Budgeting for Your Next Corporate Event

Corporate Party Planning BudgetEveryone loves a great company party, except maybe the people paying for it. That’s because it’s easy for a corporate event to exceed the previously set budget, which can be bad news for the accountants and the company’s bottom line. But a great corporate party doesn’t have to break the budget, or set your company back. Instead, making some smart decisions about when and where to host your event can help keep the costs down while still keeping the level of fun amped up!

Location, Location, Location

In starting a business, or hosting a party, the location matters. Since this will likely be the biggest expenditure for the entire party, it’s important to get this right.

  • When choosing a location for your next corporate event, obviously you will need to take into consideration how many people will be attending. Are employees inviting significant others, for instance? Will any vendors or clients be invited?
  • Next, find out what the venue you’re interested in offers as part of its package. Will chairs and tables be included at no additional cost? Is a sound system provided with the venue? If so, weigh these perks against the idea of having a party some place that doesn’t offer its own rentals, including your own office space.
  • Make sure you know about any fees ahead of time. Some venues require additional payment if the guest list exceeds a certain number, or if you choose party vendors outside of their recommendations.

Considering The Other Costs

Many of the remaining costs will vary based on your vision for the party. For instance:

  • Depending on your company’s guiding principles, you may or may not wish to have an open bar as part of the event.
  • Choosing whether or not to have a professional DJ, band, or simply an MP3 player is also dependent on the mood you intend to set.
  • The timing of the event will greatly affect how much food is needed. Consider a late afternoon event, instead of evening, if you need to curb the catering costs.
  • Though larger companies may wish to hire party professionals with no affiliations to its employees, small business might like the benefits of working with friends or family members of its employees.
  • You could also consider calling up fellow small business owners within your local Chamber of Commerce. This is a great way to network, while supporting fellow entrepreneurs, from bakers to bartenders.