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Budget Tips: Making More and Spending Less, Part 1

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Bonnie Wallsh

Moderated by

Tyler Davidson

July 11, 2012

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Budget Tips: Making More and Spending Less, Part 2 Wednesday, July 25, 2012 1:00 PM EDT, 12:00 PM CDT, 11:00 AM MDT, 10:00 AM PDT

Presented by: Bonnie Wallsh

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• Identify three key factors in preparing your budget

• Discover the seven common mistakes that meeting planners make,

and which should be avoided at all costs

• Produce a budget customized for your meeting or event

• Learn how you can save money by becoming more effective with your:

- Accounting - Audio Visual/Technology

- Credit Cards - Negotiating

- Program Design - Shipping and Postage

- Signage - Sleeping Rooms

- Speakers - Staffing

- Transportation

Learning Objectives

Presented by

Bonnie Wallsh, MA, CMP, CMM

Chief Strategist of Bonnie Wallsh Associates, LLC bwacmp@carolina.rr.com

Today’s Speaker

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Budget Tips: Making More and

Spending Less, Part 1

PRESENTER

Bonnie Wallsh, MA, CMP, CMM

Chief Strategist

Bonnie Wallsh Associates, LLC

Consultant, Educator, Facilitator, Trainer

6328 Red Maple Drive

Charlotte, North Carolina 28277

Mobile: (704) 491-0921

Email: bwacamp@carolina.rr.com

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BECOME SAVVY in

PREPARING YOUR BUDGET • State of the Industry

– Economy

• Gasoline

• Food Costs

– Buyer vs. Seller Market

– Government per diem (gsa.gov)

– Taxes

– Gratuities

– Greening of Meetings

– Corporate Social Responsibility (CSR)

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– Resort fees

– Unexpected hotel charges

– Internet charges

– Air lift, especially to 2nd and 3rd tier cities

– Additional charges on airplanes

– Postage

– Exchange rates

BECOME SAVVY in

PREPARING YOUR BUDGET

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CREATING YOUR BUDGET PLANNER

• Your meeting budget is an estimate of anticipated income and expenses for your meeting and provides financial control and accountability.

• It’s important to document how and why you arrived at all figures. You can keep track of your calculations used to arrive at each budgeted item through Excel spreadsheets.

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SAMPLE BUDGET - EXPENSES

• Audio Visual Equipment

• Coat Check

• Computer Resource Room

• Computer Training Workshops

• Creative Fees

• Cyber Café

• Décor

• Electrical Rigging

• Exhibits

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Fitness Center

Food & Beverage

Banquet

Entertainment/F&B/Speaker/Decor

Receptions

Housekeeping

Gifts

Gratuities

Hospitality Room

SAMPLE BUDGET - EXPENSES

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Meeting Room Rental

Nametags

badges, holders, ribbons, materials, printing, lanyards

Office Supplies and equipment

Parking

Postage and delivery

Press registration discounts

Printing

SAMPLE BUDGET - EXPENSES

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Security

Shipping

Signage

Speakers

Honoraria and Travel, Lodging

Special Events

Telephone

Tote bags

Transportation

Wireless internet access

SAMPLE BUDGET - EXPENSES

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Registration Fees

- Early

- Regular

- On-Site

- Daily

Companion

Registration

- Fees

- Early

- Regular

- On-Site

SAMPLE BUDGET - INCOME

Food and Beverage

- Breakfasts

- Lunches

- Banquet

Additional Fees

- Computer

- Workshops

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Miscellaneous Income • Administrative Fees – Registration

Refunds • Banquet Journal • Conference Recordings Royalties • Cyber Café • Sponsorships • Exhibitor Fees • Raffles • Tote Bag Inserts

SAMPLE BUDGET - INCOME

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Registration Fee = (Total Fixed Costs divided by # of

Attendees) + Variable Costs

Fixed Cost includes: Variable Cost includes:

Meeting Room Rental F&B

Audio Visual On-site Registration

Marketing Materials/Handouts

Signage

Insurance

CREATING YOUR BUDGET PLANNER

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1. Allow contingencies for the unexpected

2. Include tax and service charges

3. Include labor costs

4. Communicate clear policies to speakers/staff

5. Review master account daily

6. Rely on history for your meal guarantees

7. Know the value of your business

7 COMMON MISTAKES

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KNOW YOUR GROUP

Goals and Objectives

Meeting Sponsors

Attendees

Partnering Sponsors

Exhibitors

Budget

Profile of Attendees

Geographic Location of Attendees

Hot Buttons

History, History, History

Know the Value of Your Business

$$$ $AVINGS TIP$ COMMON

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Review your master account bill daily

Limit authorized signatures

Discuss possibility of discount if major portion

of bill is paid on site

Offer discount for early registration

at association meetings

Invest money and use early registrants

to entice additional registrations

ACCOUNTING

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Streamline agenda to minimize meals and additional

hotel nights

Offer videoconferencing as an option for those who

can’t attend physically

Supplement education programs with webinars

AGENDA

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Work with 1 audio/visual company as preferred supplier for volume discounts; if facility charges 15-20%, use it as negotiating leverage to reduce their prices

Assign meetings to rooms, wherever possible, with same audio/visual and set-up arrangements

Share AV with other groups, if the previous meeting’s set-up works

Bring your own flip charts and markers, blank overhead transparencies, extension cords

Rent equipment such as fax machine or copier if you anticipate heavy usage

Buy AV equipment, if it makes economic sense; it could be donated to local school or charity following meeting

EVENT TECHNOLOGY

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Seek out unusual venues

Negotiate that assigned meeting room space is NOT connected to sleeping room slippage

If you agree to switch meeting rooms, ask for something in return

EVENT TECHNOLOGY

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Rates/Dates/Space – pick 2 of 3

Use Value season/holidays/days of week or Hot dates

Watch for special deals Sudden meeting cancellations

Book FAR Out in advance – NOW is the time

to get real deals with hotels and convention centers

Negotiate attrition clauses

Negotiate discounts for repeat business

NEGOTIATIONS

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Be aware of hotel booking patterns

Sun – Wed, Wed - Sat

Check local taxes during your site selection process; as

tax revenue for visitors declines, room taxes increases

Select cities where participants can conveniently walk to

the conference center from adjoining hotel

Consider airport hotels with complimentary shuttles

NEGOTIATIONS

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EVERYTHING IS NEGOTIABLE

NEGOTIATIONS

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Use local printing outlet in meeting city to reduce shipping

charges ALWAYS request a proof before printing.

Do layout and design on your own software

More e-mails, less printing – eliminate handouts (or use

designated printers) which benefits environment and

saves $$$

Negotiate for FREE printing at facility’s Business Center

PRINTING

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What service does FEDEX sell?

Prepare a time line with deadlines to take advantage of

least expensive shipping rates.

Check post office regulations before creating mailings.

Barter with shipping companies to send your shipments

at no charge.

SHIPPING/POSTAGE

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Create permanent generic reusable signs with updated

information on velcro

Order red arrows with velcro background for

directional signs

Prepare room signs listing all meetings in that room

throughout the meeting

Use hotel sign boards

SIGNAGE

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Comp rooms - Don’t settle for 1/50 –

Get cumulative, not nightly count

Pick-up Mon. 39 Tues. 39 Wed. 39

Nightly 0 comp rooms; Cumulative 2 comp rooms

Using CUMULATIVE instead of NIGHTLY saves you $$$

Negotiate upgrades to concierge level for VIPs and key executives

Request free amenities for VIPs

SLEEPING ROOMS

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Negotiate for free internet

Get reduced rates for staff/speakers

Negotiate for free local telephone calls

Negotiate “No additional fees may be added to guests’ sleeping rooms invoice”

Negotiate for refrigerator, when requested at time of making reservation, at no additional charge

Negotiate no penalty for early check-out

SLEEPING ROOMS

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SPEAKERS

Use local speakers Book multiple booking rates for same event Discuss discounted fee for sale of product Get free speakers instead of fee speakers Arrange air transportation for speaker or specify least expensive air fare Review speaker audio/visual requests upon site registration

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Develop company travel policy prior to meeting

Arrange group breakfast functions with one menu to

review meeting updates and ensure that staff doesn’t

oversleep

Students and interns can work for expenses and

mentoring

Consider temps on site instead of flying in staff

STAFFING

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Take advantage of local transportation- monorail/bus/train

Negotiate FREE ground transportation for your staff in exchange for promoting shuttle service to attendees (like Super Shuttle)

Negotiate free parking

TRANSPORTATION

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Check for inexpensive fares at these sites

Book flights after midnight on Tuesday, early Wednesday

morning for least expensive flights:

Booking Buddy www.bookingbuddy.com

CheapTickets cheaptickets@email.cheaptickets.com

Fare Compare Alerts farecompare.com@mcsv78.net

Hotwire HotwireDeals@Hotwire-Travel.com

KAYAK news@email.kayak.com

SideStep news@email.sidestep.com

TRANSPORTATION

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Check travel costs during site selection

Recycle badges

Select hotels that have loyalty programs that can be used for speakers, staff, or attendees

Take advantage of airline frequent flyer points

Develop good working relationships with your suppliers; you’ll usually get more than you are contracted for

TRANSPORTATION

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What are 3 things that you have learned from this session?

1.

2.

3.

What will you do differently when you prepare your next meeting or event?

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RESOURCES

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Discussion Group

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RESOURCES

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Questions?

Bonnie Wallsh, MA, CMP, CMM

Chief Strategist of Bonnie Wallsh Associates, LLC

Consultant, Educator, Facilitator, Trainer bwacmp@carolina.rr.com

Tyler Davidson

Chief Content Director Meetings Focus

Tyler.davidson@meetingsfocus.com

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Budget Tips: Making More and Spending Less, Part 2 Wednesday, July 25, 2012 1:00 PM EDT, 12:00 PM CDT, 11:00 AM MDT, 10:00 AM PDT

Presented by: Bonnie Wallsh

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