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System

The system we use for our budget sheets is Rodeo.io

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Features

• Create budget sheets

• Create PO invoices and PO estimates to track suppliers expenses

• Track what has been invoiced

• Track what has been spent on our side

• Trck our profit margin

1. Always start with creating a new product/budget

Budgeting for your projects is the key to success. Once a budget is created, you will be able to connect activities and tasks that will translate into powerful insights through Rodeo Drive's reports.
 

2. Fill in our inner/supplier costs at the 'budget side'​

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3. Fill in the costs for the client at the 'sales side'

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4. Make sure the profit margin for projects above €80.000 is 31%+.

Please note that this is a minimum amount and that if there is room to add more, then this needs. to be done.

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5. Make sure the profit margin for projects below €80.000 is 37%+.

Please note that this is a minimum amount and that if there is room to add more, than this needs to be our focus.

Agency fee

Our agency fee is 10% for events over 80k and 10-15% for events below 80k. You can choose the amount based on the easiness to add margin on other elements. If it's easy to add on other elements, keep the agency fee low. If not, this can be increased. The lower we can keep our agency fee, the higher the chance usually is to secure a client. 

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Event coordination hours

We also make an estimation of the amount of coordination hours we expect to make in total. These hours can be calculated for €69/hour. 
 

Markup

To come up to the total profit margin as described above, we need to add markups to different lines in the budget. 

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Venue rent (easiness to add margin: 2 out of 5)

An X amount can be added to the venue rent. 

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AV (easiness to add margin: 5 out of 5)

There is a lot of difference in terms of what AV costs. Clients are usually slightly in the dark regarding AV costs, and therefore this is the easiest position to gain advantage in terms of our margin. 

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Staff (easiness to add margin: 3 out of 5)

Here we can find an amount 

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Branding (easiness to add margin: 4 out of 5)

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Catering (easiness to add margin: 4 out of 5)

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Do's:

• Please check if prices we procope are easy to be found online. If this is the case, please refrain of adding margin to the specific element. 

• Always ask suppliers if they can give a 10% discount as we are an agency and can put them on our supplier list for recurring business.

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Don'ts:

• Only focus on getting to the correct amount of margin and then let it go. In many cases there will be last minute add ons from our side that need to be paid from somewhere. Additionally, we are a profit oriented business in the end, so we would like to maximize our margins where we can.

Inner costs
These are the costs we make ourselves o each projects, except our operational costs such as wages, office costs etc.

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Outer costs

These are the costs we present to the client.

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Responsibilities could consist of:

• Making sure guests who come to the office are welcomed and taken care of

• Picking up the phone

• Assisting the team with event related tasks

• Answering emails

• Being hands-on and part of the team during events

• Assisting with outbound sales

• Helping to manage the social media pages of Eventic