Firms are using group events to strengthen their internal teams, build relationships with external partners, and stay competitive in a constantly evolving industry. After a slow down due to COVID, group events are expected to increase by 30% in 2023 and exceed pre-pandemic levels, and include a 20% price increase to cover the cost of inflation in 2023. According to our peer benchmarking insights, mid-market financial services firms are planning and organizing an average of 5 events per year including LP events, annual conferences, Portco forums, internship events, and other firm socials.
Planning a group event requires careful consideration and set criteria to ensure that the event is successful and meets the expectations of the firm and attendees. Taking on the task of event planning distracts from other work commitments that may take precedent, making it difficult for you to optimize your time and the cost of planning the event. It is also important that these events go without a single hiccup because if it doesn't it will negatively affect your firm’s brand and reputation.
Here are some things to consider when planning a group event for your firm:
Establish a budget for the event and track all expenses carefully to ensure that they remain within the budget. Consider negotiating package deals or discounts with the hotel to save costs.
It is important to choose a venue that is conveniently located near the firm's office or meeting location, and accessible for both parking and transportation options for attendees. Location considerations should include local attractions and restaurants and convenience for travel.
Capacity and layout
After location, the number of attendees is the first critical item needed to source a venue. Remember to include not just invited attendees, but also support staff from your firm.
Envision the layout of your meeting space and ensure that the hotel you choose has sufficient space and rooms to accommodate the type of event you are planning. Communicating your desired set up and layout arrangement including seating, audiovisual equipment, and lighting is important for the coordinator to know if their venue will suit your event needs or not.
Check the availability and suitability of the hotels accommodations for attendees, including room rates, room types, amenities, and accessibility. Consider negotiating group rates and room blocks for attendees so the hotel venue does not sell out their rooms during the time of your event.
Check in with the venues’ catering options, menus, and pricing to determine if they can accommodate any dietary restrictions or special requests that your attendees may have during the event. Arrange mealtimes and refreshments into the event itinerary to ensure attendees are staying energized and engaged with one another throughout the day.
Technology and equipment
Check the hotels technology and equipment options including Wi-Fi, audiovisual equipment, and teleconferencing facilities, to ensure that they meet the event’s needs. Consider the availability of technical support and backup equipment.
Logistics and planning
Develop a detailed timeline and checklist for the event, including planning, execution, and post event follow up. Ensure that all necessary permits, licenses, and insurance are in place, and that all attendees are informed of the events details and requirements.
When you work with Concertiv’s Corporate Travel team, they take the lead on identifying the criteria needed for your firms group event is in order before proposing options to your team. The corporate travel team knows which questions to ask and negotiates based on the offers provided by the venues. Outlining what your firm needs is the key to Concertiv’s success for finding the right venue, for the right price.
Concertiv works with your firm to reduce the stress and confusion around securing space for groups and meetings. Our team has the knowledge, expertise, and relationships to source the right venues, negotiate the best price, and provide legal advice/feedback that will help take your group booking to the next level.
Take control of your travel and corporate event spend with Concertiv. Learn more.