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How to do a year-end function on a budget

Nov 2, 2017
How to do a year-end function on a budget

In our current economy, internal year-end functions are often the first thing to get taken out of a company’s annual budget. It’s understandable – after all, an end of year function offers no tangible link to an increase in sales or other metrics regarding business performance.

But there is another side to this argument, which is that year end functions can help boost staff morale. The logic is that employees will be more motivated and loyal to your company if they feel valued, and so their performance will improve – as will your company’s.

So, if you want to hold a company year-end function to boost staff morale, here are six tips to get the most out of your event without blowing your budget:

1. Have the function during the day, not the evening. Lunchtime events can be cheaper than full, formal evening dinners that can be much more expensive. For cheaper day alternatives, think picnics in a beautiful garden, or a relaxed buffet lunch.

2. Limit the invitees. While you probably want to invite all your staff to your function, one way to cut costs is to not invite your employees’ partners, spouses or children. Use this decision to inform what kind of event you have: an evening function is easier if you don’t want children to attend.

3. Plan ahead. If you have money set aside in the budget for a year-end event from the beginning of the financial year, then paying for it when the time comes won’t come as a shock. Also, things like venue hire, catering services and entertainment bookings can often be cheaper the earlier you book in advance.

4. Choose your date strategically. If you’re having an event off site, you may find that suppliers charge more during their high season – which is usually the month of December. A potential way to cut costs is to have your year-end event a little earlier, say in November, when you may still be able to get normal rates for services provided.

5. Offer to pay in full upfront. Many suppliers such as caterers, bar staff and entertainers will give you a discount if you pay for the entire amount upfront. Of course if you do this, make sure that you’ve signed a written contract or similar watertight agreement so that they commit to providing the services they say they will.

6. Think carefully about alcohol. It’s an end of year event and so in most cases, you’ll want to serve alcohol in keeping with the festive feel. But alcohol can often be one of the most expensive elements of a corporate event. To curb spending, opt to not have an open bar, and rather limit the amount of alcohol you serve to  wine and beer rather than spirits and expensive cognacs.

With a bit of forward planning, you can plan your corporate year end function on a budget, and make sure you keep costs down. At the end of the day, you don’t need to spend excessively – simply organising a well-run event with good food and entertainment can be enough to ensure a successful year end function.

And, the huge bonus is that your staff will feel more motivated about being employed in your company – which means they’ll come back in the new year with renewed energy!

Source: www.cabanga.co.za