How to Calculate a Budget for an Awards Contest

An awards contest budget is a matter of flexibility. No, it doesn’t mean that you can literally stretch out the bills. What it means is, there is always some room for extra expenses to pop up in the course of contest realization.

Don’t panic. You shouldn’t plan on using all your money. Smart budget planning, with backup expenses in consideration, will seal the deal.

Here’s how you should approach budgeting awards content.

Define your direction and set goals

“What am I budgeting for?” – this is the first question that you should have a very detailed response for. Start thinking like a fortune teller and view your awards contest from the outside perspective. What should it look like for attendees and participants? What are the results to be achieved? And, finally, what are the major parts that your contest should undeniably embrace? After all the answers are collected in your head, you may start setting the goals and appropriating the budget to each of them. The strategy of goal-budgeting will help you identify the priorities. Split your goals into the groups of the first and the second rank. This way you will be able to modify your budget, in case it’s too big, by excluding some second-ranked objectives.

Research costs

In order to assign the budget to each goal, you have to know the prices. Make inquiries into each area of interest. Need to buy 10 medals for the winners? Research several offers that are on the market and get the most affordable ones. By collecting the most beneficial offers, you will get a contest budget as a product of top cost-efficiency!

Time to get real: Estimate your costs

Now it’s time to leave your wonderland of abstract goals and contest images. Get back to your purse and estimate how much the awards organizing costs you could, in fact, dedicated to each of your goals. Think about the sources of your budget. Can you attract any external funding? What will the investments be? Do you have a chance to get some services for free? Well, think about it! What if your friends are bored at home and they wouldn’t miss a chance to volunteer as attendee assistants or judges at your contest? Go through all possible variables and identify the real budget to be matched with your contest objectives.

You always need a backup plan

Even if you’re super certain of having everything under control, don’t ignore having a backup. In the process of award contest organization, you’re never protected from getting a surprise on your budget plan. Running out of water or cookies on the buffet, someone accidentally breaking the check-in equipment… You never know what comes up on the contest day. Consider a moderate amount of money that could be saved for “a house fire” and spare yourself a disaster on that big day. Nota bene! The golden rule to consider when planning a backup is the following: take a sum of money, which will neither damage your major award budget nor get you in trouble when being given out for extra expenses. In other words, go with the backup, which will not be hard to break up with!

Top 10 tips for budgeting awards content

• Always start with not your money. The awards contests may be of diverse type and format. Maybe your participants are the ones to get most benefits from the contest. In this case, they might be ready to pay a participation fee, which will fully or partly cover the contest expenses. Or maybe you have the investors to attract? Start calculating the budget for an award event with the possibility to fund it from the outside! In this case, your “inside” will have much more space for creativity!

• Advertise for free. If you’re well-acquainted with the power of social media promotion, you know that successful advertising needs no money. Attract all the resources needed to engage people on social media, have them sharing your contest information, and you will get a network that can promote the event better than any paid advertisement.

• Don’t concentrate on gifts. What’s your first association with the word “awards contest?” Is it “a gift?” If yes, that’s the wrong answer. Contests are not organized for someone getting a gift. They are organized for showing what the good expertise is, as well as motivating people towards positive change. Conclusion: if you don’t have money for gifts, you don’t need it.

• Ask. The organization of a contest is not a one-way street. You may get catering for $400 from the restaurant nearby or for $250 if you happen to ask a specialist to find the best price for you. Don’t be afraid to ask for help, it can definitely save your budget for the awards contest.

• Keep it short. Do you really need two hours for coffee breaks? Could you get by with 30 minutes? Any time extension entails an extension on budgeting. Plan strategically and win!

• Discount your contest. Whether it’s your first contest organization or the twentieth, try to give discounts to all partners you cooperate with. Next time, they might be eager to work with you again! Of course, for a better price!

• Sign your buffet. Consider getting some signature drinks with your branding for the buffet. Result: the guests will know who the master of the event is, and come to the next contest you organize (if the drinks are ok).

• Volunteers for your contest. Are you sure that your awards contest is interesting and creative? Then you may be sure that hundreds of people will be willing to see it, in exchange for free volunteering. Give them the chance!

• Don’t choose a venue in the boondocks. Any trip takes time and money. If you don’t want your guests to ask for travel costs, get the venue that will be easily reached by everyone.

• Track. Remember: your list of expenses should always be in your pocket! Know what you pay for and you’ll not get surprised on the expenditures in the end.

Mistakes to run away from

The cost for organizing event may be smart! Just skip the “don’ts” that will leave you with a hole in your pocket:

• Don’t use paid tools if you can use free ones.
• Don’t mix tools and objectives.
• Don’t get too detailed on each point.
• Don’t trust ratios only.
• Don’t lose your positive mood.

Conclusion

A contest budget is a challenging matter to deal with. The good thing is, you’re the head of planning! Consider smart goals, bring the rights tools, and your contest purse will never get you into trouble!

Do you have the ideas that would improve our list? Don’t hesitate to share them. We’d love to hear from you!

If you need an expert to deal with your awards contest management software to create a plan, get started with Judgify!