How do you report your event budget to stakeholders?

1 Know your audience

Before you start writing your budget report, it's important to understand who your stakeholders are and what they want to see. Generally, stakeholders in event planning include sponsors, clients, vendors, attendees, and internal teams. Each of these groups may have different questions and concerns about your budget. For instance, sponsors may want to know the return on investment (ROI) and the brand exposure, while vendors may be curious about the payment details and the feedback. Thus, you need to tailor your budget report to your audience and emphasize the information that is most relevant and significant to them. To answer their questions, you should consider how you spent the allocated funds, handled any unforeseen expenses or risks, measured and evaluated the event performance and outcomes, and complied with contractual and legal obligations.

2 Use a standard format

A budget report should have a standard format that is easy to follow and understand. This typically includes an executive summary providing an overview of the event, the budget, and the key findings and recommendations. Additionally, a budget breakdown should be included, showing income and expenses of the event categorized by major items like venue, catering, marketing, entertainment, etc. To illustrate the data and compare the actual and projected figures, tables, charts, or graphs can be used. Moreover, a variance analysis should explain any deviations from the budget and how they were managed; any contingencies or reserves that were used or saved should also be mentioned. Furthermore, a performance evaluation should show how event objectives and indicators such as attendance, satisfaction, engagement, leads, sales etc. were measured and achieved; surveys, feedback forms, analytics or testimonials can be used to support these claims. Finally, a conclusion should summarize the main points of the budget report and provide suggestions or recommendations for future events.

3 Be clear and concise

Creating a clear and concise budget report is key to demonstrating your event planning abilities and building trust with your stakeholders. To ensure your report is easy to read and understand, use simple language, headings, subheadings, bullet points, and white space. Additionally, quantify your results with numbers, percentages, or formulas to show your calculations. Keep a positive and constructive tone when discussing achievements and solutions rather than problems or failures. Finally, proofread and edit your budget report for accuracy, consistency, and grammar before presenting it to stakeholders. Following these tips will help you create an informative, professional, and persuasive budget report.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?