How do I budget effectively for my event – Guestrooms and Meeting Space

As with any business expense or undertaking, your budget will determine everything.  However, there are so many moving parts to a corporate meeting or event that it’s easy to lose track of where you’ll be spending.

Today, we’re going to look at budgeting for Guestrooms and Meeting Space.

Guestrooms

Meeting-planning-budgeting-for-meeting-spaceThis is quite easy once you know the number of attendees.  You take the number of attendees and divide it into your allocated in your budget for rooms, and you end up with the approximate amount you are willing to spend per room per night.  Also, remember to consider any Special Accessibility Needs and additional costs, if any.  Here are some ways to save on guest rooms:

  • Consider off-peak timeframes.  If your meeting is flexible, you can save lots of money on guest room rate if you’re willing to have them during off-peak times.  For example, rates in Phoenix are very low in August, and very high in February.
  • Lower-tier properties.  Depending on the type of meeting, consider looking at properties that are lower-tiered than you have in the past.  You may be surprised at the quality of the meeting facilities—and you’ll definitely be happy about the lower rates.
  • Think about the big picture.  If you’ve done your event in the past, be sure to look at total spending.  Hotels will be more willing to give bottom dollar rates if they know you’re going to be spending a lot on food and beverage.
  • Multiple-year contracts or events.  Can you book your event for more than just this year?  Or perhaps you have another event later this year that you could do at the same property.  If presented together, the hotel will look at the business as a whole, not at each individual event.

Meeting Space

Depending on the size of your event, and the availability at the property, your meeting space may be complementary.  If not, make sure you know exactly how many rooms you will need and the costs associated with each room.

  • Consider universities.  A great option if no sleeping rooms are needed.  However, remember that you have to do your own catering.
  • Get creative with your space.  Can you combine meals and meeting space?  Do you really need that third breakout room?

The best way to find the best deal is to research, research, and research.  The more properties you can look at, the better.  (Remember, if you’re using a MeetingSteward.com consultant, this part is easy—they will blanket a market for you in no time and negotiate the best rates and meeting space for your event.)  If you’re working solo, do as much research as your schedule will allow.  You never know when or where you’ll find that great deal.

Good luck!