Aug 12, 2014
While only one part of the equation when planning a charity fundraiser, establishing a budget can play a big role in the success of the event. In general, sticking to one, specific budget will help keep event planning on track and easy to manage. Because there are various details and organizations have to be flexible when organizing an auction to raise money for their cause, the budget can quickly get stretched beyond its original limits. However, it is in planners' best interest to stick with the designated number and not dig too deeply into the overall nonprofit account.
Set fundraising goals
For every event, nonprofits will need to set significant goals and priorities. When hosting an auction, it is important to establish measurable and achievable initiatives. First, designate the number of attendees, cost of purchasing online fundraising tools and other necessities, as well as the amount of money the organization is looking to raise from this event. Determining the specific finances and potential outcome of the auction will give organizers a better idea of how much they have to spend to ensure success.
Research a variety of options
It can be easy to select the first venue, decoration or auctioneer available, but when setting and sticking to a budget, it is best to see what other options are for cost and quality purposes. Putting the time and effort into planning the event perfectly will pay off in the long run, as guests will enjoy their time and be more willing to give to the cause.
Stick to the original plan
Being swept away with extraneous details will help no one in the long run. Instead of changing the budget at the last minute, make it a point to figure another way besides spending more money. Spending more money than what was initially allocated can result in less profit at the end of the day and throw off the yearly expenses of the nonprofit.
Remember post-event expenses
Don't forget that there are a few expenses that come after the event is over, such as thank-you notes, follow-up activities and gift bags that show appreciation for attendance. While not a large amount of the budget, these small details can sometimes come as a surprise if not planned for in advance. Charity Grow stated that saying thank you gives attendees a feeling of welcoming and gratefulness. This could attract them to the cause in the future and make them loyal members of the nonprofit's community.