How to Incorporate a Company Retreat Budget Into Your Company’s Yearly Budget
A memorable company retreat can be the ultimate difference between a dull, boring company and an interconnected, dynamic company culture. Company retreats are by far some of the best perks in the workplace available.
Company retreats have been shown to increase productivity, boost morale, help workers renew their enthusiasm for the job they do, and bring people together. While this sounds good in theory, there’s typically one question that comes to mind during the planning of a company event – how can the company create a reasonable budget for the company retreat? Below are five tips to help you incorporate a company retreat budget into your annual budget.
5 Tips to Incorporate a Solid Budget for your Company Retreat
The initial step in your attempt to run a fun, smooth, and productive company retreat is to look over your budget. Keep in mind, you don’t need a ton of money to create a memorable company retreat – you just need to do a little smart budgeting so you know precisely how much to allocate for each aspect of your event.
1. Set Goals and Requirements
Your goals will detail what you’re looking to accomplish during your company retreat and can also focus on the “vibe” of the retreat. On the other hand, the requirements are your must-haves. These typically detail things like space limitations, transportation, or even food allergies. Some goals you may wish to consider include:
- Connecting new employees with colleagues in their own department
- Creating an organic way for members of the team to bond outside the workplace
- Announcing a new internal program launch
- Bonding your remote team in-person
Factoring in certain goals and requirements can give you a good starting point.
With location, this doesn’t necessarily mean the venue – it may also mean the town, city, province, or country where your offsite company retreat will take place. Depending on the location chosen, the costs of staying there, as well as the expense of getting there, will vary.
3. Implement the Quarter Rule
Regardless of how decisive you are on the amount you spend on your corporate retreat, it’s likely that you’ll fall into some confusion and doubt, particularly if you’re planning a retreat for the first time. To avoid this, you’ll want to split your retreat budget into several categories to ensure you’re accounting for all aspects of the event. These include transportation, accommodation, activities, and meals.
Once you put these components into place, it will be much easier for you to incorporate your retreat budget into your overall yearly company budget, and there won’t be any surprises later on. Strategically planning out your budget for your retreat will help you figure in expenses for things like daily meals and beverages, the length of the retreat, and costs of other activities.
4. Factor Miscellaneous Costs into your Budget
While it’s ideal to take all essentials into account that may constitute the company trip, you should also budget in any extra costs that could potentially arise down the road. You should allocate 5% of the company retreat funds into your budget plan as a substantial consideration. This will ensure you won’t need to dip into the finances you set aside for other aspects of the trip.
5. Compare All Your Options
You may also want to compare all cost options when budgeting for your company retreat. Doing this can help you ask essential questions that can make deciding on the location for your retreat accessible and decrease the expense of your budget. To choose a location that fits into your budget, you’ll want to compare several different locations and take into consideration the cost of their activities, meals, and accommodations.
Choosing the Right Retreat Venue
There’s no doubt that everyone would love to go on an amazing corporate retreat — and the venue is the biggest and most important component of this. Whether you’re planning on hiring out a converted facility event area for the day or investing in an overnight retreat at a spa resort, the venue is likely going to be what your team remembers the most.
Therefore, it’s always a good idea to do a small amount of benchmarking before you commit to any one venue to allow you to get the best price-quality ratio for precisely what you require. Some essential things to consider about the venue you choose include:
- The amenities available
- The accommodation choices it offers
- Will the venue be able to cater to all of your requirements?
- Is it difficult to reach?
- What types of catering options do they provide?
These are only some of the many questions individuals will need to ask themselves when planning a retreat and choosing a venue.
Let Frogbridge Events Help You Plan Your Next Company Retreat
Planning and budgeting for a company retreat is challenging. Planning a corporate retreat on a budget can be particularly difficult. You need to secure a venue, arrange transportation, organize accommodations, and ensure you have everything you require to ensure your team has a good time. Fortunately, you don’t have to deal with all of these tasks by yourself.
Hire the professional services of Frogbridge Events to come in and coordinate everything you require for a fun and successful company retreat. Call us at (609) 208-9475 or fill out our contact form on our website to learn more about the variety of company event packages we offer, including planning out a company retreat on a budget.