WHERE DOES EVENT OVERSPEND TYPICALLY HAPPEN?

When planning the technical production for corporate events, money is typically spent on crew, video, sound, and lighting—and it’s easy for excess budget to be swallowed up by unnecessary equipment and setup costs in particular.

Stages are a typical example of overspending. We find many clients hire their own stages and platforms without checking what the venue already has. Many venues will have their own staging platforms, so check in with them before spending money on hiring the crew and equipment to construct one.

Video is also a common area for overspend.

Do you need a videographer with a high-spec camera, gimbal and boom mic, or will a good quality smartphone do the trick? The answer to this question entirely depends on what you are using video for in your event, but consider this as a potential area for cost savings if possible.

A key thing to remember when it comes to event planning is the ‘hidden’ costs.

Equipment needs to be transported, constructed, managed on the day, and taken down at the end, which means a large chunk of any event cost is actually spent on labour and transport.

Larger equipment requires bigger vehicles, which require more fuel and more crew to transport it to and from the venue and set up.

You need to think carefully about what equipment you’ll actually need, as every item comes with a set of associated costs. Consider your audio system set up as an example, if the setup you order is too large, then the associated costs can easily spiral. Alternatively, a great example of price differentiation can lie in whether an audio system is flown or ground supported. Flying an audio system can have a large impact on costs, and will require rigging equipment, crew, and potentially more loudspeaker cabinets. A ground supported distributed audio system will work out cheaper and potentially higher quality, so can be considered as a way to cut costs.

It’s also important to consider geography—asking an AV company to transport equipment and crew across the country can easily rack up expenses. Not only do you have fuel costs to consider, but crew may need to be put up overnight for longer events, with these extra expenses having a big impact on your bottom line.

This doesn’t mean you have to find an AV company round the corner, but consider where your venue is compared to the equipment and crew you’re hiring.

HOW TO SAVE MONEY WHEN HIRING A VENUE

There are two key considerations when hiring a venue which will have a big impact on your overall budget:

• Choosing the right size venue for your event
• Choosing the right equipment for both the venue and your specific event needs

We recommend speaking to an AV hire company as early as possible in the planning process, preferably before you hire a venue.

A good AV company can advise you on the size of venue and equipment you need to match your event requirements and budget. You can find out more about this in our blog on how to write an RFP for AV hire.

Speaking of RFPs, it’s essential that you already have a budget in place before choosing the venue, as this will dictate what is achievable. Again, it’s about maintaining the balance between the dream event and reality. If you spend too much money on an amazing venue, this may leave you with a shortfall for AV equipment. Having a spectacular setting is no good if your guests can’t hear anything.

TOP TIP: You should ask your AV company for a site visit to your potential venue, so they can spec a setup that works for your event. We offer free site visits to help you identify any potential overspend and manage those hidden costs.

Outside of audiovisual equipment, you can also save money by delivering your event using a virtual or hybrid model. Do you have attendees who could join the event remotely? If so, then you could save money on venue hire and AV equipment, by choosing a smaller capacity venue and encouraging online attendees.

WHAT SHOULD I LOOK FOR IN AN AV HIRE COMPANY?

Price is a key component, but so is ensuring the supplier you choose is able to provide the right specification for your event. We recommend comparing suppliers by their design choices, and the reasoning behind the equipment they’ve specified.

Your AV hire company should provide you with a geometric acoustic model and a form of previsualization either via site plan or a 3D CGI (dependent on your needs). This allows you to  see the equipment required, and understand how the venue will be set up and why.

Planning any corporate event is a tricky balancing act between managing expectations and budget—by selecting the right AV hire company, you can meet both.