Hosting a holiday party for the people in your company is a great way to let them know you appreciate them and boost morale. However, many small businesses experience a slow-down towards the end of the year, making the budget for a party a little tight. The good news is that you don’t have to spend a fortune to have a successful party.
Things to consider when budgeting for your company holiday party
Avoid using operating capital or going into debt for a party.
While a party can be a big positive for your staff, you don’t want to put the company’s future at risk by borrowing or using your operating funds for the party. This is especially true if December and January are your slowest months, as they are for many businesses.
One thing you can do, however, to raise a little holiday capital is sell your accounts receivables to a third party. Called factoring, this allows you to collect your future payments today and saves you and your staff the time and energy necessary to track down those payments.
Get creative with DIY party accessories.
Having a festive business party doesn’t have to mean spending a fortune on expensive party decorations. Instead, channel your creativity and make your own decorations. Inspiration can be found on sites like Pinterest and from a Google search of office party ideas. Decorating with balloons or wrapped shipping boxes can add a festive air to your party without spending a lot of money
Hold the party at your facility.
Party rooms and restaurants can be extremely expensive, especially during the holiday season. Save on that expense by having the party at your own office or warehouse. With a little creativity, even a bland office can be turned into a festive site for a party.
Use virtual invitations.
Instead of expensive paper invitations that take time to address and postage to send, consider virtual invitations, such as a text or video invitation or even a Facebook event invitation.
Make it a progressive party.
If you have multiple departments, consider having each department “host” part of the party and move the festivities along from department to department as the event progresses. Not only will your employees feel more invested in the event, but they’ll have an opportunity to show off their special (decorated) work areas.
Hosting a holiday party for your company doesn’t have to break the budget. Raise a little extra cash by factoring your accounts receivable and keep your party small and in-house.