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Apr 14
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Throwing a Corporate Event while Staying on Budget

Balancing the fun, creative side of event planning with the responsible, budget-friendly side can be a daunting responsibility. It seems that all the impressive food, drinks, venues, entertainment and decor are out of reasonable price range and the lower-priced options are not great. What’s an event planner to do? Here are some tips for staging a corporate event that is high on quality and stays within a reasonable budget.

1. Clarify the purpose of the event.

Is it to rebrand the company? Is it to offer employees incentives? to thank clients for a great year? Really nailing down the purpose of the event is the first major step in the budget plan. Any expense items, however good they may be, that don’t further the event’s purpose may need to be excluded.

2. Set a budget.

I know, the “B” word isn’t fun, but it can be a good and helpful boundary. In some companies, the budget may already be established. If not, a planning committee can help you to come up with a reasonable budget for the event based on its purpose, number of people attending and numerous other factors. Making a list of must-haves for the event can help eliminate unneeded expenditures.

3. Weigh all your options for a venue.

Although you may have your sights set on the perfect venue, that choice may eat into half of your budget for the event or may already be booked for the dates you desire. Never fear! Do some research, ask around, and you may find a hidden gem perfect for your corporate event. Once you narrow your options down, make some site visits. As you speak with each venue operator, you will have a good idea if the venue is well-suited for your date, budget and needs.

4. Ask if your preferred venue is a multi-service venue.

Bundling services is common in other industries, and the same is true regarding event venues. Be sure to ask what is included in the rental fee. Some venues will include decor such as lighting, plants and linens, saving you the cost of renting items or decorating the venue yourself. The venue may also supply all of the chairs and tables you will need for your event. If the venue is a multi-service one, additional services can often be booked for savings, including bartending, catering and more.

Staying within a budget and throwing a memorable corporate event don’t have to be mutually exclusive ideas. Using some or all of these tips can help you to be cost-effective with your corporate event funds.

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