These days, few things in business come without great costs. But, at a time of such economic uncertainty, we all know how important it is to try and reduce some of those costs as much as possible. Of course, it’s almost impossible to cut spending across every area of a business without causing some detriment, but there are definitely certain ways in which you can reduce expenditure without affecting some of the more important aspects of your business.
For example, when planning a corporate event, there are a number of different ways that you can save money on the venue hire, without compromising on the quality of the event. Here are just a few of them.
Set a budget
First thing’s first, you need to set a budget and stick to it. There’s no point going into the planning of an event without an estimated cost in mind. You’ll end up spending far more than you intended to, with the risk of forgetting important requirements or making unnecessary purchases due to a lack of proper planning. Make sure you get multiple quotes while researching venues and don’t forget to use your best negotiating skills too.
Find the right venue
It’s important that you find a suitable venue in a convenient location, which is both easy to get to and doesn’t cost the world. It needs to be somewhere that’s accessible to everyone, with good public transport links. Make sure you know a rough number of how many people are expected to attend, so you don’t waste money booking a room too big or too small.
When booking your venue, see if you can negotiate a deal on catering, equipment hire and any other additional costs such as Wi-Fi charges as part of your overall package. Most large venues will already have everything that you’ll need to hold your event, such as lecterns and big screens, so there’s no point wasting money on new purchases and then the logistics of getting them to the location.
Choose somewhere that you can book online and save money by not having to go and visit in advance, as this will prevent additional travel costs. It might be that the venue provides a virtual tour on their website, or perhaps you can go off the back of a trusted recommendation from someone you know who’s held a similar event previously.
It’s likely your event is an evening affair and not located near the office, so yourself and your team need somewhere to return to at the end of the night. Whether you require hotels in London or rooms somewhere in Manchester, it pays to be savvy and shop around to ensure you’re getting the best deal. Expedia, Kayak and Booking.com are good places to start the search. Choose somewhere close by that you can walk back to, this means you can save more money not using a taxi or public transport.
When it comes to the day itself, enlist the help of other co-workers and volunteers to assist with the smooth-running operation of the day. Not only will these people know your business better and can potentially have a more valuable input, but they’ll save you the cost of having to hire additional venue staff for the day. Another option is to work with a sponsor to help fund and enhance the event.
If possible, be flexible on the date of your event so that you can guarantee yourself the best deal when finding your venue. It can often be the case, too, that you can save more money the longer you book the venue for. Most places are booked by the hour, but it can be more cost effective to book by the half day, full day or even the week. So, make the most of your time and save more money by getting more done. Could you make use of the space for longer?
Follow these steps and, with a bit of careful planning and negotiation, you should be able to save your business some valuable money on your next venue for a corporate event.