.svg)
.svg)
.svg)
As offsite planning season approaches, budgets are top of mind. With rising travel costs and high expectations for memorable experiences, it’s more important than ever to maximize your budget.
Happied and AllFly have teamed up to share expert insights for creating impactful offsites without overspending. Here’s how to plan a memorable event that won’t break the bank.
Before COVID, travel costs typically made up about 3% of the corporate event budget. Now, however, travel has become a major expense, and companies are increasingly focused on ROI as we approach 2025.
Business travel expenses are expected to stabilize next year, but at levels higher than historical averages. Travel management company CWT and the Global Business Travel Association predict modest but steady price increases across various segments through 2025.
The bottom line: Travel managers will face higher costs and will need to adjust their budgets and strategies accordingly.
Importance of Evaluating Event ROI
Measuring event ROI is a vital step that promotes growth, transparency, and ongoing improvement. Here's why it's important:
- Quantify Value and Impact: Tracking hard metrics helps justify the investment and resources needed for events, showcasing their value.
- Drive Strategy: Analyzing ROI reveals what’s working well and where there’s room for improvement, providing data-driven insights that inform decision-making.
- Strengthen Stakeholder Buy-In: Solid ROI metrics aid in reporting to stakeholders, ensuring leadership support for future events.
- Focused Budget: Monitoring ROI enables smarter budget allocation, allowing you to invest in high-ROI activities for the best results.
- Allow Benchmarking: Comparing ROI from one event to another highlights trends and progress, helping set goals and manage growth.
- Maximize Future Success: Evaluating ROI opens the door for iteration and enhancement, allowing you to apply your learnings to achieve better results in future events.
- Build Transparency: Analyzing ROI communicates the financial health of an event clearly to stakeholders, demonstrating accountability and fostering trust.
Use these helpful tips to get the most out of your offsite.
1. Pick the Right Location Based on Event Size & Airport Size
- Large Offsites (500-1,000 People):
Choose a destination near a major airport hub to keep travel affordable and accessible. Cities like Chicago, Dallas, and Atlanta offer great convenience and cost savings. Use AllFly’s Forecast Tool to estimate flight costs before finalizing your location. - Smaller Offsites (50-100 People):
Smaller teams can get creative with their locations—consider mountain retreats or beachside resorts.
Tip: Understand where most of your attendees are coming from to ensure the location is convenient and budget-friendly for everyone.
Pro Tip: Use AllFly’s Corporate Travel Budget Guide
Ready to make data-backed decisions? Check out the latest e-book, the Guide to Creating a Corporate Travel Budget. This resource offers a comprehensive starting point for planning and managing your travel expenses. With data-driven insights and budget templates, you’ll have a strong foundation to maximize your offsite budget and meet your ROI goals.
2. Weighing Your Meeting Space Options: Hotels vs. Co-Working Spaces
Hotel Spaces
Hotels provide the convenience of an all-in-one location for lodging and meetings, but they often come with extra costs:
- Limited flexibility with catering, often requiring in-house options that can add up
- Additional service charges and gratuities on all food and beverage services
- Extra fees for AV and tech support, which can quickly increase your budget
Co-Working Spaces
For more adaptable and budget-friendly setups, co-working spaces offer flexibility and cost transparency:
- Many coworking venues include AV equipment, cutting down on setup fees
- Freedom to choose outside catering options, potentially lowering food expenses
- Clear, straightforward pricing with fewer surprise fees
Pro Tip: Use Happied’s Ultimate Retreat Planning Guide
Don’t fret about figuring this all out yourself. This resource covers expert tips on choosing the right type of space for your budget and more. Co-working spaces are ideal for smaller, relaxed offsites, while hotels may better suit larger, highly structured gatherings where attendees benefit from staying on-site.
3. Optimize Local Transportation: Shuttle Services vs. Car Rentals
Shuttles
Shuttle services can be an efficient option for larger groups with coordinated arrival times. They streamline transport between the airport and event locations, helping keep everyone on schedule.
Car Rentals
For smaller groups, car rentals offer flexibility, especially for offsites in more remote locations. Rentals allow attendees to explore the area at their own pace but keep an eye on parking costs if your event is in a busy city.
Pro Tip: Happied suggests shuttles for international destinations rather than having your team navigate unfamiliar terrain. As an alternative to car rentals, Happied recommends rideshare credits to allow your team cost effective flexibility in transit without the burden of driving.
4. Innovate with Programming: Virtual Guest Speakers
Inviting guest speakers can enhance your event, but it can also increase your budget. Consider virtual options for a cost-effective approach:
- Impact: Assess whether the speaker’s presence is essential or if a virtual setup would still be engaging.
- Cost Savings: Virtual sessions cut down on travel and accommodation expenses.
- Flexibility: Going virtual opens access to a broader range of speakers who may otherwise be out of budget.
Final Thoughts
With thoughtful planning, your offsite can deliver big results without draining resources. From affordable locations and flexible venues to efficient transportation and creative programming, you can shape a remarkable offsite experience while keeping finances in check.
With AllFly’s Forecast Tool and Happied’s cost effective planning, you’re equipped to make your next offsite memorable and budget-savvy.
.avif)
