Remember that the unexpected is always possible. It’s not possible to plan for absolutely all potential eventualities, but it is possible to ready your event and your budget, for some of them. A key part of this is to ensure that you build a contingency into your budget. Many events are run to a close budget and small additional expenses can cause serious problems.
Imagine, for example, that the burgers for your street party BBQ are left out over night – spoiling in the process. Sourcing 500 burgers at short notice is a problem enough, but if you have no money left to replace them, it could be a disastrous end to your event!
Contingencies should be considered on an event by event basis, but an often used guideline is 6% of the total budget expenditure.