Hosting a Corporate Event While Staying on Budget

The best corporate events appear seamless but everyone behind the scenes knows the truth. Planning a corporate event takes time, organization, and careful consideration to keep the details within the event budget. Staying on budget for a corporate event can be done if the planning process is organized and on task.  It’s very easy to allow the process to spiral if you aren’t documenting all vendors and costs while staying on top of details and opportunities that will save you money.

If you are wondering if hosting a corporate event while staying on budget is possible, we are here to tell you it is! Whether you work with a corporate event planner or form an in-house planning team, here are the best event budgeting tips for corporate events to keep you on course and within budget.

Establish the Corporate Event Budget From The Start

We are almost a broken record at this point because every event article we write includes the importance of establishing the event budget from the start of the planning! Understanding the budget you are working with is critical to being able to plan efficiently and accurately. If you don’t know how much money you have to allocate, how can you effectively plan an event and stay on budget? To establish the budget, speak internally with the people who are involved in the event and budgeting. Understand the goals of the event while also understanding the budgets from previous events to get a good picture of how and where funds were allocated.

Determine Guest List

While establishing the event budget, it’s best to determine the guest list for the corporate event early on in the planning process. If you know the ideal guest count, you can more effectively select a venue, understand catering needs, and work within a budget that will correlate to the guest list. While the RSVP count is typically lower than the invited guest list, it’s best to know how many invites will be going out so you can budget accordingly. It’s better to plan for more people and have fewer in attendance than to plan for a lower guest count and have more people arrive at the event.

Select Venue Wisely

The cost of the event venue can make up the largest portion of a corporate event budget. When selecting corporate event venues on a budget, there are a few points to consider which can include:

• Size of event space — is the venue the right size to accommodate your guest list?
• Location — is it easily accessible to attendees?
• Tech capabilities — does the venue have WIFI, outlets, and other wiring/tech needs for entertainment?
• Cost –Does the venue fit the budget? Do they offer catering or other value adds that make the cost a good expenditure? Are there off-peak dates where the cost is lower? Is there an opportunity for a sponsorship where the venue is free of charge or offered at a sponsored rate?

Once the venue is selected, you will know how much more money you have to allocate to other event needs.

Photo by Jeff Kolodny

Consider In-Kind Sponsorship Opportunities

Sponsorships are a great way to save money on corporate events while also helping to build industry relationships. While it may take some time to determine who to reach out to, what you have to offer as part of the sponsorship, and then have the conversations, finding event sponsors could prove to be mutually beneficial. Often vendors are interested in partnering on an event at the sponsor level as a way to get their company name out there, network, and take advantage of the sponsorship package offerings.

Photo by Jeff Kolodny

Here at Atlas Event Rental, we love to host corporate networking events at our showrooms that are sponsored by local event vendors. We host our annual Pink Parties at our event rental showrooms where we partner with local event vendors for catering, bartending, event experiences, swag, entertainment, and more. These networking events are a great opportunity for vendors to showcase their products and services, meet new people, and network.

With in-kind sponsorships, we have been able to host amazing networking events at our event rental showrooms with an incredible group of vendors who supply their goods and services, and in return for being event sponsors, they receive, social media marketing, press release mentions, email marketing, event photo galleries, and other opportunities that aren’t cash.

When in-kind sponsors are brought on for an event, the budget can be saved for other needs while also broadening your network of vendor relationships.

Understand Catering Needs and Make Careful Selection

You’ll want to prioritize food and drink as it is often the framework for an excellent guest experience. That said, it’s also important to understand the corporate event catering needs and make careful selections that serve the event nicely without going over the budget. If catering can be sponsored – great! If it can’t, determine if the venue offers appealing catering packages. In the event you need an outside caterer, price a few local catering companies in the area to learn what is available and what meets the needs of the event.

Focus on Attendee Experiences

With attendee experience at the forefront of corporate event planning, selecting the right activations and activities is key. First, determine if any in-kind sponsorships can be used in this area. From guest speakers and content sessions to brand experiences, corporate DJ entertainment, and group activities, there are a lot of ways to offer attendees experiences to enjoy while at the event. Corporate event photography can double as an attendee experience while providing you with corporate event photos. Speak with local photographers to determine who offers 360 photo booths and other types of event photography experiences. While it would need to fit into the budget (if not sponsored), the double value may prove worth it. Overall, focus on attendee experience selections that are in line with branding, make sense to the theme, offer attendees value, and of course, fit the budget.

Photo by Jeff Kolodny

Rentals vs Buying Items

It is most cost-effective to work with a local event rental company to rent the items you need instead of purchasing them.

A quick search for a local event rental company near me will yield results that will assist you in selecting the best event rental company for the corporate event. An event rental specialist can assist you in determining the corporate event rentals you need on a budget. Perhaps the venue has in-house linens that can be paired with rental glassware and colorful charger plates. Renting lounge furniture may provide the right event vibe for the seating. Or, a black and white dance floor may be just the focal point the room needs to enhance the space. There are many event rental options to choose from which are more cost-effective than purchasing. Not to mention, the rental company can handle delivery, set up, and breakdown at the end of the night.

Photo by Jeff Kolodny

If you aren’t sure where to begin with your event rental order for your next corporate event, schedule a consultation with us! One of our event rental specialists will happily assist you in understanding your needs, designing various table looks, and helping you to complete your order.