Questions You Should Ask Yourself When Budgeting Your Awards Program | OpenWater

Questions You Should Ask Yourself When Budgeting Your Awards Program

If you’re a new awards administrator, you’ve come to the right place. Regardless of whether you’re running a new program, or are adapting to a new job, chances are that you aren’t quite sure what to expect.

In the flurry of preparing the call for entry, many completely forget about solidifying their program’s budget. It may not seem like a big deal, but without planning, your lack of awards program budgeting can really end up costing you. Running an awards program has hidden costs that might unexpectedly crop up if you’re not careful. But don’t worry, we’ve got you covered. So sit back, relax, and let the following questions be your guide to ensure that your budget is on target.

Pre-Call for Entry

While you probably know that costs begin before the program does, you may not be quite sure where this money will be going.

You want to begin attracting potential entrants before your call for entry, so when the time rolls around people will know about your program and be excited to apply. Therefore, a portion of your budget should be devoted to your marketing efforts. Some costs you may encounter are:

• Advertising
• Press release syndication
• The cost of binders and mailing materials to judges: If you’re going old school with physical submissions, these costs must be accounted for. (Or, you can welcome your program into the 21st century by going online instead.)

Call for Entry

Once your program is up and running, you can expect more costs. Typically, these costs are straightforward, consisting of:

• Credit card processing fees as entries come in
• Additional advertising money: If you’re finding that traffic is low for your program or if you want to boost visibility, you might want to account for an additional advertising budget.

Judging

Judging expenses can be one of the most critical aspects of your budget as they can add up quickly. Costs will differ according to many different factors, such as:

• Whether your judges will be flown in or local
• If you will keep judging online or need to rent physical space
• If you’re compensating judges
• If you are providing meals or gifts for the judges.

Post Judging

Costs don’t end when your program does. You will incur additional expenses like:

• The cost of postage if you’re returning goods to entrants
• The cost of plaques or trophies, if they’re being ordered

Awards Gala

Depending upon the number of tickets you sell for the gala, you will have to consider the:

• Cost of the venue
• Cost of the location
• Cost of food
• The cost of the winners: This will differ if winners are paid for or if they will need to purchase tickets.

Budgeting can be overwhelming. However, you can prevent this by allocating at least three months before the call for entries to solidify your budget and logistics.

So, what’s your plan to keep your program on budget? We’d love to hear from you in the comments!

Want to learn about how more than just your budget can be costly? Download our guide and get your jump on your awards program.

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