The OpenWater Blog

How Much Are Your Awards Actually Costing You?

We all know the all-too-common difference between determining what we think something costs and what something actually costs. This can really hurt when applied to your awards program, because the truth is that your awards program costs can add up quickly. And it can happen without one even realizing it until you look at your budget and think, “Huh. Where did it go?”

This is even more true if you haven’t taken the time to carefully plan a budget before the program begins.

But, before you start stressing, there’s good news. By dividing your program into different sections associated with specific costs and recording these expenses you can both carefully plan your budget and figure out where in your program you’re spending the most.

So, where can costs add up the quickest? Well, keep these things in mind:

Spending Starts Before the Program

With your experience, you already know this but do you know where the costs add up the most at this crucial stage? There’s quite a few areas where you’ll spend a pretty penny like marketing, website development, or even the cost of compiling all materials necessary for judging.

Of course, there are also likely to be significant staffing costs and time spent at this stage to organize efforts before the program begins.

As a result, budgeting is crucial to ensure that you’re spending money wisely before the program begins. This is especially true since doing so can position you for success at later stages of your program too.

Costs Pick Up as Your Program Does

Fast forward to your call for entry and you can expect costs to begin to add up. During your call for entry you’ll be dealing with credit cards processing fees, additional marketing to keep engagement high, ongoing development costs, and continuous support to answer all your entrants’ and judges’ questions.

As your program begins to pick up the pace it becomes even more important to keep track of your spending and the time your staff is devoting to the program.

Judging and Post Judging Demands Additional Money

Are you flying your judges in for the awards? Compensating your judges? Providing gifts as a simple way to thank judges? Or possibly returning entries to participants and needing money for postage? If you answered yes to any of these questions, then you’ve found additional costs tucked into the prime action of your awards program!

The Final Push: Your Awards Gala

What does an awards gala have in common with any major celebration or venue? The large costs of the venue itself, food, the location, and the accommodations you might want to provide to any winners! And after all the time and effort you, your judges, entrants, and winners have devoted to the entire program, you want to make it a gala to remember.

So are you feeling a little overwhelmed by all these costs piling up? Don’t worry! The real cost of your awards program doesn’t have to be all doom and gloom, even if it seems that way. With careful planning and integration of an awards management software to eliminate administrative, IT, and support costs, you can be well on your way to a successful program from the budget and beyond.

Want to figure out where your costs are adding up? Check out our cost calculator to figure out where your precious time and money is really being spent!

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Miriam Hancock

Miriam Hancock
Miriam is the Marketing Coordinator for OpenWater. When she isn't writing and designing content she paints and cooks for her own personal blog.

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