The year 2013 consisted of both positive and negative moments for many businesses because of the recession, which was then followed by an economic recovery. As the year 2014 has begun with the economy in a rather better position, many businesses have enjoyed a profitable start, to mark the end of the fiscal year. The UKs financial year ends in March therefore many accountants will not only be busy drawing up income statements and balance sheets, they will also take an in-depth assessment of expenditures to plan a corporate budget.
With the economy healthier, people’s spending confidence is expected to be back on an all time high therefore, business people are set to focus their budgets mainly on marketing strategies to increase sales volumes both in the short-term and long run. A host of business trade shows such as the Airline and Purchasing Expo and the London wine fair set to take place in the capital this year will certainly be an attraction to many companies.
Many business people are aware of the abundant benefits a brand can acquire through a successful and impactful presence at a trade show. Potential clients, investors and business partners are only a short list of the rewards and opportunities. Finding business owners who are unsure about how to set aside a healthy budget to make an impact at trade shows is a common case. However, as an experienced organisation, us at Skyline Whitespace have some useful tips on budget allocation when attending a business exposition.
We suggest 28% should be allocated towards the booking a space for your stand. Prices always vary depending on the trade show and where it is scheduled to take place.
General use of services like telephone lines, utilities and cleaning certainly need to be paid for and 15% is enough.
Promotion: approximately 10% of the budget should go towards funding for any direct mail, advertising and free giveaways. Advertising should always be a big part of any business strategy.
Depending on where the event is, your equipment needs to be transported safely and securely. Set aside 9% of the budget to hire a reliable shipping firm.
Travel and expenses: Of course, your representatives need transporting to the event. Food and accommodation can also be part of the list therefore 13% should cover these costs.
Small costs might arise along the way, in order to avoid missing opportunities, set aside an extra 3% simply to cover unexpected expenditure.
Exhibition stand design: At least 22% of the budget should be dedicated towards buying a professionally design exhibition stand. Ensure you pay for a unique stand that is designed specifically for your company. At skyline whitespace, we have work with you to produce a superior design that will help your company stand out.
As a businessperson attending a trade show, carefully assessing your costs is essential. Pay attention to the most important aspects like stand design. As mentioned earlier, invest into professionals to help your brand stand out. At Skyline Whitespace, we can help you achieve a better presence at trade shows. We design a variety of stands including portable exhibition stands unique and completed to your personal requirements.