Every company needs strategic and targeted corporate event to successfully thrive. They could be conferences, seminars, trade shows, team building activities or product launches. These events help business to improve their services, expand their reach and strengthen their workforce. Planning a corporate event is no joke. It involves proper planning and resource management. It is a common misconception that corporate events call for huge expenses and a drain on the company resources. The following tips can help keep costs to a minimum and also make your event a successful one.

Theme and objective

Determine the purpose of the event. What do you want to achieve from this event? Corporate events usually take place for training purpose, to show the employee or client appreciation, to motivate employees, to celebrate a corporate achievement and for social purpose. Once you have determined the purpose you can select the theme and venue. Selecting a theme helps to budget the requirements accordingly. It provides a framework within which to plan the event. Not all theme need to be expensive. A few themes mentioned in our blog – How to plan the perfect corporate party, can help you decide on one that fits into your budget.

Venue

You can either seek the assistance an event planner to take responsibility of all or some aspects of planning your event or do it all on your own. As for booking a venue, it would be a good idea to consider online venue booking. You can sort and filter venues as per your budget, compare prices and facilities available at different venues in Mumbai and then make your decision. You also get the best deals possible and save on time and resources which you otherwise would have spent had you gone scouting for locations.

Budgeting

Beginning your planning early can help you budget properly. Account for every little detail that will require your attention and resources. Allocate your budget according to priority and the amount available at your disposal. Remember that every small cost adds up. Keep tabs on all your expenses. Beware of hidden costs. Check contracts and proposals for indication of service charges or taxes. Make sure you are aware of all costs when drawing up your budget.

Location and Transportation cost

It may help to search for venues in Mumbai in less than prime locations where rental costs may be high. Event venues in Mumbai are spread across many locations to cater to different budgets and types of events. Select yours after careful consideration of your budget. Also, consider the transportation costs if you are providing the facility to your guests.

Catering

After venue, catering may be the second most pensive aspect on your list. There can be no compromise on the quality of the menu as it will have a direct bearing on the success of your corporate event. In order to keep expenses to a minimum, you can go for a sumptuous and creative menu instead of having a seven-course exquisite meal. Also, check if in house catering is available at your venue. It can help to keep costs down.

Go digital 

Bring down costs by avoiding printing and relying on the digital media instead. This goes for invites (online invitations) and conveying any information to the attendees like event schedule, registration, and other information about the event. Print only what is absolutely necessary. Using the digital platform to promote your event can help you cut down on your marketing and promotion costs. Consider using social media for publicity of your event. You can use Twitter, Facebook and LinkedIn to spread the word. You could also send out mailers and newsletters. Advertising through social media is quite effective and efficient as well.

Negotiate

Be honest and upfront about your budget when negotiating with vendors and express the idea of a continued business relationship. Before you bargain, gather some knowledge about the current market value of the services that you are seeking. Look for package deals which may take some load off your budget especially when booking venues in Mumbai. Find out possibilities. Do your research well. Do not settle for something way out of your budget for lack of choice. Start planning early, sort and short list various options and backup plans for different aspects of planning your corporate event. Negotiate wherever possible. Online venue booking is made easier through portals that offer the best price online. Check out different possibilities with various vendors and negotiate to obtain with the budget.

Recycle, Reuse

Be more flexible with some of the aspects of your budget where you can afford to make amends. For e.g. services and products that may not be exactly what you need but are available at lower costs can be utilized as long as they serve the same purpose. Consider reusing props or equipment that were used in prior events instead of getting new ones for every event. Event equipment is usually more functional in nature and can be used over and over again.

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Decor

Decor is another area where you can effectively keep costs to a minimum if you do not get carried away. Focus on decorating only the main areas of attention like the entrance, stage or center. Keep away from expensive flower arrangements no matter how appealing they look. Keeping in line with the theme may be a helpful guide to stay within budget. Alternatively, select a venue that includes decoration in its rental cost. It is best to keep it simple.

Take volunteers on board

It would be a good idea to invite volunteers to help in your event rather than hire people for the same. In exchange, they can be provided free and privileged access to the event. Plan ahead, train the volunteers in certain aspects of the event management and allow them o help on the day of the event.

            When planning a corporate event on a tight budget, it is necessary to stick to the budget and try to maximize utility and accept whatever help you can get freely. Contrary to popular belief hiring an event planner will cut down costs and not raise them although hiring one may be a bit expensive.