look

That expression “the devil is in the details” is all about contracts. Each member of the team needs to look at every line item to find budget busters and potential cost savings.

Examples:

Cancellation policies: Go through them for whatever you’re booking—activities, venue, entertainment. Look at cutoff dates, refunds, extra fees. Fees can be cloaked in technical or elaborate wording, which is why more than one set of eyes should review them.
Maximize equipment: Whether it’s AV equipment or staging, look at the contract and your agenda to see if you can reuse items to get the most use out of these assets.

Bottom Line: Be Bold (and Friendly!)

Don’t be afraid to ask for what you need. The worst anyone can say is “no.”

Focus on the relationships with your client, sourcing team, and hotel and venue contacts. Connections with hotel staff, destination management professionals and rental companies can lead to ideas for cost savings. Treat each person as a part of your team by sharing your expectations—and limitations—from the beginning.

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Wendy Phillips, CMP, HMCC, CIS, is a senior program manager with Bishop-McCann. With honed program management and collaboration skills, she manages event strategy planning and ensures all stakeholders are working together to deliver customer-focused, high-quality programs.