Budgeting 101

One of the most interesting things I have come across is the reaction I receive when I ask a potential client what their budget is. Most of the time there is dead silence. Then comes the famous words…”well we don’t have one”. What???? Are you kidding me? You do not have a budget? This is the first step in planning any event! That is like going to buy a house and telling the real estate agent...well I don’t have a budget. I can promise you the next question from the agent is have you been pre-qualified and for what amount. There is a huge difference between a $100,000.00 property and a $1,000,000.00 property. Without any indication as to what you can spend on a property the agent is not going to be able to help you efficiently.

I have had this same conversation with many vendors and they have all shared the same reaction with me based on their experiences. If you are the client and are planning an event, please keep in mind…without the proper information the vendor is NOT going to be able to assist you properly. There is nothing worse than a client telling me “we have no budget…the sky is the limit” and we begin discussing the cost of a “the sky is the limit” event and they realize they cannot afford it! They end up disappointed and embarrassed because they have put themselves in a very compromising situation.

Potential clients please know that we (the vendors) are professionals and you have to be willing to share certain information with us so we can help you accordingly. Without this information the consultation is fruitless. I know from my own personal experience that if I feel the client does not trust me enough to share their potential budget with me, I recommend they find another venue. I automatically begin to shut down if I hear these famous words.

I have had many clients come in and share with me their budgets right up front. With this vital information I am able to discuss with them what we as a venue can do for them. Most of the time, because of the fact they have been honest with me and felt they can trust me, I have offered more then what the particular package may include just due to the fact they are honest with me…. but most importantly they trust me as a professional. Most vendors are not in the habit of trying to squeeze as much money out of one client as possible. I know for a fact the vendors we associate with are trying to give our clients the best their budget will afford so that we will receive referrals from that client! Word of mouth and referrals are the BEST advertising!

So take it from me…all of you potential clients please set a budget and be willing to share that information with your vendors! If you don’t…you will be wasting your time! Until next time…take care!