Candy Adams
Candy Adams, aka “The Booth Mom®,” is a hands-on trade show exhibit project manager and trainer. She helps exhibitors maximize the return on their exhibit investment using the best strategic, tactical and training practices.
Things I Wish Somebody Would Have Told Me About Exhibiting
December 21, 2017
No. 4: Add 10% “slush” to your exhibit budget.
I’ve found that there are two kinds of corporate budgets:
- The “it-would-be-nice-if-you-hit-this-number” kind and
- The “if-you-go-over-this-amount-your-job’s-in-jeopardy” kind (Well, maybe not your job, but maybe no bonus or promotion?)
If you don’t know which budget method your company subscribes to, this is a good time to have a heart-to-heart talk with your boss about your exhibit budget and company policy on managing it.
Since the only figure we know for sure when we sign up for a show is the cost of booth space (usually on a square foot or package basis), budgeting for trade shows is definitely an inexact science. Since I’m not big on disappointing clients with unexpected budget overruns while liking to keep my options open for opportunities that might arise, I subscribe to the CYA theory of adding 10% to all budgets, just in case…
There are three basic ways that most exhibitors compute the budget for a trade show exhibit:
- Zero-based budgeting, which is starting from scratch and computing each and every line item’s anticipated cost
- Historical budgeting, using the cost of similar past shows as a basis and making adjustments for change of show location, distance to ship, union labor rate variations, etc.
- Percentage-based budgeting, which uses industry-average percentages in a number of categories i.e. booth space, exhibit properties, on-site services, promotion, personnel costs, etc.
If you need more info on budgeting, check out this article from Exhibitor magazine, called “Budgeting: Stats and Formulas.”
Regardless of which method of budgeting I use to set up an initial estimate per show, I’ve learned to add 10 percent to the budget that I call my “slush fund.” It’s there if I get hit with unplanned expenses like fuel surcharges on shipping, overtime material handling (drayage) and labor charges or if I have the opportunity to pick up a last-minute sponsorship at a reduced price.
And if you don’t spend it, that’s okay, too. The sooner you can get through to your boss that trade show expenses are far from fixed and what your biggest budget unknowns are, the better off you and your budget will be.
And, if you’re lucky enough to have a boss who has managed shows as part of their career ladder, adding a 10 percent slush fund will be a no-brainer.
P.S. If you don’t have a budget template for compiling your exhibit budget, drop me a note via my Contact page and I’ll be happy to email you the one I use at no cost.
This blog is part of an on-going series. Read the previous installment here.
Partner Voices
Overview:
The award-winning Orange County Convention Center (OCCC) goes the extra mile to make every day extraordinary by offering customer service excellence and industry-leading partnerships. From their dedicated in-house Rigging team to their robust Exhibitor Services, The Center of Hospitality brings your imagination to life by helping you host unforgettable meetings and events. With more than 2 million square feet of exhibit space, world-class services and a dream destination, we are committed to making even the most ambitious conventions a reality.
In October 2023, the Orange County Board of County Commissioners voted to approve allocating Tourist Development Tax funding for the $560 million Phase 5A completion of the OCCC. The Convention Way Grand Concourse project will include enhancements to the North-South Building, featuring an additional 60,000 square feet of meeting space, an 80,000- square-foot ballroom and new entry to the North-South Building along Convention Way.
“We are thrilled to begin work on completing our North-South Building which will allow us to meet the growing needs of our clients,” said OCCC Executive Director Mark Tester. “As an economic driver for the community, this project will provide the Center with connectivity and meeting space to host more events and continue to infuse the local economy with new money and expanding business opportunities.”
Amenities:
The Center of Hospitality goes above and beyond by offering world-class customer service and industry-leading partnerships. From the largest convention center Wi-Fi network to custom LAN/WAN design, the Center takes pride in enhancing exhibitor and customer experience.
The OCCC is the exclusive provider of electricity (24-hour power at no additional cost), aerial rigging and lighting, water, natural gas and propane, compressed air, and cable TV services. Convenience
The Center is at the epicenter of the destination, with an abundance of hotels, restaurants, and attractions within walking distance. Pedestrian bridges connect both buildings to more than 5,200 rooms and is within a 15-minute drive from the Orlando International Airport. The convenience of the location goes hand-in-hand with top notch service to help meet an event’s every need.
Gold Key Members
The OCCC’s Gold Key Members represent the best of the best when it comes to exceptional service and exclusive benefits for clients, exhibitors and guests. The Center’s Gold Key memberships with Universal Orlando Resort, SeaWorld Orlando and Walt Disney World greatly enhance meeting planner and attendee experiences offering world-renowned venues, immersive experiences and creative resources for their events.
OCCC Events:
This fiscal year, the OCCC is projected to host 168 events, 1.7 million attendees, and $2.9 billion in economic impact.
The Center’s top five events during their 2022-2023 fiscal year included:
AAU Jr. National Volleyball Championships 2023
200,000 Attendees
$257 Million in Economic Impact
MEGACON 2023
160,000 Attendees
$205 Million in Economic Impact
Open Championship Series 2023
69,500 Attendees
$89 Million in Economic Impact
Sunshine Classic 2023
42,000 Attendees
$54 Million in Economic Impact
Premiere Orlando 2023
42,000 Attendees
$108 Million in Economic Impact
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