GUIDE FOR BUDGETING YOUR CORPORATE HOLIDAY PARTY
/in Blog, Event Planning /by Savannah O'BrienPlanning a successful company holiday party requires careful budgeting to ensure that every aspect contributes to a memorable experience without overspending. Here’s a concise guide to help you navigate the essential elements of budgeting for your event.
IMPORTANCE
The venue sets the tone for your event and can significantly influence attendance based on where most of your team is located. If the venue is underhwelming it can sometimes deflate the energy of the event itself.
CONSIDERATIONS
- Location and accessibility
- Capacity to accommodate guests
- Included amenities: AV equipment, tables/chairs, and catering options available will help your event run smoothly and can avoid significant costs.
BUDGETING TIPS
Save money by finding an off-peak date for your holiday event. Venues often offer discounts for off-peak times and you’ll often avoid peak pricing. Early January is great for this!
IMPORTANCE
Food and beverage is typically the largest piece of your holiday event budget. If the food is not good or doesn’t accommodate everyone it’s a let down for your team.
CONSIDERATIONS
- Type of catering: buffet, plated dinner, hors d’oeuvres
- Interactive buffet stations offer a more personalized experience for your guests, allowing them to customize their meals with build-your-own bars and interactive food stations.
- Dietary restrictions and preferences
- Holiday specialty cocktails and full open bars are a ton of fun but come with additional costs versus a bar with beer and wine service.
BUDGETING TIPS
Save by hosting the event at your office. This tends to cut down on large holiday minimums private spaces have for food & beverage spending. You can bring in your favorite event caterer and bartending service to make it a great time for everyone!
IMPORTANCE
Trust us when we say this. We’ve done experiments at events simply by moving the Bluetooth speaker from one side of the party to another.
THERE IS NOTHING WORSE THAN A PARTY WITH NO MUSIC!
Without even knowing it party guests subconsciously gravitate towards the music with no conscious intent because it has an incredible gravitational pull.
Entertainment can take an awkward, slow-starting event and turn it into a night that will make the accountants engineers move, shake, and have a blast!
CONSIDERATIONS
- Type of entertainment: DJ, interactive activities (e.g. trivia, raffles, cheese or scotch tastings), 360° photo booths, or cookie decorating contests.
- DIY cookie decorating can be quite a savings from a high end scotch tasting and just as impactful depending on your crowd’s expectations.
- Outsourcing entertainment to a professional service often saves the planning team tons of time and stress!
BUDGETING TIPS
Outsourcing an average priced entertainment service can run between 5-10% of your event budget. If you have 150 people, expect to dish out $1500 for a great service. In contrast putting together DIY experiences can cut that amount in half if you have the time to commit to it.
Super high-end events with custom entertainment, bands, and top-tier professionals can expect to pay much higher premiums for entertainment.
IMPORTANCE
Ensures guests arrive and depart safely and comfortably. If it’s not easy for guests to find, navigate to, and park it is likely to impact event turnout. The last thing you want to happen is for people to feel that the event will be inconvenient to attend.
CONSIDERATIONS
- There are a number of creative ways you can make attending your holiday party easier for employees!
- Group shuttles are a great way to completely remove the burden on the team but the downside of this option is the employee can no longer come and go from the party on their own schedule.
- Parking reimbursements are a simple alternative that enables people to attend without having to pay to get to the party.
- Free rideshare codes are very popular for company-sponsored events and add another layer of benefit so team members don’t have to navigate whether or not to consume alcohol while also being responsible to drive safely.
BUDGETING TIPS
Although any sort of transportation adds another layer of expense to any event it can be a great attendance booster and safety mechanism to ensure employees come and go safely from the event when alcohol is involved.
Rideshare codes and parking reimbursement tend to be the least expensive option, on average. Companies like Uber and Lyft offer corporate discounts for group purchasing often averaging less than $25 per person.
If you have the budget for it private car or shuttle services are a great way to get people there in style and add even more wow factor to the event. This is always the most expensive option and can run $50 or more per guest oftentimes.
IMPORTANCE
Thoughtful decor enhances the ambiance and reflects your brand. This is also a fun way to involve employees leading up to your event. This is particularly true for holiday parties held in your own office. Decorating beautifully can create an added sense of pride for the team planning the event in an effort to provide a memorable experience for the rest of the team.
CONSIDERATIONS
- Theme and style: festive vs. formal
- Lighting
- Table ettings
- Festive centerpieces
- Table linens
BUDGETING TIPS
Repurpose items instead of buying expensive decorations. Create festive touches with affordable materials like ribbon, string lights, and inexpensive greenery. Local farm stands and garden centers often have these items throughout the late fall at reasonable prices, and in bulk!
Reuse items from previous events or use office supplies creatively
A simple holiday centerpiece or a DIY photo backdrop can make a big impact without a high cost.
Find vendors who will help in the decorating process. For example your caterer is likely able to add a beautiful decor element to all of the food catering presentations throughout the space for a nominal fee and a massive time savings to you. Great event caterers will also tend to have ample ideas to help you with this part of the process.
DETERMINE YOUR TOTAL BUDGET
Establish a realistic overall budget based on your company’s resources and historical spending.
BREAK DOWN COSTS
Allocate funds to each category mentioned above, ensuring to keep track of actual vs. planned expenses
- Reference event costs from recent years to help plan this year’s event. Keep in mind that costs spiked with economic inflation in early 2022 and events held before this time may not be a pertinent reference point.
- Cost saving tips – Look for off peak dates in early January or Mid-November if you need to find some savings. Oftentimes venues and vendors will have slightly better pricing and availability outside of the high peak times.
- Plan for contingency – We suggest a 10-15% contingency budget component knowing that something always pops up. It’s better to plan for this than be surprised later on.
- Find vendors with high on-time and reliability scores. It’s so busy in the peak holiday season often times small entertainment and transportation vendors become overbooked and can run late or even cancel last minute. Be sure to avoid extra costs by paying a bit of a premium for vendors who have strong reputations for showing up and being on time!
MONITOR & ADJUST
Regularly review your budget as planning progresses and adjust as necessary to stay on track
We understand how important it is to create a holiday event that brings joy and connection among your team. By carefully planning and budgeting, you can craft a celebration that not only reflects your company’s values but also leaves a lasting impression on your guests. We’re here to support you every step of the way and ensure your holiday gathering is both memorable and enjoyable.