There is more and more evidence that the travel and events industries are finally making their way back to the pre pandemic levels of operation. Airlines are building networks back up. Hotels are enjoying returning patronage numbers. Organizations are holding more events than they have since 2019.
But there are also some headwinds facing not just the meeting and events industry, but our clients and partners across the economy. And this is putting downward pressure on event budgets and event planners to lower event costs and hold more efficient events.

Between rising and persistent inflation, great and growing staffing challenges, weak consumer confidence and expensive capital costs, the recovery is being tempered by significant challenges.
In such a climate, it is all too easy to understand why some organizations might see their event programs as too many have in the past; an unnecessary expense rather than part of the solution. But by applying an approach based on strategic meetings management, we can make sure you are holding successful events that get value for money and meeting your other business goals.

Productivity

We have written before about how corporate events make attendees feel more valued, engaged and connected to each-other. Workers who are incentivized and interconnected will be more committed and productive than otherwise, helping you drive value in an environment of escalating expenses.

Retention

Hiring new staff is one of the most expensive things an organization can do. This is well understood in the business world, but the role of events in helping drive retention is often underappreciated. Everything from a weekly goal setting team meeting to a big end of year high-achiever incentive helps keeps your staff feeling engaged, valued and hopeful of further opportunities. The more staff you retain, the less money you have to spend hiring new ones!

Preferred relationships

Increasing costs in an event program can be controlled in a variety of ways. Most obviously, you can reduce the scale or scope of your event. But most often we advice building preferred relationships with suppliers and purchasing as far in advance and in as much volume as possible. For instance, purchasing room blocks for two years of a repeated event at once can often allow you to access preferential rates otherwise unavailable.

Smart Scheduling

By paying careful attention to the scheduling of your event, you can help lower purchasing costs and administrative costs simply by changing your planning process. Choose a time when flights are available at reasonable prices. Select accommodation and times not in the highest demand period, and when registration processes have time to be worked out in advance. By planning an event taking these factors into account you can significantly lower your costs, and achieve all the same business goals listed above.

It is all too easy to see events as part of the problem when budgets are squeezed. But they can also be an amazing tool to help save you money everywhere else. If you want to find out more about how you can use your events to save money, contact an expert at huddle today.