Let Me Tell You Story About Independent Event Audits

Recently, I was invited to conduct an independent audit of the PR event budgets for a company. 
Sounds fancy, right? The reality was even fancier — the client had overpaid by a staggering 65% over the course of the year!!!
Yes, you heard that correctly: sixty-five percent! Gooooosh!!! 
 That’s €1.50 wasted for every euro spent — vanishing somewhere between “venue rental” and “technical services.”

But let’s not make this a horror story. We’re all grown-ups here and understand how easily “it’ll probably work out” can sneak into our processes. In this case, though, that casual optimism cost the event manager their job, and the leadership their trust in both humanity and their own budgets.

Now, if you’re starting to feel a little uneasy — good! That probably means you’ve got a hunch about where your own budgets might be hiding a sneaky 65%. To help you avoid a similar fate, here are some professional tips. Serious ones. With humor, of course. 

• Don’t take your vendors’ word as gospel

       Vendors are great — they’re talented at creating quotes, throwing around industry jargon, and pitching “the very best solutions.”         But your job is not to jump up and yell, “We’ll take it!” at the first proposal. Instead, do this simple exercise: draft your own rough           budget estimate. Compare it to their quote. If the numbers are worlds apart, it’s not magic or market trends — it’s a reason to ask         some tough questions.

• Comparison shopping is the secret to savings

  Never settle for just one proposal. Remember how your teacher used to say, “Check with a couple of classmates before you copy the answer”? Same principle. Three quotes are the minimum; five is ideal. One vendor will be cheaper, another more expensive, and the third might hit the perfect middle ground. Without comparison, you might as well kiss that 65% goodbye.

• Details, details, details

      How many “lighting fixtures” are in your budget — five or fifty? What’s included under “catering”? Two glasses of champagne per         person or a banquet fit for a royal pr event? Insist on detailed breakdowns for every line item in the budget. Sure, it sounds                   nitpicky, but you know what’s worse? Explaining to your boss why the €50,000 catering line just says “delicious and fancy.”

• Keep your contingency budget a secret

     A contingency budget is essential, but it’s for you, not your vendors. Don’t mention it exists, or it will magically transform into                 “additional décor” or “upgraded entertainment.” Your reserve is for unforeseen challenges, not a gift basket for the agency.

• Independent audits are your budget’s best friend

       Let’s be real: nobody loves auditors. Why? Because they’re the ones who pop the bubble of blissful ignorance. But trust me, an independent audit isn’t about “showing you in a bad light.” It’s about finding real weak spots in your processes. A fresh perspective can not only save you money but also protect your reputation. And that, as we all know, is priceless.

• Be that person

       You know, the one vendors grumble about because you ask so many questions. And you know what? That’s fantastic! Ask: “Why          is this so expensive?” “Can we do it for less?” “Is there an alternative?” The more questions you ask, the less likely you are to be               treated as a walking ATM and the more likely you are to be taken seriously.

Event management is both an art and a competitive sport.
It demands the flexibility of a gymnast and the frugality of a savvy market shopper.
Most importantly, it requires you to be a professional who understands the value of every single line in a budget.

So, colleagues, protect yourselves, your nerves, and your budgets.
And if you feel like you need a fresh pair of eyes, call me.
An independent audit isn’t scary. What’s scary is losing 65%.
Love you all!