Planning corporate events is definitely no simple walk in the park because it takes a lot of time and effort. Financial resources are also a must. But how do you go about organizing a quality event everybody will enjoy when you are on a tight budget? After all, you can’t just postpone the event, as it will only upset everyone and demoralize your employees.
Well, first of all, it would help knowing what types of corporate events your business can actually host. This way, you’ll be able to make better estimates when it comes to expenses. Of course, there are other things you can keep in mind that will help you in the long run as well:
- Set a limit first
It’s extremely important to never go over the limit, so talk with your financial advisors and set a budget first. This sounds like generic advice, but you would be surprised how many event planners and business owners actually skip this step.
Once you have a budget set, you are good to go. This way, the spending will be controlled, and there will be no room for errors.
- Make use of networking
Instead of just trying to handle organizing corporate events on your own, why not reach out to some of your business partners? Of course, you can’t expect them to give you handouts. Strike a deal with them and offer them exposure at your event if they cover some of the event expenses.
Keep in mind that this will also work to your advantage when it comes to future corporate events. You can end up discussing future reciprocal arrangements that will definitely help your business out.
- Remember that corporate events don’t solely depend on the catering
People don’t come to such events just to gorge on food and drink a lot – they come to have fun and socialize. If you want to save some money on catering expenses, then go with a buffet instead of expensive sit-down meals.
You might even find that people will prefer this option because they’ll get to eat exactly what they want. Plus, it will get them to socialize while they’re getting their food. Also, it’s not always necessary to go with a full liquor bar. It’s generally enough to just offer your guests soda, wine, and juice.
- Do your homework when it comes to event venues
Never go with the first offer you get, especially if you’re short on cash. It helps to research all the event venue listings in your area and see which one has the most to offer. Remember to also check out the reviews and find out if they were poor or not.
Last but not least, it helps to try and haggle a little. You might just end up getting that discount you kept trying to get. If all else fails you can always try hosting corporate events at your place of business, provided it’s not a small place.
The only area you shouldn’t try to save money on is entertainment
And this is because entertainment is what will really make your events a great success with your guests. Plus, it will definitely take their mids off the cost-efficient catering services and liquor bar provided some of them actually have a problem with it.
