Budget Mistakes | Lessons from the CEOO




1- Don’t over extend yourself and hire people or vendors out of your budget — position yourself so they understand you’re growing and need their initial support now so you can give them business for years to come. 


2- Don't commit until you know for sure you have the funds, vendors and staff will always be there there is no need to rush.


3- Position your vendors/ staff with deposits and payment post event net 30, don’t commit to paying up front 100% of fees. This also allows for an evaluation of the services & if they were not rendered to your expectations. 


4- Sign contracts with your vendors on projects with clear terms for payment & lock in your vendors you like working with for multi year deals at a specific fee to avoid inflation. 


5 - Get multiple quotes and compare, but make sure you’re comparing apples to apples. You get what you pay for! 


6 - It’s ok to say NO and you can’t afford it. Negotiate, don’t take their first price, worst they will say is NO back. 


7- Have a contingency plan — add 15-20% for last minute editions or hiccups. They always happen! 


8 - Use categorizes as a way to manage your budget and be sure to have a sum running of each category not just the grand total.

9 - Ask around if you aren’t sure what things will cost you. If your estimates aren't within range your budget will be off every time. 

10 - Prioritize your top line items, then add the fluff. 

27 views

Thank you for visiting OO&CO.