Every class has been challenged with the task of organising an event or activity between March and May 2019. This blog post will help with budgeting so that profits can maximise and mistakes minimised.
Budgeting is a fancy way of tracking all your money. If you don’t have a plan then you are going to struggle. Budgeting does not have to be complicated. In its simplest form, it is a list of what you need to spend (expenditure) against the money you will make (income):
An Event Budget:
|Estimated event attendees||Cost of goods / services|
|Sponsorship||Facilities eg. Hire of hall|
|Sale of items (eg raffle tickets)||Hire of staff|
|Donations (including £30 per class)||Decorations|
|Publicity and Marketing (photocopying)|
How to maximise profits?
- The best way to maximise profits is to reduce expenditure. The easiest way to do this is to research your costs and negotiate a good price. Use the phrase “Is that the best you can do?” when trying to knock the price down.
- See what you can get for free: Ask the school to donate the hall / staff to volunteer their time. It is amazing what people will do if asked in the right way. Local businesses will often donations prizes for a raffle if you can advertise their brand in a program / on publicity.
- Conduct some research before choosing a price point. See what people are willing to pay rather than guessing.
Our first events are up and running:
Action: Remember, you will need to collect your float (money) from finance and then submit your budget together with receipts at the end of the event.
RISK: A Real Case Study
Do you remember the 8M ice pop sale last year? A very detailed budget was created, however very little profit was made. This was because the class bought too many ice pops and the weather was poor on the day of the sale. Remember, you need to consider more than just your expenses. Risks such as weather or other events on the same day could reduce your profits. Make sure you talk to your form tutor so that we can help you mitigate any risks.