As we approach the fourth quarter of 2011 one of the most important tasks to focus on is budgeting for 2012. Unfortunately, a lot of companies make the mistake of starting too late or not planning at all which typically results in heavy expenses in the first and second quarter leaving little funding for events later in the year.
Get started now by creating a spreadsheet to track trade shows, events, conferences and sponsorships from the shows you have already attended this year. Include information such as show dates, budgeted cost, final cost, and ROI figures. Once created, use it to forecast your next year’s events and budget information. You may find some shows are no longer worth attending while other shows deserve more of your focus.
In a time when money is tight, planning ahead can be the key to sticking to budget. Below are some quick tips to help your business stay on track:
- Negotiate on space and sponsorships when possible
- Take advantage of vendor deadline discounts
- Consolidate shipments and save on drayage expenses
- Audit invoices to avoid overpayment
- Shop around when possible to ensure you are getting the best deals
- When possible, do it yourself!
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