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meeting budget
4 Essential Tips For Budgeting Your Company’s Next Meeting

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Meetings are a big deal for most companies. Regardless of the industry or the size, a meeting or conference is a chance to bring the team together, get on the same page, and exchange ideas creatively.

One of the main factors that can make or a break a meeting, from the company’s standpoint at least, is the cost. To ensure that the team has the opportunity to bond and work more cohesively, the company must find ways to produce meeting experiences that are budget friendly.

To help get your company closer to its meeting goals, here are a few quick tips and industry insights that will help you budget to the best of your ability.

Company Meeting Budget Tips

Develop an Income and Expense Budget

setting a meeting budgetThis seems obvious, but it’s shocking how often income and expense budget’s leave out key elements. Sometimes those running the company and those planning the meeting aren’t on the same budget-page, and are operating with two separate ideas of what the budget is. So, first and foremost, sit down with all parties involved with the budget, and create a comprehensive income and expense budget that includes every detail. Even if, in the end, you don’t need every single item listed, it’s better than had you not accounted for something and ended up needing it.

Related: Experience Meeting and Event Success Like Never Before With These tips

Streamline, Streamline, Streamline

The more elements that can be taken care of under one roof, the better. The time, energy, and logistics required for shuffling around large groups of people from place to place gets overwhelming real quick. Try and choose a single source for lodging, meeting venue, food, and other event planning services such as printing.

Related: Be the Superhero of Meeting Planning with These Eco and Budget Friendly Tips

Choose an Immersive Destination

meeting budget - destinationSimilar to selecting a hotel that offers all the necessary element, it’s also wise to choose a destination that offers plenty of cultural and leisure offerings as well. Larger cities have much to offer, usually have plenty of hotel options close to airports and other transportation hubs, and have a variety of price options. If you desire to go out into the city for dinner, or go on some sort of excursion with the group, being located nearby to all of those places will help ease the budget.

Related: 5 Ridiculously Compelling Reasons to Hold Your Next Meeting in L.A.

Budget More Than Money – Budget Your Time

How much time and effort does it take to put together one of these events? A lot. So while you’re planning the money budget, also plan your time budget to ensure you make the most out of the time set aside for the event. Transitions and communication are key – if the participants aren’t clear on when they need to be where, and if the transitions between events are sloppy, then a lot of time will end up wasted. Keep this in mind as you plan!

Related: Engagement, Efficiency and Innovation: Tech Trends for Meetings and Events in 2016

Whether you’re meeting in a few months, or next year, it’s always important to plan as diligently as possible. Not only is it important to stick to the budget plan, but a meeting executed successfully will increase revenue for the company in the long-term. These tips will hopefully keep you on track for budget success which will equal meeting success, which will equal success for the company overall.

To help you reach your meeting and budget goals, Crowne Plaza Los Angeles Commerce Casino has the space, amenities, and price points to keep you on track. Conveniently located near both downtown Los Angeles, and the Los Angeles airport, CPCCLA is an excellent meeting destination, and specializes in accommodating events even at short notice. Ready to get started? Contact Meredith Delfosse, Director of Sales, at 323-832-4004.