How do you set up banquet budget?

Answer 1

Cost for this Must include everything associated with the banquet. This includes items or services that are not paid for but in the event of having to reconcile changes to any of the banquet process it will allow you to make sure you are looking at a like for like comparators.

Start with venue - cost of the venue even if its in your place of work - Consider the holding capacity at maximum seated.

Identify costs of furniture if its not in the venue hire, some places will hire in specific table and chair types for the banquet.

Identify if the furniture is to be covered, this includes the tables AND seating.

Is there a requirement or potential requirement for additional fixtures i.e. table dress, lectern's,

Costs of hiring external caterers and internal. Some venues are more expensive to use their in-house facilities so identity average prices structure

Then its the actual food costs - normally provided in a quote per head and will vary from spring summer to fall- winter.

By having some actual, accurate process you can determine where you start in setting up the "budget". This will then allow you to have a maximum cost set across the year and will allow you to establish volume for that cost.

Next is to identify when you are going to use the banquet. Will it be weekly, monthly quarterly, bi annual or annual.

If its monthly (example only) you can set across the year month by month the cost you are prepared to spend for the function and also maximum attendance - Some banquettes will have more events from May to September and a large one on Christmas and New Year for instance.

Once you establish "usage" and cost you can start to assemble a budget and you will need to make sure that the facilities used know they are monitored against the forecast v actual spend.