Top 4 Tips for Managing Budgets

Compete-At.com

A leading innovator of sport event management software and online registration, presents an informative slideshow on the top four tips for managing and sticking to your budgets

Top Four Tips for Managing and Sticking to your Budgets

• Determining your break-even point

• Leave money aside in case of emergencies

• Prioritize items and requirements

• Appoint a finance chair

Determing Your Break-Even Point

• Your break-even point is the point where your costs and revenue are equal

• This is the key to figuring out what your registration fees are going to be

• You can look at the cost of the event and then decide the fees by their breakpeven point

• You can also look at the likely registration fee and the likely number of competitors

• The lower your registration fees, the more competitors you are likely to have

Leave Money Aside for Emergencies

• Things come up unexpectedly

• It is easy to budget for revenue and costs without thinking of potential emergencies

• Leave money aside in case of an problems that should arise

• Things may have to be fixed, or you could run out of supplies and need to replace them

• Without money set aside, you may not be able to afford to do this

Prioritize Items and Requirements

• Determine what is necessary for your event versus what would be nice to have

• Figure out which items are the most important to running your event and how much money you need to cover these costs

• Prioritizing your costs is the key to creating a successful budget

Appoint a Finance Chair

• It is a good idea to appoint a finance chair

• Someone that will monitor the spending of the various people who are in charge of planning your events

• Make sure this person either has a financial background of some sort, is organized, dependable, and will watch spending closely

Useful Links and Resources

• http://eventsecrets.com/articles/event-finance/event-budget/: A website about budgeting

• http://eventplanning-tips.co.za/creating_a_budget.htm: A good website that contains information about setting aside emergency funds

• http://www.gemworldevents.net/plan.html: A good website about budgeting in general

About Compete-At

• If you would like to learn more about online event management or online registration, please visit www.compete-at.com