One of the most important foundations of your business is the team that you build to help you run it. As such, you want to make sure that you’re doing your part to keep that team strong. Outside of giving them the training, equipment, and assistance to do their jobs, this also means investing in the cohesion and morale of the team, too, such as corporate retreats and other business events.
However, you don’t have a limitless budget to work with, so you need to make sure that you’re doing your part ot keep it within budget. That said, you want to avoid looking too cheap, so splurging in the appropriate places is still wise.
Where To Save
There are plenty of opportunities for saving money on corporate events. First of all, you don’t need to spend a whole lot on decor for the space that you rent. Choose a venue that has natural ambience and allow it to do the heavy lifting for you. Another way to save here is with digital branding, such as LED displays or projectors to help you brand the space without having to cover big printing costs.
In terms of entertainment, there’s plenty of room to save as well. High-profile speakers can undoubtedly make an event a lot more engaging and inspiring, but many online speakers offer virtual presentations at a lower cost than in-person appearances. You can streamline entertainment such as using a well-curated playlist instead of having to hire a live band for the event, as well.
Lastly, don’t worry too much about having to buy marketing materials for the retreat. You can save a lot of money by keeping everything digital. Similarly, there may be no need to hire a photographer if it’s just a relatively small team event. Equipping one of your staff members with a camera to take photos throughout the event can see you ending up with some snaps that are perfect to share on social media when it’s over.
Where To Splurge
Perhaps the most important part of the event to ensure that you spend enough money on is the food. Aside from ensuring that your team is fed, you want to leave a lasting impression and good food is an experience that your team is likely to remember.If possible, hire a professional corporate event catering team instead of trying to cook everything yourself. Options like buffets or food stations can be budget-friendly while still offering variety. A caterer also handles serving and cleanup, reducing stress.
The right choice os venue is vital, as well. You want to choose a venue that’s accessible and convenient to reach, with enough space for everyone, and the dedicated room for any activities that you might have planned, such as team building exercises.
Lastly, make sure that you plan ahead. Book your vendors early, being especially aware of how in demand caterers and venues in particular can be. Knowing your priorities can help ensure that you have a great event ready without having to spend too much.