Corporate events are something that many employees look forward to year after year. They want to see how the company is going to out-do the prior year’s event and who will be included in the most-talked-about memory for the next year to come. However, for the person (or people) doing the planning of the event, it can bring a lot of stress.
The good news is that if you have a budget and you start planning way in advance of the event, the stress can just about deplete itself from your life. Ready to learn how to budget for corporate events? Here we go!
Decide how much you can spend on corporate events
Before you can do anything, you absolutely must understand what your budget is. In other words, know how much you have that you can spend to pull off memorable corporate events. To figure this out, it will involve a bit of thumbing through the books.
See what funds have been set aside for the event – and be reasonable. Don’t try to cushion your funds to allow for more spending room (especially if you truly don’t have the money). However, don’t be afraid to spend, either. Restricting your budget too much could make it difficult to put an event together at all.
Consider your focus
Close your eyes and envision your event. When it is all said and done, what is the one thing that you hope your guests remember?
- Do you want them talking about how your Beef Wellington was the best they’ve ever had?
- Are you hoping the speaker or entertainment leaves a lasting impression?
- Is it your venue that you want to get the oohs, ahs, and memories from?
- Or how about the goody bag that they take home – do you want them to boast about it to friends?
It is up to you to determine which is the most important part of the event because that is where your focus should be. In fact, the bulk of your money should be placed on making that one thing its lasting statement.
Venue costs
When choosing where to hold your corporate event, there are many potential venues that you could choose from. For example, hotel ballrooms, conference centers, restaurants, luxurious meeting space, or tented outdoor space.
It is important to keep in mind that different spaces will have different costs. Renting out a hotel ballroom could cost more than reserving a space within a restaurant. And, both could cost more than renting a tent and holding the event outdoors.
Something to keep in mind is that a tent rental can be rather affordable – and as elegant or laid back as you’d like. These temporary structures are wide open and are just waiting for your personal touch to transform them into your corporate event. Easy on the budget and designed just how you want? It is a no-brainer. And, your budget will thank you.
Food for thought
How important is the food at your event? This is a question you need to answer when budgeting for corporate events. Are you looking for a plated dinner? Or, do you prefer a buffet-style? What you choose will greatly affect your budget. Here is why:
- Plated dinners are generally costlier. True, everyone is being served a specific amount of food – reducing the chance of some greedy employee taking over their favorite dish. However, it is important to account for the fact that these types of dinners require a wait staff, a bussing staff, and a dishwasher. When considering your budget, include these added expenses.
- Buffet dinners, on the other hand, are more cost-effective in the sense that they do not require the wait staff. In addition, it would mean less waste, as guests would likely only serve themselves what they like. All of this would save budget money to be used in other areas.
Be specific
When working through your corporate event budget, you will need to be specific. You will need to do your research to know the cost of things – specifically. Do not estimate! Get as close to the actual cost as possible so that you do not end up with any costly surprises at the end!
Make sure to include all costs that you may encounter:
- Party rental costs – Including the tent, tables, chairs, stage, podium, etc.
- Décor costs – Include the centerpieces, wall displays, special lighting, or any other decorating tidbit you decide to add to your event.
- Speaker/entertainment fees – Typically, the earlier you book these guests, the less money you will spend. If you procrastinate and put it off, then you will likely find yourself paying a pretty penny just to get someone to talk!
- Catering costs – This is an important one to pay attention to. Note that if your guest list increases, this cost will increase, also.
- Setup & breakdown crew – If you are hiring someone to set up your event and clean up afterward, then don’t forget to include it in your budget.
Simply put, the more specific you are when planning your budget, the easier the corporate events will flow.
Don’t let guests leave empty-handed
Right or wrong, guests usually arrive at an event expecting to receive something. This is especially true when it is a corporate event hosted for its employees! Keep this in mind when preparing your budget, as many keepsake items can be costly. If this is something you want to dump a chunk of your money into, then great. Otherwise, you may want to consider a more budget-friendly approach, such as baked goods (or any edible goodie), travel-size bottles of liquor with a personalized label, or any small gift that coincides with what the corporation does or stands for.
It is important to do your budget before you start planning. After all, if the money isn’t there, then you cannot follow through with your plan. Decide what you want to do, how you can afford to do it, and always, always – follow your budget!