Company retreats can cost a lot of money, but they are often worth the cost because they improve teamwork and culture.
Solid financial planning can help a business of any size host a fun, engaging event without spending too much on the retreat.
What Should My Company’s Retreat Budget Be?
Before making a budget, you should think about what your company can actually afford. Don’t spread your business so thin that if you spend too much, it could fail.
Then, think about what your team wants out of a retreat, and divide up the budget to pay for each of those things.
For example, you might spend 35% of the budget on the venue, 25% on food and drinks, 25% on team-building activities, and 15% on other costs, such as transportation and team swag.
If you don’t know where to start, follow the “quarter rule,” which says that you should spend 25% of your budget on each of the four main parts: lodging, transportation, food and drinks, and activities.
How to Optimize Your Company Retreat Spending?
Consider Team Size
The number of people who come to your retreat will affect the bottom line and may determine whether you have one big retreat or several smaller ones for each department. The more people on your team, the more money you’ll need to save for your retreat.
Choose an Accessible Location
Make sure that most of your team can get to the location of the retreat. For example, transportation will be easier to use and there will be more things to do in metropolitan areas.
But your team might have more things to worry about, and staying in a city might cost more in the long run. On the other hand, rural cabins and chalets may be more private, but they are often farther away and can cost a lot more to get to.
Find Accommodations With Fun Built-in
When you book a place with built-in activities, your team can do things together (other than just sit and talk) without spending much more money.
Find a hotel or place that has restaurants, a pool, mini golf, a rooftop bar, a game room, etc. You could also look for a place to stay that has a free outdoor pool, fire pit, or games to keep your team busy.
Encourage Coworkers to Carpool
Carpooling can be helpful for employees who live close to each other or who can plan their trips together. This way, the business doesn’t have to pay for the travel costs of each employee if two or more are in the same car.
Make Your Meals
Especially for smaller teams, buying groceries and cooking meals together will save money and give everyone a chance to get to know each other better.
Also, think about having a potluck dinner on the first night so that people can bring food from home to share with the group.
Let Team-building Activities Double as Favors
If you don’t have a lot of money for goodie bags, plan one or two craft activities so employees can take something home to remind them of the trip.
Some examples are painting, making candles, or making a T-shirt design.
Find Ways to Leverage the Retreat for Business
Think about how the retreat can help your business in specific ways. For instance, hire a pro to take headshots and group photos of your team while everyone is in the same room.
Also, a brainstorming session in person might be more useful than the usual virtual meeting or a bunch of jumbled Instant Message threads.
Plan Activities Wisely
Choose things to do that don’t cost a lot of money. Trivia, field day activities, cooking classes, video game/board game tournaments, escape rooms, mini golf, beach days, and yoga classes are all low-cost or free options.
Hunt for Deals on Accommodations, Food, and Activities
If your team is big, you might be able to find deals on hotel rooms, tickets, or food for your retreat. If you want to get the best deal, don’t be afraid to ask vendors for “bulk” or “wholesale” discounts.
Travel During Off-seasons
TravelPerk says that April, May, September, and October are the best off-season months for a company retreat. But when you plan, keep in mind any holidays or special events that will be going on in the city or place you choose.
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