Budgeting and Financial Management
Take a look at the financial needs of the meeting from both the organization’s perspective and from the attendees’ needs analysis.
You will want to identify techniques, which provide fiscal control for the entire meeting, allowing the meeting planner to analyze expense which will help determine registration fees and other anticipated revenue.
As well, as part of the meeting management process you must identify procedures and practices for the on site management of funds and budget.
You will want to address;
- The financial goals and objectives of the meeting
- Identify functional areas and line items and to develop a comprehensive revenue and expense budget
- Analyze revenue and expenses to determine your ability to meet the financial goals and objectives
- Understand various financial statements and cost control methods as a means for decision making.
- Effectively manage funds on site at meetings
- The budget is developed after the establishment of the meeting objectives, since it is very difficult to determine costs until you know what must be accomplished with the meeting. The budget is a list of expected expenses and revenues which provides fiscal control for the entire meeting.
- Expense items should be determined first, then revenue items, allowing the meeting planner to set registration fees and other charges to meet the financial objectives of the meeting.
- As the budget is developed, the planner must keep in mind who will attend this meeting; who will pay the fees; and, the philosophy of the sponsoring organization. Is it okay to lose money on a meeting? Yes if that is the objective and the expectation of the sponsor.
- Budget projecting in a systematic manner establishes a solid basis for later control and management of that budget.
- The budget must be updated and revised as necessary.
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