Corporate parties tend to be expensive, but they are not always cost-efficient. At the end of the day, the event is either a step in the right direction for your clients, partners, and employees—or an unnecessary expense that the company has to worry about afterwards.
To make the most out of the event’s budget, you have to employ several smart strategies. Here are some of the best ones:
Hire an all-in event company
When choosing an event company to organise your corporate party, it is highly advisable to look for one that offers everything that you need. For instance, if you need catering, an open bar, stage preparation, and event speakers, you will want to look for a company that already has most—if not all—of these services in-house.
This way, they don’t have to hire a subcontractor or another vendor for a service outside of their offerings, which could mean extra costs for you. Furthermore, hiring only one company to take care of all of your needs increases your chances of securing a discount on the entire event.
Choose the venue wisely
Before you choose a venue, determine the purpose of the event and identify who your key guests are. For instance, if the goal of the corporate party is to impress VIP clients and secure future business opportunities, you may want to hire a super yacht that promises a high-end experience for those aboard.
On the other hand, if you plan to host a company-wide event, you will have to go with a bigger venue in a very accessible part of the city or town. Either way, choosing the right venue with the goal’s events in mind will help ensure that you get the most value out of your budget.
Decide where to save and where to splurge
Unless you have an unlimited budget, you have to determine where to save and splurge when planning a corporate party. To do this, make a ranked list of priorities. In doing so, you can decide which areas to spend less or even erase from the list. For example, you may not need a plated dinner and instead serve snacks for the sake of having an open bar. Or perhaps you can forgo the fancy table decor and instead invest in 3D hologram displays for the main event. This way, you can ensure that every dollar spent goes to a wise investment.
Whether it’s with event planners or vendors, prices are often negotiable. Be confident and polite; most will be willing to offer you a discount as long as you remain reasonable. If you are already working with an event planner, they can also negotiate the prices on your behalf, so be sure to discuss this matter beforehand. They may also have a better chance of driving down the prices if they have long-standing relationships with vendors and suppliers.
Skip the fancy food
Food is one of the biggest expenses of any event, corporate parties included. It may seem like a good idea to serve fancy dishes to impress guests, but less expensive food can be just as enticing and perhaps even more filling than five-star meals. When working with a caterer, learn how you can save money on the menu.
- Skip dishes with seasonal or imported ingredients.
- Select only three to four courses.
- Consider a buffet instead of plated service (labour costs more for the latter).
- Prioritise dishes with local ingredients.
- Ask the caterer if you can share the same entrée with other clients for reduced costs.
- Select dishes that meet as many dietary needs as possible.
Book in advance
Booking things ahead of time is often cheaper than booking when the date of the event is near. Venues, suppliers, and planners charge less if there is more than enough leeway for them to prepare.
Control the duration of the event
The longer the event is, the higher the costs tend to be. Every hour in the venue comes with a certain cost, and guests are more likely to use more consumables. You will also have to pay for more hours in labour for the event staff. That said, one of the best ways to keep your event as cost-efficient as possible is to keep it short and sweet. Cut the timeline, eliminate the unnecessary segments, and allow more time for the most important ones.
A corporate party usually signifies a milestone hit, a recent success, or simply an appreciation for the people in the company. Make it memorable yet cost-efficient with these actionable strategies. Remember, it’s not about how much money you spend—it’s about how you spend it.