Event Budget Planning for Your 2021 Corporate Events

Budgeting for 2021 remains a priority as CEOs, and CFOs rebuild after a debilitating year. Most companies turn their thoughts toward 2021 with hope as well as uncertainty. Forecasting — relatively straightforward last year — is now a series of unknowns. But in the events industry, a glimmer of hope shines with the resurgence of small to medium in-person and omnichannel events. 

Growing with Event Planning Strategies

Successful event management teams will use the chaos of 2020’s online events to improve strategic planning, creating an event budget that can withstand unpredictable barriers.

How event planners manage event budgets and strategy for 2021 will determine future impact. 

Will your company struggle to budget for the unknowns and miss the opportunity? Or will your events change your company’s people, elicit excitement in your client base, launch your new products with finesse, and bring people together in new and innovative ways?

We hope you plan for the latter. 

Here are some essential considerations for planning future events and setting up your event budget line.

The Groundwork for 2021 Event Budgeting

Working with Less

First, let’s address the elephant in the book. Budget cuts happen, and events are indeed under the microscope. But, creativity and developing a cohesive strategy should not be a function of budget. Both can be achieved with a challenging budget!

Ask the Difficult Questions 

Here are some questions that can help you gain a new perspective on your event:

  • Would your base be best served with smaller in-person roadshow events instead of one significant online event? 

  • What elements would change depending on the size of the event? 

  • Could you turn that yearly kickoff meeting into a more minor live event for critical executives and then plan smaller pod events for them to share the inspiration with their teams? 

  • Can you host an omnichannel event that strips away all the unnecessary extras and brings it back to connecting your ideal customers with your brand? 

  • Could you work with partners and suppliers to reduce costs or share the budget challenge without compromising the return on investment?


Analyze the Competition

Look at your competitors — learn what they did well and what they didn’t. As you build your event plans, have a team analyze and report on your company's best and worst decisions in 2020 — and how to elevate 2021 to a higher standard. 

Planning for ROI

Projections in Transition

In a world with enough online events but still must operate virtually, prepare for a different budget plan with variable costs! You can look at last year’s event budget line items, compare them to this year’s adjustments, and form a projection for 2021. Be sure to have a flexible budget with a high allotment for contingency funds — consider setting 15% aside for any unknowns. 

Plan for ROI

We never tire of talking about event ROI in planning your event. Plan and rework every element of your event strategy to be sure you’ve got a handle on how your events will bring in return for your business. Set your ROI goals and prioritize your audience’s engagement plus experience to ensure they see the same value you do. 

Find Additional Sources of Revenue

With ticket sales, on-demand content, and sponsors, you have a world of revenue opening up to you. Take advantage of the potential and plan early on to be in talks with potential speakers, event partners, and sponsors who see the value of your metrics and desire the screen time with your base. You may be able to put the event in the black just with marketing income. 

Establish the New Cost Structure

For 2021 events, budget for your traditional elements but know the new categories that may change the landscape of your line items. AV for online events, engagement teams, and event marketing will take over much of the cost of food and beverage, accommodations and travel, and staffing. As you work through each cost center, run it by an experienced planner to ensure you’re allotting enough for your expenses.

Save Time and Money

If you’re expecting sweeping changes to your event strategy that may overwhelm your advertising and marketing departments by handling it internally, consider working with an event professional who can help you successfully plan and launch your event! 

Let us Help You with Event Budget Planning.

Whether your goals are to build brand awareness, institute new policies, formulate business strategies, launch a new product or service, or inspire your base — we know what works and how to give your people a fabulous attendee experience. 

Contact the Iron Peacock Events Team today to help you with your 2021 event budgeting ideas! 

Sally Mainprize