Operating on a Shoestring Budget:Controlling Costs & Maximizing Resources

Michigan Meetings Expo

Monday, June 17, 2013

@AaronWolowiec

AaronWolowiec.com

↠ Budgetary concerns

↠ Controlling costs

↠ Maximizing resources

↠ Strategies

↠ Wrap-up

Controlling Costs

Actual CostsBudgeted Costs

Controlling Costs

Variance

Actual CostsBudgeted Costs

Example: Food & Beverage

Tips: Food & Beverage

• À la carte• Fewer options• Counts/trends• Overage policy• Work with chef• Hold dessert• Pull break items• Water pitchers

Maximizing Resources

Possible UsageCurrent Usage

Maximizing Resources

Variance

Possible UsageCurrent Usage

Example: Professional Speakers

Tips: Professional Speakers

• Blog post• Twitter chat• Facebook discussion• Promotional video• Newsletter article• Magazine interview• Webinar (pre/post)• Other onsite events

Final Thoughts

TAKEAWAYS• Control costs by decreasing actual costs to

meet budgeted costs.• Maximize resources by increasing current

usage to meet possible usage.APPLICATION• Critically evaluate your expenses.• Implement incremental changes.

Meeting Minds bloghttp://bit.ly/19FNlZrWolowiec: Instead of “Justifying Expenses”, think “Demonstrating Conference Value”

CIC Publicationshttp://bit.ly/19FNBaSProfessional Meeting Management: Comprehensive Strategies for Meetings, Conventions & Events, Fifth Edition

Aug. 5, 20133:15 p.m. – 4:30 p.m.Building Financial Momentum Through Meetings & Membership Collaboration

July 9, 20131 – 4 p.m.Building Financial Momentum Through Meetings & Membership Collaboration

July 10, 201310:15 – 11:30 a.m.The Meetings Report: Five Game-Changing Tactics Redefining Education Strategy and Success

Aaron D. WolowiecMSA, CAE, CMP, CTA

(616) 710-1891aaron@eventgarde.comwww.eventgarde.com

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