The conception of the fair budget is one main element of the global fair concept. Detailed strategical reflections always stand at the beginning of the budget planning. Without a planned budget, you should not undertake any other activities related to the fair participation. At first, it is important to define your fair objective(s) and the basic conditions related to these objectives.
Different surveys show that less than half the exhibitors have a fixed budget for the participation in a fair. However, a detailed and precise budget plan elaborated before starting the preparation is an advantage. The planning gives you an exact overview of the prospective costs related to the fair. If you continue to elaborate detailed budget plans for each fair participation the collected data help to compare your company to other companies of the same branch. This comparison to the best companies of the same business field reveals performance gaps and their reasons and lead at best to improvements (keyword: “budget-bench marketing”). In addition to that, evolutions concerning specific positions can be traced and calculated for the future.
For a fair participation, a lot of aspects and activities must be considered. A useful help and orientation are check-lists containing all necessary points starting with the order of the name badges to the clothes, catering, advertising material etc. Important aspects and stages should be marked as ‘milestones’. All other points should be integrated in a logical order. One milestone is certainly the planning of the booth.
A check-list gives an exact overview of the perspective costs. Don’t work with approximate estimations. You should only take precise prices for each position based on the quotations you got. You can find a lot of example-lists for the organisation of a fair participation on the internet.
By starting the planning timely, you can avoid additional costs. Late orders and changes normally are expensive. With enough time you can compare and negotiate prices. At best, you can use already existing material, e.g. booth elements or advertising material. Regular team meetings should be organised to compare the planned budget to the effective expenses.
We are happy to advise you – your exhibition construction team from Leipzig.