The OpenWater Blog

Why You Need to Track Spending Throughout Your Awards Program

Nobody really likes planning a budget (or maybe you do, hey that’s cool too!). It’s stressful and can get compliated. But your budget is a critical aspect of your awards program, helping you get organized and plan things out. And if you don’t keep a close eye on it, you could end up spending money rather than generating additional revenue for your program.

But there’s one thing that not everyone thinks about: actually keeping track of expenses during your awards. In many cases, a budget can fall to the wayside simply because there are so many different things going on between the call for entry period, awards gala planning, judging coordination, and other essential tasks, not to mention unexpected costs that crop up throughout the process. It happens!

Luckily, you don’t have to let your awards program face any budget dilemmas. If you keep track of what you’re spending (both monetarily and in staff time) you can have a record of where higher costs came up. This can give you an edge in the future, helping you find ways to reduce costs for future award seasons.

Common Expenses That Can Increase Throughout Your Program

You can’t plan for all of the expenses you’re going to encounter throughout your awards program. That’s because at every stage, you might realize that you need some extra revenue to generate interest or keep your program moving forward.

This is especially true in vital areas like:

• Administrative Tasks – Day-to-day support, call for entry preparation, submission tracking, and monitoring everyday tasks can take a lot longer than many executives think. This can mean higher costs in terms of administrative support.
• Marketing – Marketing is essential when you’re trying to generate revenue and awareness for your awards program. Often, the majority of your advertising is done before the call for entry, however you might find the need to advertise throughout this period to generate more interest in your program.
• Judging – Judging costs can add up quickly and will differ depending on whether you’re planning on compensating your judges, renting physical space, and how you’re going to manage entries as they come in.

Budgeting is everything when it comes to a successful awards program, but it can be difficult to do this on your own. With the appropriate tools, however, it’s simple and straightforward to keep track of all your expenses and help keep your budget on track throughout the entire program. And then you can analyze your results to help continuosly improve your program.

If you’re looking for a tool that can show you where your time and money are being spent and how to reduce or eliminate them, download our Awards Budget Calculator!

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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