Offsites and retreats are popular methods for companies to bring their teams together, build connections, and foster productivity. However, these events can come with a hefty price tag, making it essential to set a realistic budget. Deciding on the right budget can be a complicated question, and the way budgets are set can vary across organizations.
In many cases, the organizers are provided with a fixed budget, which can be allocated according to their discretion. This can be overwhelming, especially for those who are new to budgeting. However, the best way to approach this task is to place budgeting after goal setting, which can make it easier to prioritize the items on the budget. By referring back to the goals of the event and what you want to achieve, it becomes simpler to decide how to allocate the budget.
When it comes to budget allocation, there are four core areas to consider: accommodations, dining, activities, and travel. Travel is typically the most inflexible of these four and can be quickly estimated based on where the attendees are traveling from. Once the travel budget has been set aside, the remainder of the budget can be allocated to accommodation, dining, and activities. In some cases, coworking space may also be a consideration.
Accommodation usually requires the highest portion of the budget, followed by activities and then dining. However, this can depend on the goals of the event and the interests of the attendees. By striking the right balance between these areas, you can create an event that's engaging, productive, and enjoyable.
To provide a better idea of how a budget can take shape, the article includes estimated budgets for various events. For instance, a California Getaway that accommodates 80 people for four nights would have a budget of $1,000 per person, making the total budget $80,000. A 20 person team retreat in New York City for three nights would have a budget of $1,925 per person, totaling $38,500. Meanwhile, a 20 person corporate offsite in Miami for three nights would have a budget of $1,325 per person, making the total budget $26,500.
To further help with budgeting, the article includes a survey of offsite organizers regarding the size of the budget for their most recent event. The survey found that the majority of events had a budget of $10,000 or less, with only 6.7% of events having a budget of $200,000 or more.
Setting a budget for an offsite or retreat can seem daunting, but by prioritizing goals and finding the right balance between accommodations, dining, and activities, you can create an event that's both effective and enjoyable for all attendees.
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