cost neutral?

I schedule seven-day birthday reminders nowadays.

At the very least you can expect a card to pop through your letter box.

At best, a more meaningful gift.

I’ve learned that overthinking, procrastination and leaving it too late often leads to panic buying and overextending myself.

It’s not ignorance, more that circumstance reframes my budget ‘limit’ to more of a budget ‘suggestion’.

I’m a people pleaser.

The events landscape is far less forgiving of course.

Short runways and indecision inevitably lead to increasing event costs.

Worse still, fewer options, a vulnerable negotiating position and anxiety start to dominate when choice and confidence are so important in maintaining cost control.

Inevitable is defined by certain to happen; unavoidable.

So, how can you change patterns, reverse inevitable even, and learn to really respect budget limits?

How far can you go? 

Is it even possible to create cost-neutral events?

Let’s tackle these questions one at a time.

Get going sooner

Best articulated by the ‘early bird’ proverb which emphasises the importance of starting something early to maximise the potential outcome.

Be honest, manage expectations

Respecting a budget limit doesn’t necessarily mean the initial budget.  If business cultural or global economic conditions create indecision shortening the runway, then reset. Short term loss perhaps but an important practice for longer term change.

Keep plates spinning

Get comfortable quickly with keeping all options open.  Yes, more contact, more work but a stronger negotiating position when the time comes to secure the best deal.

Always ready to rip it up, start again

Particularly in time-sensitive situations this seems counter-intuitive, but this is a positive, healthy mindset that encourages you to continually seek out more favourable alternatives.

And if making some positive adjustments determines budget certainty, how can you really maximise time, transparency, options and mindset to go further and work towards cost neutrality?

It won’t be easy.

But as ‘paid attendance’ models show, it’s possible.

It’s a balance between generating revenue and the cost to stage the event.

For many B2B/B2C events, generating revenue is rarely a core objective, so here are some key income considerations.

Sponsorship

Leverage existing relationships and explore new partnerships that create real value for event attendees and equally, for sponsor partners.  Take time, breathe a little, draft a sponsorship model business plan, be value-focused, expect this’ll take time.

Paid attendance

Increasingly, the value of free-to-attend events are called into question when other demands are made on our time. However, studies show that paid attendees’ quality is significantly higher, they’re invested after all and that barriers typically deterring free-to-attend events won’t stop committed attendees.

In concert then with revenue generation is considering how to better control costs.

Not all in one go

Cost-neutral won’t happen overnight. Accept that. Communicate that.  It’s shared stakeholder responsibility, a long-term commitment that if communicated incorrectly, losses the first year will simply be recouped the second.

Be okay with consistency

Events are oftentimes agitated.  Calm the sense of newness, a desire to refresh continually with a more logical, consistent approach that leans into previous experience, positive learnings opposed to regularly resetting.

Optimise event content

Martin Richardson recently wrote a cautionary tale about how events are often judged as a one-time spectacle, not a powerful on-going asset.  To quote from the article “Here’s our strategy.  We’ll craft a series of compelling video highlights and success stories from the event. These will be rolled out in targeted LinkedIn and social posts, engaging email campaigns, and follow-up webinars. We’ll also use the gathered data to enhance lead generation and refine client engagement strategies”

There’s no easy answer of course.

But there are important indicators that determine whether successful event delivery falls within the agreed budget limit or what inevitably becomes a budget suggestion.

These start with your circumstances.

But you can change patterns.

My birthday’s 10 June, every year.

Pop a note into your calendar on 3rd June, every year.