When it comes to facilitating business and developing professional relationships, corporate hospitality plays a crucial role. Many businesses give branded gifts to their existing and potential clients to help keep the company name firmly in the mind of the recipient.
However, some companies go above and beyond things such as branded pens or mugs and will instead woo their clients with fine dining, tickets for sports or entertainment events, or even corporate skiing trips. Corporate hospitality can be hugely beneficial when it comes to securing an important deal, but many business owners find themselves debating whether it is ethical to provide corporate hospitality.
Regarding giving and accepting gifts and hospitality, there are some things to consider. While it is certainly fine to take an important client out for a meal when he or she is visiting your place of business, it may be deemed inappropriate to wine and dine a potential client during a tendering process. In this case, it might be considered a bribe rather than an act of hospitality.
When it comes to hospitality, it is also seen as inappropriate to offer a gift just before a contract is due to be signed or renewed.
When Corporate Hospitality is Acceptable
It is important to realise that it is acceptable for businesses to offer corporate hospitality in a bid to improve customer relationships and to network with potential clients. So taking clients to top sporting events such as the Six Nations or Wimbledon is perfectly fine, provided of course that there is no expectation on the client.
It is all a matter of relativity, and as long as corporate hospitality is not deemed to be excessive or inappropriate, business owners have no need to worry.
Getting the Most from Hospitality
If you are considering corporate hospitality in a bid to improve current business relationships or to develop new ones, contact us here at DTB. We are one of the UK’s leading providers of top class hospitality events across the country. We can offer you a range of fabulous packages to top sporting and music events to help you impress your clients.
If you prefer, we can create a bespoke package for you and your guests based on your requirements and budget. Contact us today to find out how we can help you get the most from corporate hospitality.
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