Planning a corporate event isn’t cheap by any means. In addition to the lost productivity, companies may also front the bill for hotel rooms, transportation, food & beverages, and more. These costs can quickly add up to place a financial strain on the company’s budget, resulting in lower profits across the board. But thankfully there are some simple ways to reduce the cost of your corporate events.
#1) Corporate or Business Rate Hotels
Even if they don’t publicly advertise it, many hotels offer steep discounts for corporate events. Depending on how many rooms you book, this can save you hundreds if not thousands of dollars on your total lodging expenses.
Instead of booking the rooms online, call the hotel and ask them whether or not they offer discounts for corporate events and gatherings. In addition to the lower room rates, conference rooms, valet parking and/or other amenities may be included in your corporate package.
#2) Book Flights In Advance
According to a study conducted by CheapAir.com, the best time to book a flight is 54 days in advance, whereas the worst time is the day of the flight. The air travel website found that the average price distance between the best and worst time was $312! – and that doesn’t factor in the cost of transportation.
#3) Avoid The Holidays
You can expect to pay more for hotels, flights and car rentals if you book them on or around a major holiday. Thanksgiving holds the title as being the country’s worst travel day, with some 37.2 million Americans traveling 50 or more miles. Other busy holidays include Memorial Day, Spring Break, Christmas Eve, July Fourth, New Years Eve, Labor Day, Easter and Mardi Gras. The bottom line is that you should schedule your corporate event around these and other major holidays to keep your costs low.
#4) Look For Sponsors
A fourth way to save money when planning a corporate event is to look for sponsors. Certain companies will pay to have their brand logo, name and other material displayed at corporate events. It’s a win-win scenario, as the advertised company benefits from increased brand exposure, and you benefit from the additional revenue. This revenue, of course, will offset the cost of planning your corporate event.
#5) Cut Back on Catering
Catering services can quickly burn through your available budget, so try cutting back on them when planning your next corporate event. This doesn’t mean attendees should be left to fend for themselves, but perhaps you can set up some snack trays instead of offering full meals.
