In order to understand what goes into a budget, you first need to know what the group are going to spend money on. I know that's obvious, but it can often to be difficult to know where to start.
This page has some advice and resources that the Exec can work through in order to develop the budget.
- Plan your activity and events for the entire year, at the start of your time as Exec
DO THIS WITH ALL THE EXEC: We've attached a handy document which you can use to plan the entire year. Start by penciling in the big events and activities, then fill in socials, elections, classes, trips etc.
Using this document will then help you to see if you've got the capacity to plan and deliver all the activity, ensure you book spaces and transport with enough time, and can also start to look at the total expenditure for the year, and therefore the income you'll need to generate.
2. Breakdown each event or activity
This might seem obvious, but, it's essential that you take the time to talk through all the different elements of the activity/event. From marketing the event to tidying up afterwards, there are going to be costs to consider at every stage.
Imagine you’re at one of the events.
What do you see, hear, taste etc? Write it down:
Here are some prompts…
Who is there?
What is happening?
Where is the activity taking place?
When is the event taking place?
How have people found out about the activity?
3. Get quotations!
At the students' union we often try to get three quotes for the purchases we make... this means you'll get an understanding if something is a fair price, and it also means you've got negotiation power!!
Put together a purchasing list for all the different events, and see if there are any bulk purchases you could make.
4. Once you've looked at all the costs for each activity, put them into one spreadsheet
Having all your annual expenditure listed together is an essential part of understanding the anticipated expenditure for the group. You may need to adjust the membership fees, or you may need to increase the cost of other activity.
5. As an Exec agree on the annual event and expenditure plan
By agreeing on your activity plan and budget at the start of the year, you can then start implementing the plan, spreading the costs, raising income, and most importantly promoting your activity to your members!