Operating on a Shoestring Budget

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Operating on a Shoestring Budget: Controlling Costs & Maximizing Resources Michigan Meetings Expo Monday, June 17, 2013

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Aaron Wolowiec, MSA, CAE, CMP, CTA delivered this presentation during the 2013 Michigan Meetings Expo on Monday, June 17, at the Suburban Collection Showplace in Novi.

Transcript of Operating on a Shoestring Budget

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Operating on a Shoestring Budget:Controlling Costs & Maximizing Resources

Michigan Meetings Expo

Monday, June 17, 2013

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@AaronWolowiec

AaronWolowiec.com

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↠ Budgetary concerns

↠ Controlling costs

↠ Maximizing resources

↠ Strategies

↠ Wrap-up

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Controlling Costs

Actual CostsBudgeted Costs

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Controlling Costs

Variance

Actual CostsBudgeted Costs

Example: Food & Beverage

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Tips: Food & Beverage

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

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Maximizing Resources

Possible UsageCurrent Usage

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Maximizing Resources

Variance

Possible UsageCurrent Usage

Example: Professional Speakers

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Tips: Professional Speakers

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

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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.

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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

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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

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Aaron D. WolowiecMSA, CAE, CMP, CTA

(616) [email protected]

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