Latest / The Nonprofit Podcast / Ep 132| Master Your Giving Season Event Budget

Transcript

Ep 132| Master Your Giving Season Event Budget · The Nonprofit Podcast

• 0:04
  SPEAKER_01: The Nonprofit Podcast, powered by DonorBox.
• 0:09
  SPEAKER_00: Ever dreamed of the perfect year-end event only to watch it completely fall apart because of budget problems?
• 0:18
  SPEAKER_00: Welcome to the Nonprofit Podcast.
• 0:20
  SPEAKER_00: I'm Brit Stockert, fundraising strategist at DonorBox.
• 0:24
  SPEAKER_00: We are here each week with practical actions you can use today to increase your donations and take your nonprofit to the next level tomorrow.
• 0:34
  SPEAKER_00: Today, it's just me.
• 0:36
  SPEAKER_00: We're talking about a challenge that every nonprofit faces: event budgeting.
• 0:43
  SPEAKER_00: But before we get into the nitty-gritty, let's talk about a big mistake so many nonprofits are making, which is we're going all in on an event idea without really knowing our budgets, our resources, or our team's limits.
• 1:01
  SPEAKER_00: And hey, I've been there myself.
• 1:04
  SPEAKER_00: I get caught up in the excitement of planning a big year-end event.
• 1:08
  SPEAKER_00: It's a nice break from the day-to-day operations.
• 1:10
  SPEAKER_00: I start dreaming about the perfect colors and themes, the inspiring speakers, the entertainment.
• 1:17
  SPEAKER_00: Oh, and who doesn't love the amazing food?
• 1:20
  SPEAKER_00: All of the details that will impress our donors and make the night unforgettable.
• 1:25
  SPEAKER_00: Am I right?
• 1:26
  SPEAKER_00: Before I know it, I'm sketching out a grand event without really stopping to see if our budget and the ROI make sense for our organization.
• 1:37
  SPEAKER_00: Organizing a successful year and event, it's a great achievement.
• 1:42
  SPEAKER_00: But it is equally important to make sure that the event stays within budget because overspending, it can lead to a loss of resources and can truly hurt your organization in the long run.
• 1:55
  SPEAKER_00: So you might be asking, well, Britt, how do you stay grounded while still dreaming big?
• 2:01
  SPEAKER_00: All right, friends, three things.
• 2:03
  SPEAKER_00: Focus on clarity, realism, and inspiration.
• 2:08
  SPEAKER_00: Number one, clarity.
• 2:10
  SPEAKER_00: Clarity is where it all starts.
• 2:13
  SPEAKER_00: Many nonprofits are struggling with this.
• 2:15
  SPEAKER_00: I know in my coaching sessions, the nonprofits, they're 10 steps ahead, they're ready to kick off their event, but they're hitting a wall because they aren't clear on their events why or the real purpose of why we are doing this in the first place.
• 2:31
  SPEAKER_00: Trust me, nailing down your event's purpose will make all the difference in the long run.
• 2:38
  SPEAKER_00: So a few questions to ask yourself.
• 2:40
  SPEAKER_00: Are you trying to raise awareness with this year and event?
• 2:44
  SPEAKER_00: Trying to attract new donors, reconnect with past supporters, or are you doing this to fundraise for a specific purpose?
• 2:52
  SPEAKER_00: Get clear on your why.
• 2:54
  SPEAKER_00: And once you do that, ask a larger question.
• 2:58
  SPEAKER_00: Is this event truly representative of what we do and who we serve?
• 3:03
  SPEAKER_00: Having these answers to these critical questions, it's gonna help you shape the direction of your entire event so that all of the things from budget to your theme, it's gonna fall into place.
• 3:15
  SPEAKER_00: Number two, realism.
• 3:18
  SPEAKER_00: Realism means understanding, being real about your team's capacity and resources, and not adding to the potential for burnout.
• 3:27
  SPEAKER_00: Because let's be real, burnout already is an issue at this time of year.
• 3:31
  SPEAKER_00: And when it comes to planning, don't overestimate what your staff and volunteers can handle.
• 3:38
  SPEAKER_00: If you're feeling stretched thin, it is completely okay scale back the event or lean in for some extra help.
• 3:47
  SPEAKER_00: And three, inspiration.
• 3:50
  SPEAKER_00: Instead of competing with other nonprofits out there for event dates and resources, take the time to research and learn from each other, from other nonprofits who have already been doing it and are doing it in the same space.
• 4:05
  SPEAKER_00: Learn from each other.
• 4:06
  SPEAKER_00: Study what works, whether it's their ticket pricing, sponsorship strategies, or event themes, and apply those insights to your own unique event.
• 4:18
  SPEAKER_00: So now that we've laid the foundation, let's talk about three actionable budgeting tips that's gonna give you an amazing year-end event.
• 4:28
  SPEAKER_00: Number one, prioritize and plan every detail.
• 4:33
  SPEAKER_00: Start by focusing your budget on what will make the biggest impact, whether it's the venue, the food, the entertainment.
• 4:41
  SPEAKER_00: Make sure that your spending aligns with your event's mission and your capacity.
• 4:47
  SPEAKER_00: Create a detailed budget that accounts for every possible expense out there.
• 4:52
  SPEAKER_00: It might be the big ticket items to all of those hidden things like alcohol permits, insurance, or last-minute stage setup fees.
• 5:02
  SPEAKER_00: Absolutely do not forget to set aside 10 to 15% of your budget for unexpected costs that arise.
• 5:09
  SPEAKER_00: I know in Seattle the weather is unpredictable.
• 5:12
  SPEAKER_00: We invest in outdoor tents and heaters.
• 5:16
  SPEAKER_00: Having a contingency fund in place is going to save you in the long run from scrambling at the last minute.
• 5:23
  SPEAKER_00: Number two, shop around and negotiate for the best deals.
• 5:29
  SPEAKER_00: Don't just settle for the first quote you receive.
• 5:32
  SPEAKER_00: You're gonna want to get those multiple quotes from vendors to find the best price, like things like catering, rentals, AV.
• 5:39
  SPEAKER_00: Shopping around could save you up to 25%, especially if you tap into all of the local vendors in your community who might be more flexible, more willing to offer those discounts.
• 5:50
  SPEAKER_00: And hey, they are more apt, probably to be the best future donors or sponsors out there.
• 5:57
  SPEAKER_00: Always know the contract inside and out.
• 5:59
  SPEAKER_00: You want to avoid hidden fees, and don't hesitate to ask for discounts, especially if you're bundling services or booking multiple vendors.
• 6:08
  SPEAKER_00: And finally, now that your event is over, whoo! Learn from it.
• 6:14
  SPEAKER_00: Start by pulling a report from your CRM, it might be donor box or another CRM.
• 6:19
  SPEAKER_00: Combine it with some financial management tools like QuickBooks, and you're going to want to see how does your actual income and expenses stack up against what you've budgeted for?
• 6:30
  SPEAKER_00: Compare those numbers.
• 6:32
  SPEAKER_00: Did you overspend on catering or save on the venue?
• 6:35
  SPEAKER_00: You're gonna want to also look at engagement metrics.
• 6:38
  SPEAKER_00: Don't forget these metrics as well.
• 6:40
  SPEAKER_00: How did your in-person year and event attendance compare to your online events?
• 6:46
  SPEAKER_00: Did you end up attracting more supporters during the holiday season?
• 6:50
  SPEAKER_00: Or were they more apt to show up during the summer?
• 6:53
  SPEAKER_00: And one more thing: don't forget to evaluate the return on investment for each of those fundraising methods.
• 7:01
  SPEAKER_00: Which activities gave you the best bang for your buck?
• 7:05
  SPEAKER_00: Was a live auction worth all the time it took to procure all of those auction items?
• 7:10
  SPEAKER_00: Did that dessert dash or raffle bring in the solid financial returns for the cost it took to have those desserts?
• 7:18
  SPEAKER_00: All of this data, it's gonna help you decide what to keep or tweak for next year's year-end events.
• 7:25
  SPEAKER_00: All right, so as we wrap up, remember that a successful event begins with a strong budget and a clear strategy.
• 7:33
  SPEAKER_00: Our step-by-step checklist in the show notes will guide you through.
• 7:37
  SPEAKER_00: Or if you're looking for a seamless event from start to finish, try this dynamic duo.
• 7:43
  SPEAKER_00: We have a fabulous feature called Donor Box Events.
• 7:46
  SPEAKER_00: It helps you streamline your ticketing, your attendee management, and offers that powerful post-event reporting that you need with added convenience of live kiosk, cashless donations to make in-the-moment giving easy, seamless, and your event a bottom line success.
• 8:04
  SPEAKER_00: Thank you for joining us on the Nonprofit Podcast.
• 8:08
  SPEAKER_00: I hope you've left with the confidence to take a small step today that will make a big difference tomorrow.
• 8:15
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• 8:20
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• 8:24
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• 8:26
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• 8:30
  SPEAKER_00: Until next time, stay inspired.
• 8:33
  SPEAKER_01: That warm feeling when you help someone, it's not just happiness, it's fulfillment.
• 8:38
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• 8:40
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• 8:44
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• 8:46
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• 8:48
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