Financial Advice Blog

Given the tough financial times at the moment, many companies are doing everything they can to keep their contacts and clients happy. You might think that they would be cutting costs, but in fact most are blowing their budgets on trying to maintain relationships. But how much time and finances should be allocated to corporate entertaining these days?

It is important to bear in mind that every business relationship works both ways.Most clients rely on the relationships they have with companies and want to maintain these just as much as anyone else. With this is mind it is really not necessary to break the bank on corporate entertainment. Something that will work much better is being thoughtful and accommodating.

Find out which activities your contacts enjoy or have experienced previously first, and try to get a feel of the type of activities that will suit them. Chances are they will enjoy doing it again and they will appreciate the effort you have gone to in order to make them happy. Secondly, don’t just organise one event and leave it at that. Everybody is different and only planning one event is likely to leave some people bored and feeling left out. For example, if you book a corporate entertainment day at Henley Regatta, don’t just get tickets to watch a couple of races. Arrange for your guests to get a rowing masterclass from an expert, have one of the organisers show them behind the scenes and make sure you have a few goodies to hand out as well. This will ensure that you stand the best chance of keeping most people happy, and your efforts will likely pay off.

Finally, make sure you don’t scrimp on entertaining costs. You shouldn’t of course go wild and spend like money is going out of fashion, but equally you should not try to take shortcuts or go cheap just to save a bit of dosh. You can’t help but insult your contacts by doing this as they will think that you obviously do not value them enough, which kind of defeats the point of the event.
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