Navigating conference budgets in an uncertain economic climate

Conference organisers can manage budgets and deliver events, even in uncertain economic climates. Chris Evans, general manager of Avenues Event Management shares insights about keeping your budget flexible.

Delegates walk through the Te Papa entrance next to a Māori carving.

Managing budgets for conferences and events is more challenging as the economic landscape shifts. Fewer sponsorship opportunities and delayed or lower registrations can add pressure to already tight budgets.

Conference organisers need to stay financially agile. It is key to delivering a successful event without compromising quality. Here are a few strategies to help navigate this.

Contingency budgeting

Setting aside a contingency budget is essential. Especially if there is uncertainty around costs and revenue streams. Use 5 to 10% of your total expenses to create a financial cushion. This can be for last-minute changes or unexpected operational costs. The buffer can prevent budget overruns.

Cost-cutting strategies for non-essential items

In tough economic times, it’s crucial to differentiate between essential elements and ‘nice-to-haves’. Check each line item in your budget and consider if you can trim or cut non-essential expenses, as your conference date looms closer.

Budget tracking and real-time adjustments

Tracking your budget in real-time can help avoid financial surprises. As your event progresses, compare it against your projected figures. This allows you to adjust on the fly, reallocating resources if needed to stay within limits. Real-time tracking also provides valuable data for future events. This will help you refine your budgeting process.

Prioritise early-bird registrations

Offering and prioritising early-bird discounts or group packages will encourage registrations sooner. It can give you a clearer idea of attendee numbers. This lets you make more informed financial decisions early on and will reduce the risk of a low attendance rate.

Sponsorship and registrations can be unpredictable in an uncertain economic climate. It is vital to maintain a flexible and proactive approach to budgeting.

Conference organisers can manage budgets and deliver events despite the challenges. Use contingency budgets, cut non-essentials, and track expenses. Flexibility and smart financial management are key to meeting economic and event goals.

Looking for more?

At start of items
Delegates talk at the New Zealand International Education Conference in 2024.

Sustainability initiatives part of NZIEC KI TUA success

Sustainability was top of mind at the New Zealand International Education Conference KI TUA held at Tākina Wellington Conference and Exhibition Centre in August.

A control room for Venues Wellington Virtual Events. THe room is dark with several computer monitors, laptops, a projection screen and other technical equipment.

Planning for a virtual or hybrid conference

Arna Wahl Davies shares her top tips for planning a successful conference in a hybrid format.

People gathering inside Parliment for the progressive dinner.

Ways to entice delegates

Event manager Raewyn Tse shares her top tips for attracting delegates to an event.

An audience, wearing business attire, sit and listen to a presentation at the Harcourts Conference at the TSB Arena in Wellington.

Reinventing your association conference experience

Brett Jeffery explains how to reinvent your association gatherings to ensure they are well worth the time, effort, and cost to members.

At MEETINGS 2023 at Tākina two people stand in the middle of the venue surrounded by exhibition booths.

Early engagement vital in sustainability certification process

Event manager Chris Peak offers tips on maximising the sustainability certification process.

Inside Tākina Wellington Convention & Exhibition Centre at the opening event. There is food catering and many people are mingling in formal wear.

Ways to maximise your return on investment

Sponsors and exhibitors play a huge part in the success and feasibility of any conference. Avenues Event Management general manager Chris Evans shares some strategies to help maximise return on investment for these partners.

Four people sit at a table at the Life Sciences Summer 2024 at Tākina Wellington Convention and Exhibition Centre.

Life Sciences Summit achieves breakthrough

Now in its second year, New Zealand’s Life Science Summit aims to create a better government understanding of the biotech sector.

Three delegates in semi-formal wear stand together and smile for a picture being a large painting on a easle at the ICMS Australasia dinner.

Attracting delegates from the Asia Pacific region

When it comes to luring delegates from the Asia Pacific region, you need to go above and beyond.

Prof. Helen Danesh-Meyer speaking on stage at the New Zealand Women in Medicine Conference 2024.

Women in medicine build networks

Women medical professionals came together in Wellington to build networks and address challenges.

Jehan Casinader, keynote speaker at a business conference gives a presentation on wellbeing in the workplace.

Giving delegates a new perspective on wellbeing

In a time where wellness rhetoric is at its peak, should it have a place on the conference agenda? Keynote speaker, Jehan Casinader, a survivor of depression and suicidality, talks about putting wellbeing at the heart of your conference experience.