How to Budget for Your Team Building Event
1. Determine the Purpose and Type of Event
The purpose of the event will influence the type of event to be organized, and consequently the cost. There are various types of team building events, including outdoor activities, indoor activities, games, and workshops.2. Determine the Number of Participants
The number of participants will impact the overall cost of the event, especially for activities that require a larger number of resources.3. Set a Budget
After determining the purpose, type of event, and number of participants, set a budget based on what you can afford or what has been allocated. Consider factors such as venue, food and drinks, transportation, activities, and any additional costs.
4. Prioritize Key Activities
Identify the key activities that will provide the most value to the team building event and prioritize them in the budget.5. Find Affordable Options
Look for affordable options for activities, venues, and catering that can fit within the allocated budget. Consider holding the event during off-peak times or on weekdays, as these may be less expensive.
6. Negotiate Deals
Negotiate deals with vendors for activities, catering, and transportation to get the best possible rates.7. Allow for Contingencies
Leave some contingency funds in case of unexpected expenses or last-minute changes.
8. Review the Budget
Review the budget regularly to ensure that expenses are in line with the allocated budget.9. Communicate the Budget
Communicate the budget to all stakeholders involved in organizing the event to ensure that everyone is aware of the financial constraints.What it actually looks like [Worked Example]
So here's an example of how this might look like for a team building event in Singapore:1. Determine the Purpose and Type of Event
Let's say the purpose of the event is to improve teamwork and communication among a team of 20 employees. The type of event selected is an indoor activity that involves team building exercises and games.2. Determine the Number of Participants
There are 20 participants.3. Set a Budget
Let's say the budget allocated for this event is $5,000.
4. Prioritize Key Activities
Based on the purpose of the event, the key activities will be team building exercises and games, followed by food and drinks.5. Find Affordable Options
To save on costs, we can hold the event on a weekday or during off-peak hours. We can also look for affordable venues and catering options.
6. Negotiate Deals
We can negotiate with the venue for a discounted rate or ask if they have any promotions available. For catering, we can ask for a lower rate if we choose a simpler menu.7. Allow for Contingencies
We can set aside 10% of the budget, or $500, for any unexpected expenses or last-minute changes.
8. Review the Budget
We will review the budget to ensure expenses are within the allocated budget.Let's say we realise after adding everything up the venue is charging $10k. So after realising that, we decide to find a different venue.9. Communicate the Budget
We will communicate the budget to all stakeholders, including the organizing committee and participants.Here's how the budget might break down:
- Venue rental: $1,000
- Catering: $2,000
- Activities: $1,500
- Miscellaneous expenses (transportation, supplies, etc.): $500
- Total: $5,000