How to Set the Right company off-site Budget

Mar 9

In the blink of an eye, the next quarter is hurtling toward us!

It's time to recharge and get energized for growth, so companies are naturally starting to explore options for their next employee retreat.

Whether you're planning something small and intimate or a large elaborate gathering, setting the right corporate retreat budget is the key to success.

We're here to share how to tackle this task without throwing your calculator at the wall in frustration.

Define Your Goals

Like any other area of your business, goal setting is critical to achieving success.

Before you embark on planning your corporate retreat, you need to know why you're doing it—what do you want to accomplish?

Of course, you want your employees to have fun and come away feeling valued; that goes without saying.

But digging a little deeper will help you to organize a retreat that delivers results and allows you to allocate funding in a way that aligns with your goals.

So, whether it's the development of innovative new business strategies, improving connections and workplace culture, or investing in the health and wellbeing of your staff—outline your objectives and prioritize your spending accordingly.

Check the Guest List

You can't crunch the numbers without knowing how many people are attending the retreat.

The decision on attendees will inevitably relate to what you are trying to achieve. For example, some goals will require a company-wide invitation, while others may be more suited to a specific business department.

Obviously, your corporate retreat budget will need to grow in line with the guest list. But don't forget that sometimes planning for larger groups can open opportunities for packages and discounts from providers.

Discover Your Destination

Location, location, location!

Where you hold your retreat will significantly impact your budget.

Sure, the gorgeous Kohala Coast in Hawaii sounds idyllic! But will your corporate retreat budget get the green light with the costs involved in flights, transport, and accommodation?

If the business has been booming, and the answer is yes, tremendous!

But don't forget the goals of your retreat, and ask yourself if the location plays a pivotal role in achieving them.

Choosing the right destination is a balance of finding a location with the ideal ambiance and activity options while still being convenient and affordable.

Plan the Details

Once the location is locked in, it's time to start planning the specifics. Just like ingredients in a recipe, every element works together to create an unforgettable and rewarding retreat.

Accommodation

There are many things to consider when choosing accommodation for your retreat. The first, of course, is how many people are attending. Larger groups will require a hotel or resort, while more intimate department retreats may opt for an Airbnb setting.

The activities you have planned will also impact your choice, with hotels and resorts having the advantage of conference and event spaces to cater to your needs. And don't forget to consider the proximity of the accommodation to offsite adventures and experiences, as this could increase your transportation expenses.

Transportation

Circling back to the decision on the destination—how will your employees travel to the location, and how will you provide transport to the accommodation site and any planned activities?

After all, your employees will need a safe ride back to the retreat after enjoying the smooth jazz and wine tasting at the local vineyard that you managed to sneak onto the agenda, right?

Transportation requirements may involve a variety of options, including flights, shuttle services, and car rentals. And with the workforce becoming increasingly hybrid, you may need to organize individualized travel itineraries.

Food and Beverages

If you are hosting a larger retreat in a hotel or resort, there is a good chance that the food and beverages will be provided in-house. Check with the venue to explore what they can include in your package.

For a smaller retreat in a location that doesn't provide a food and beverage service, consider hiring a catering firm to take care of meal preparation. With the rise in food allergies, you have to pay attention to employee dietary requirements. Having a professional catering firm in control will ensure that everyone stays healthy—and allow you to focus on being present with your team!

Activities

So, remember that tantalizing winery visit you snuck onto the agenda? This is where you work out how to fund it!

When planning your activities, think back to the retreat's goals.

Are you looking for team-building activities?

Adventures that will push your employees' comfort zones and increase confidence?

Experiences that will provide relaxation and a chance to recharge?

Analyze what you want to achieve and then explore your destination for options and pricing.

Of course, not every activity needs to connect back to your goals—sometimes, it's just about pure enjoyment and building memories (bring on that glass of red at the winery)!

Allocate a Contingency Budget

It doesn't matter how well you plan; there will always be unforeseen costs in hosting your retreat. Allocating a contingency budget allows you to be prepared and prevents that awkward conversation with finance after the event.

Assigning about 10% of your overall budget to cater to unexpected costs is recommended.

Call in the Experts

Setting a corporate retreat budget can be overwhelming. But your employees deserve the very best, and with detailed planning, you can provide them with an unforgettable experience that will inspire them to take your company to new heights.

As you plan your retreat, don't underestimate the value of calling on experts in the field. For example, you can hire an independent event planning contractor or consult a destination management company—and naturally, The Triangle Sessions would be thrilled to help you curate the perfect retreat.

Danielle Schulz