Are you the designated event planner for your department or organization? Juggling dates, finding a suitable venue, and planning activities can be quite challenging, especially when you're working with a tight budget. As economic uncertainties prompt businesses to tighten their belts, there's less cash available for team gatherings. Nevertheless, in today's world of remote work, bringing your team together in person has never been more crucial.
While those casual watercooler conversations might seem insignificant, face-to-face interactions hold immense value. They promote team bonding, recognize your colleagues' hard work, and contribute to enhanced employee engagement and retention. So, how can you make the most of your budget? At ORX Travel, we've gathered eight essential cost-saving tips for corporate event planners to streamline their next team gathering while keeping expenses in check. Let's dive in!
1. Prioritize Flexibility
In the ever-changing landscape of business travel, flexibility is key. Ensure you have a generous cancellation policy in place. This flexibility can save you from the headache of last-minute changes or unexpected circumstances. Accommodation cancellation policies can also vary greatly, so consider options with more lenient policies, even if they involve non-refundable deposits.
2. Strategic Timing
The timing of your event can significantly impact your budget. Particularly for remote-first companies, scheduling your event during non-peak periods can result in substantial cost savings. Avoiding the popular summer months can significantly reduce expenses on airfare and hotel bookings. On the other hand, weekdays in months like April, May, September, and October are often more budget-friendly for business travel.
3. Select the Right Venue
Choosing the right event venue is crucial. Consider factors like the number of attendees, location convenience, and the type of meeting spaces you require. Smaller team bonding events might be feasible at your headquarters, saving on travel expenses. However, for larger gatherings, hotels with conference facilities and loyalty programs can offer valuable benefits.
4. Manage Swag Wisely
While giveaways are enjoyable, they can consume a significant portion of your event budget. If you must include company goodies, keep them practical and simple. Consider items like branded notebooks that can serve multiple purposes and be used for other occasions.
5. Delegate Tasks
Don't tackle event planning alone. Encourage colleagues to chip in and share the organizational responsibilities. Delegating tasks not only lightens your workload but also brings fresh ideas to the table. Additionally, involving coworkers can generate excitement and anticipation for the event.
6. Innovative Team Activities
Team-building activities need not be costly. Sometimes, simple ideas can be the most effective. Explore low-cost options that can be held at the office to keep expenses down. Whether it's a sports day or a team dinner, creativity can ensure everyone has a great time without exceeding your budget.
7. Maximize Return on Investment (ROI)
Think beyond cost reduction and consider ways to maximize the ROI of your team event. Capture memorable moments for social media and recruitment efforts. Record short interviews with employees to showcase the company culture to potential candidates.
8. Leverage Travel Management Solutions
Consider utilizing travel management solutions to optimize your corporate event planning. Companies like ORX Travel offer extensive inventories and the ability to negotiate group discounts. These platforms streamline travel organization, providing a one-stop solution for flights, accommodations, and transportation.
Now, here's where ORX comes into play. ORX Travel, allows you to offer your own comprehensive travel management platform designed to simplify and enhance the corporate event planning process. With ORX, you can offer a software that can effortlessly coordinate travel for multiple team members, track signups, and manage all event-related costs in real-time through a consolidated report. Additionally, the platform offers a mobile friendly interface and email notifications, ensuring your clients stays informed about any itinerary changes or security updates during their trips.
