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Seminar Budget Planning

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Seminar budget planning is necessary so that a business will not exceed the allocated budget intended for the event.

Seminar is necessary for businesses because it is an ideal venue or setting to inform, announce or re-educate people or attendees of a particular topic. It could be a launching of a new product, applicant’s job interview, an update of company’s existing policies, a seminar intended for employee’s training or merely a meeting of bosses or top executives to discuss sensitive and complicated issues affecting the company’s operations and finding solutions at the same time. Conducting a seminar event can be expensive but this gathering is an important event for a company because it can dictate company’s productivity and profitability. When planning to hold a seminar, there are important areas that you have to consider which are necessary for budget planning.

• Some companies have budgets already allocated for company’s seminars or special events. Find out how much is the amount that you can use for the said event. Having the knowledge of how much budget you can spend will enable you to have a wise estimate on small and major details of seminar expenses.

• Having the knowhow of the exact budget for the seminar will enable you to do a detailed budget planning without having to exceed the budget limit. You have to make a listing of all the needed materials for the seminar and you need to determine the overall cost that will be incurred in the coming event. Include in your lists things like guest speaker’s fee, if any, rental cost of audio-visual equipment for speaker’s use, space rental for the seminar’s venue, tables and chairs rental if needed, cost of hand-outs, pens and paper to be distributed to the audience and so on.

• Consider getting an idea from budget plan records of previous seminars your company held and take it as your reference. Check how much your company paid for these specific items and find out who were the vendors who provided or supplied these needs. Contact the vendors and ask for an estimate of how much will it cost the company to hold a seminar based on the number of your invited participants and guests.

• If there are several vendors who submitted quotations of cost estimates for the seminar event, keep track of their price quotations and do some price comparisons. You may then select a vendor who quotes a reasonable price and make sure that it won’t exceed the company’s allocated budget.

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Marky Chavez

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