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How much do corporate events cost?

How much do corporate events cost?

According to Meeting & Group Business magazine, 2023 is set to be the in-person corporate events market’s “strongest year ever”.

In the period following the coronavirus pandemic, we have seen a rise in companies prioritising corporate events to bring people together for networking, boosting morale, and celebrating achievements.

However, one factor that cannot be ignored when planning these events is the cost.

Whether it’s venues, catering or entertainment, it is crucial to budget for every expense to ensure a successful event.  In this article, we delve into the various considerations that should be made to understand how much corporate events cost.

Modern-day corporate events come in all shapes and sizes, from large-scale conferences and Corporate Social Responsibility (CSR) charity galas to smaller office gatherings.

The cost of your event will vary based on key factors like the number of people attending, the venue, and the chosen programme for the event.

Venue

With any corporate event, the most significant costs primarily come from hiring a venue.

Many corporate events are held in hotel function rooms or convention centres, but these will likely take up a large portion of your budget.

Alternatively, you can utilise your own office space, meeting rooms, or community spaces for a more budget-friendly option.

However, it is important to settle on a venue that best aligns with your event goals and budget.

Catering

The next significant corporate event cost to consider is catering arrangements, and with event costs rising by 40 to 60 per cent across catering, it is important to account for this within your budget.

Supplying food and drinks to large groups of people can quickly increase costs, particularly if you have high-end menus and open bars.

To manage these costs, consider buffets or a set menu to ensure high-quality food that doesn’t break the bank.

Entertainment

Whether you have a panel of industry leaders, keynote or inspirational speakers, live music or interactive games, entertainment is another key cost to factor into your budget.

Whatever you decide on, the chosen entertainment should be engaging, complement your event and align with your goals.

Awards

Award ceremonies have become integral to many corporate events because they provide an ideal opportunity to meaningfully recognise and celebrate the achievements of employees, partners, or other people of note.

For these events, crystal and glass awards have become a popular choice with their elegant aesthetic appeal and personalisation.

Whether you’re looking to recognise the achievements of individuals or teams of people, these awards can be customised to include engravings and branding, adding an extra touch of prestige to your event.

As a result, when planning for crystal and glass awards in your event budget, you must consider how many you’ll require and their bespoke features to accurately estimate the cost.

Get in touch today

As we have described above, corporate event costs can vary significantly depending on your event’s requirements and the scale.

However, by carefully budgeting and planning, you can ensure your corporate event succeeds without breaking the bank.

If you are interested in incorporating Crystal & Glass Awards into your next corporate event, don’t hesitate to get in touch with our Trophies2u team by giving us a call on 01527 400092, or you can email us at enquiries@brtgroup.co.uk, and we’ll get straight back to you.

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