Here’s How Much You Should Save to Finance Your Company’s Retreat
Planning a company retreat can be pretty exciting; especially if it’s your organization’s first one. You’ll want to choose a venue that’s within your budget but also appeals to everyone who will be attending. A retreat can be costly, but with the proper planning an execution, you’ll be able to host a fantastic retreat, even if you’re on a budget. Here’s how much you should save to finance your company’s retreat.
How Much Can You Save Per Month?
First and foremost, you’ll want to take into account the company’s finances and come up with a realistic amount that you could be saving each month or quarter. This will help you better plan your retreat and give you a clearer picture of what your budget will actually look like.
A retreat isn’t something you want to jump into haphazardly, as it can be costly for any organization to host such an event, even with a lot of planning. Planning ahead simply helps you account for unexpected costs, changes in venues, and other unforeseen circumstances. It also lets you know what you can actually afford, so you’re not overspending.
The Venue Matters
The biggest expense of the entire process will be your venue. Venues range in price depending on a variety of factors, including:
- Number of attendees
- Length of Stay
- Meal Plans
- Time of Year
When choosing your venue, be sure to account for each of these factors. How many people will be attending? (It’s good to have an RSVP list to be certain) How long will your retreat be? A weekend? A few days? What time of year are you planning for a retreat? By asking these important questions, you’ll be able to better plan for the right venue and stick with your budget.
Depending on your venue and amenities required, you’re looking at anywhere from $50-75 per person, up to $350/$400 per person. If you’re only inviting a few people, this can be manageable; but a company-wide retreat can add up quickly. If you’re in New York, you can find information here on corporate retreats New York.
Take into Account Even the Smallest Expenses
When you’re planning your retreat and savings plan, it’s important to take into account even the smallest of expenses for maximum accuracy in your budget. Even simple things like printer ink, paper, and bottled water can add up quickly when you’re planning for a few dozen (or a few hundred) people.
With a more accurate budget and savings plan, you can ensure that your retreat doesn’t incur unforeseen costs, or that they’re planned for ahead of time should they occur. Your financial advisor can assist you with making a budget or savings plan that fits your company’s specific needs. Go here to compare the best financial advisors in Houston.
Utilize Experts for Planning
Using an event planner to help create the perfect retreat can not only help you choose the right venue, but also reduce the workload and stress associated with planning such a large and important occasion. With expert advice, you’ll be sure to remain within budget while still planning a retreat the company will remember for years to come.
Event planners can range anywhere from about $25/hour up to $100/hour, depending on experience, location, and the level of planning. This cost can be well worth it, however, when you see just how much money one of these trained experts can save you on the overall cost of your retreat.
Recreational Activities Cost Too
Depending on your retreat venue, you’ll have access to certain leisure or recreational activities like hiking, canoeing, kayaking, and more. This is all dependent on the venue of course, but sometimes the cost of these extra-curricular activities isn’t actually included in the venue’s package.
You must include downtime at your retreat. Without it, employees won’t feel like they’re at a retreat at all and can feel overworked. Treat your retreats like a productive vacation. Set time slots for productivity and downtime, and most of all, participate in the downtime activities as well. If you’re a top manager or the company owner, it’s important that your employees see you enjoying the same activities so you can better connect with them.
So, What’s the Overall Cost?
Let’s say you’ve booked a venue complete with meal plans, recreational activities, and lodging for one hundred employees. The cost is $250 per person for three days. This means you’ll be spending $25,000 just for the venue, lodging, and food. This doesn’t account for those minor costs we mentioned previously, any professional planning services you enlist to help, and travel expenses (you’ll likely want to cover flights or provide gas-cost reimbursement for your employees).
One the low end of the spectrum, you’ll probably spend $15-$20,000 on a retreat, but they can be as costly as $100,000 for a few nights; again depending on a variety of factors. The best way to save money is to plan ahead, use an event planner and financial advisor, and start saving up months ahead of time.
The Bottom Line
Retreats are generally expensive, especially for smaller businesses that aren’t generating as much revenue as a huge worldwide conglomerate would. The best advice we can offer is plan, plan, plan, and then plan some more. Planning helps you navigate unforeseen circumstances, as well as create an appropriate budget and savings plan to ensure you’re not overspending.