How To Estimate Event Planning Time More Accurately
Estimating time accurately when planning and coordinating events is a key skill every event planner must learn. It ensures clients are not surprised with overspend and should ensure profits are maximised.
Unfortunately, estimating event planning and coordination time is not an exact science and luck does play it's part. However, by implementing the following simple strategies an event planner should be able to ensure time, and therefore cost, estimates are closer to reality.
With over 16 years of event planning experience the team at Kites International have pulled together this list to help you become an event planning estimation wizard.
1. Organise yourself
Lists are key. Use an Excel sheet, a Trello board, Evernote or a simple notebook to list EVERYTHING that needs to be done by EVERYBODY that you are responsible for and that will affect your budget and time management. Any charges by any providers that you will cover in your invoice to the client will need to be listed. Extra site visits, AV testing and rehearsal times are all examples that should be included so you know how long each supplier needs to undertake their job successfully and can account for that in the final cost estimations. You don't want to undercharge for time but overcharging and having an event set up completed days before due is also not pleasing for the client.
2. Factor in the unexpected
No matter how hard you try to plan every last detail, there will inevitably be something unexpected that will require your time. Factor this in when you do your costings. You cannot invoice and plan every minute of every day so make sure that you have a small buffer in your time planning to cater for it.
3. Know your team and event space intimately
Is one of your suppliers really efficient and is always ahead of schedule? Do you have inexperienced staff that you may need to walk through a certain process before they can do it quickly? Perhaps your event space has tricky angles or poor access which will slow the build process down? All these things need to be factored in and planned for. Make a list of all these things and work out if you think the effect on event planning time will be positive, negative or neutral and adjust the time estimation accordingly.
4. Add assumptions or indicatives when making initial estimates
There are some things that you just will not know the answer to at the time of quotation and these should be approached in the correct way. If there is no way to get the exact time or cost figure before the deadline, add in an assumption or an indicative cost. This enables you to include it in your time and respective cost management calculation but also gives you room for manoeuvre if there is a significant change to what you have stated. Food and beverage costs, set up time at unique locations, aspects that are complex in their construction are all things in this category. Don't forget to state WHY these are indicative costs and not actuals and definitely don't forget that if you can reduce these indicative costs and not raise them, your client will see you in a much more favourable light.
5. Break everything down for yourself. Group it together for the client
Your client doesn't need (or want) to know how much time each part of your event build, each service provider and each and every element takes to do but they do require an overview. YOU, as the event planner should have all of the components listed, estimated timings set and after the event, the actual timings. This will aid you in future events (see point 7. below) and is extremely important. Your client on the other hand will just want an overview of the various categories and will want to see if you came in on budget or not. Once of your tasks as an event planner is to reduce your clients stress and work load. By grouping together and categorising certain elements it makes for much easier reading and analysis.
6. Don't forget people exaggerate!
People want to impress you and will often shorten their turnaround times to 'win' your business. If you don't know your supplier very well, make sure you pad out their estimate a little to take into account any exaggerations they may have made. If you find a supplier has exaggerated in any way, find out why. Was it a mistake on their part or something else? Make a note afterwards and remember point 3 above - know your team intimately!
7. Learn from past events
After every event, look at what you estimated correctly and what took more time to plan than expected and make a note in a spreadsheet. Break the event down and compare like for like and if there are discrepancies find out why they occurred and then make a note. Next time you organise a similar event go back to the spreadsheet and use this data to better estimate the new one. Event management is a learning experience. Don't stop!
Estimating your time accurately is incredibly important and getting in significantly wrong will either cost you money, lose the trust of your client or indeed both of these things. However, done correctly, will ensure the opposite and will make your event run smoother and increase your profits.
Learn from each event and over time, if you follow the points above, your event planning time estimates will become more accurate and ultimately help you to win new business and keep current clients satisfied.