Low-Cost, But Not Cheap — Corporate Events Enter a New Era

Despite the bad press lavish entertaining is attracting, it’s still important to celebrate success. But how should this be done given the economic climate? And what constitutes appropriate celebration if we’re in, what the US is calling, a post-September 11 age of anxiety?

Structured Networking 
The style of client marketing events is changing. Gone are the days of networking events filled with people charging each other like dodgem cars, with only one purpose in mind: to swap that business card. Today, the better networking events are much more structured and focused.

If you’re holding a client dinner or networking function, you can ask guests to nominate a topic in which they have a real business interest – for example triple bottom line accounting or accounting for small retail businesses – from a list sent with the invitation.

At the event, seat guests that have nominated the same topic together. Your team members can lead the discussion on each table, which gives the function purpose and ensures people with like-minded interests actually meet each other.

Corporate Events
When it comes to company events, it’s important to celebrate the success of the past year, without giving the impression that it’s carte blanche when your firm’s paying. Don’t feel you have to pay for every single function. Host one function for the entire firm, and encourage team members to arrange celebrations for individual teams or divisions themselves.

With the rise in corporate social responsibility, some firms are turning away from traditional functions and are being more creative in their approach to corporate events.

Some companies encourage their team members to meet socially at local sporting competitions, and will often sponsor a team that participates in these events (sponsorship is also a good way to develop brand presence).

Another idea is to arrange a table at a charity function, or to jointly hold an event with a charity, with the purpose of raising funds. These types of events allow your firm to make a contribution to the wider community and give the company a human feel.

Picnic days that involve team members’ families are also valuable. So much time is spent at work that partners and children appreciate the opportunity to meet the people their significant others work with every day. These types of events are not expensive to put on – often it’s a case of finding a park with barbecue facilities, ringing the butcher for sausages and the baker for bread, and crossing your fingers for a sunny day.

Cutting Costs
Many firms are reporting funding cuts to corporate entertaining budgets, but this doesn’t mean it’s time to stop celebrating and networking. It’s still important to meet with clients in a non-professional setting and to celebrate success with your team members.

There are many ways to reduce the costs associated with event planning. Avoid booking expensive five star hotels as function venues. Instead, hold functions in your office, and organize good quality outside catering. Not serving alcohol is also a great way to cut costs. But remember, when it comes to catering, quality is better than quantity. If it comes down to a choice, it’s better to go for a smaller amount of good quality edibles, than a larger amount of poor quality food.

The Future of Corporate Entertaining
It will be interesting to watch the mood at Christmas parties this year. Will all and sundry decide to roundly drown their sorrows, trying to obliterate the memory of a not so positive year for the accounting profession? Or will cuts to the entertainment budget mean there aren’t enough coins in the coffer so sorrows can’t be properly drowned?

Hopefully most firms will fall somewhere in between, happy to let their hair down at the one time of the year they can, while remaining sensible about the appropriate expenditure – and tone – for end of year functions.

Copyright 2002, RAN ONE Inc. All rights reserved. Reprinted with permission from www.ranone.com.