Reach out. Touch base.

My advice is to reach out to convention bureaus and DMCs early in the planning process. Early collaboration maximizes the benefits of their services and ensures availability of the best resources. Also, using secondary cities for meetings and events is an excellent budget management strategy for meeting professionals. These cities often offer lower costs for venues, accommodations and other services compared to primary metropolitan areas.

ANETA KSIĄŻEK
Head, Poland Convention Bureau
MPI Poland Chapter

EATING MATTERS.

Get an F&B discount as part of your contract with the venue up front and make sure it is on the current menu prices, not the menu at a future date. Split off the dessert/coffee from lunch to create a "free" afternoon break.

ROBERT KRAUS
Event Producer Small Conferences LLC
MPI South Florida Chapter

Everything is expensive

Education and awareness are the cornerstones of effective cost management. First, it’s essential to acknowledge that everything costs more than it once did. By staying informed about current market rates, you can better navigate your budget, avoiding the temptation to simply cut offerings to meet a bottom line. Awareness also plays a crucial role in understanding the design goals of your event. For instance, why allocate tens of thousands of dollars on a massive stage production for a keynote with one-way engagement when your stakeholders need hands-on learning? Instead, consider using that budget to create multiple experiences that impact more stakeholders while opting for a more modest keynote setup. Similarly, rather than spending your entire catering budget on one cocktail reception, focus on providing consistent nourishment throughout the conference, saving the "wow" factor for key moments. By aligning your budget with the event’s design goals, you can advocate for spending that truly maximizes impact.

DEVON PASHA, CMP, CED
Director, The Event Design Collective North America
MPI Texas Hill Country Chapter

F&B: LOCK IT UP EARLY

Negotiate food and beverage pricing as a part of the initial venue contract. We have had some luck in confirming the current year’s menu pricing in the contract. When that isn’t possible, we make sure that menu pricing is confirmed nine to 12 months prior to the event. This helps us make sure that we have known costs for F&B when it’s time for our annual budgeting cycle. With that information in hand, we plan accordingly to keep F&B spend in check!

MOLLY C. MARSH, CMP
Director of Education and Events AMR Management Services
MPI Kentucky Bluegrass Chapter

Always hold back at least 10% of your budget for last-minute needs such as printing, a late supply delivery or—as we just experienced—a last-minute need to buy a bunch of COVID tests. Just take 15% off the top and make that your budget for all of your planning so you have what you need at the last minute.

ERIN LEONARD
Founder & CEO, Erin Leonard Events
MPI Greater New York Chapter

MAINTAIN TRANSPARENCY

I study each venue’s pricing and take into consideration any discounts we may have contractually. Upon initial meetings with our venue counterparts, I review with them budgets for each break, lunch, etc. I ask the venue to put together a menu based on the budget and to reach out to me if they have challenges meeting any of the numbers I have provided. I try to keep in mind that my counterpart has revenue goals that are just as important to them as my budget is to our team.

Then, keep the venue informed, ideally bi-weekly, about how your registrations are pacing. It is important to be working off of like numbers and not initial registration goals. I have found that transparency leads to strong relationships and successful financial results for both parties.

TANYA PHILYAW, CMP
Senior Meeting Planner, MPI

1 - Leverage groups before and after your meeting/event, i.e., F&B, AV, room sets.

2 - Leverage multiple jobs with vendors to get better discounts.

3 - Book your meeting or event in an off season.

4 - Sometimes purchasing is more cost effective than renting.

TARA LIASCHENKO, CMM
Facilitator and Speaker
MPI Tampa Bay Area Chapter