Each conference may vary in some way or another depending on different factors. Every conference requires a particular budget. Given the potential differences, it is hard to calculate an exact budget in advance. This happens usually on the first round. Nevertheless, an approximate budget should be set so that those who are involved in organizing, promoting, running, and evaluating the conference will know what the expenses are.



To start with, it is a good idea to draw up a long list of all the prospective expenses you can possibly think of. This is not a simple task, and you may find it easier to do if you collect your thoughts under changing circumstances on venues, speakers, delegates, and the promotion of the advertisement.

It is important to identify those costs, which are essential in your situation. Obviously, these essentials may vary from one conference to another. For example, hiring a venue is an essential cost if you have to stage the conference midway between your firm and participants who are based some distance away, but t is not applicable if you hold the conference at your head office.

Next, you should highlight those costs, which would be desirable in your circumstances. This might include payments for various on-site leisure facilities for the participants, membership fees for trade bodies and miscellaneous minor gift items. The remaining costs on the initial list may then be deleted.

It is wise to try to work out minimum and maximum figures for each of the desirable and essential things. Although this is not easy, it needs to be done at an early stage. You can probably estimate some costs. You can draw the estimates based on your knowledge and experience. Others might be aware on your colleagues and business contacts. Alternatively, various trade associations exist in the conference industry and can give advice and information.

The cash flow forecast is extremely useful to compile the figures for the event, showing month by month when the cash will be available to you and when they will be reimbursed. You have to make sure in advance, that finance will always be there when it is required.