Corporate hospitality is an important part of any business that wants to grow. Although it may seem a wasted expense to many, it can pay dividends if handled correctly. However, one of the most pressing concerns for business owners is how much they should allocate to their hospitality budget. Spending too little can be a waste of money but spending too much can be just as wasteful. So how do you determine what is an appropriate amount to set aside for entertaining clients?
What to Consider
The type of industry you are in will determine how much you are expected to spend on wining and dining your clients. In some industries, your clients will expect you to woo them but in other industries, this may not be appropriate. You will also need to think about your profit margin and how much you are prepared to spend from this.
Some business owners believe that spending a lot will help to secure more business and, while this is generally true, it is important that you only spend what you can afford. Here at DTB, we have a range of fantastic hospitality packages to suit any budget, and we can tailor an event to your requirements if you want something specific. Our advisors have experience working with a large number of clients and creating bespoke packages tailored to their individual needs and budget, and we can do the same for you.
While we know first-hand the benefits of corporate hospitality, we also know that there is no point in spending all of your profits on entertaining potential clients. It is a good idea to consider how much you expect to make back in business on the back of a successful event.
Successful hospitality has a direct link to business growth, so it is vital that any money you allocate is well spent. Organising an event by yourself may prove to be a headache, which is why we recommend you let us take care of this for you. We have years of experience and will ensure that your requirements are catered to at all times. We can make sure that your event is a success and that both you and your clients leave feeling fully satisfied. By letting DTB take care of organising your hospitality events, you will have a stress-free day and can look forward to a growth in profits.
But Have Fun!
It's important that your guests, whether employees, clients or friends, feel relaxed and enjoy the event; after all, that's the whole point. Take our Team Building days as an example; these need to be thoroughly enjoyable so the ice is broken very early on. If the event is enjoyable, it follows that it will be memorable too!
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