Managing food and beverage costs effectively is a vital part of planning corporate events.
It can significantly influence the overall budget, as catering expenses are often one of the largest financial considerations.
Below are strategies that can help event planners and corporate conference directors reduce these costs without compromising on quality or guest satisfaction.
1. Understand Your Audience
Before making any decisions about food and beverages, it’s crucial to know who will be attending your event. Understanding the demographic (age, professional background, cultural preferences) can help in planning appropriate meal options that minimize waste and meet dietary needs. This step ensures that you cater exactly to your audience’s preferences and avoid spending money on unpopular or unnecessary menu items. Tracy Stuckrath, founder of Thrive! Meetings and Events, suggests a clever strategy to maintain quality while saving costs: “Smaller protein-based portions for main courses can be complemented with more plant-based items to fill each plate at lower expense and expose attendees to new foods.” This not only controls costs but also aligns with the growing trend of offering diverse and healthier food options at events.
2. Choose the Right Catering Style
Selecting the most suitable catering style can lead to significant savings. For instance, opting for a buffet or family-style service can be less expensive than a plated meal, as they require less staff to serve. Buffets also offer the flexibility of portion size, which can help reduce food waste. Consider the nature of the event when choosing a catering style—networking events may benefit from light, stand-up options like canapés, which are usually cheaper than full meals.
3. Negotiate with Venues and Caterers
When selecting a venue or caterer, don’t accept the first offer. Instead, use your negotiation skills to get the best deal possible. Ask about discounts for large groups or off-peak times. It’s also beneficial to build a relationship with a single supplier and use them for multiple events to leverage better prices or extras. “Every hotel and venue has ideas on how to help you be successful with your food and beverage,” notes Natalie Norris, CMP, CMM of Meeting Professionals International. “The best way to partner with the hotel is to communicate your food and beverage needs and wants so your next meal is not only a ‘Wow’ factor for your attendees but is also within budget.” Robyn Mietkiewicz, strategic partner at INNOV8 Meetings + Events, emphasizes the importance of negotiating with venues to get the most value for your F&B budget: “Negotiate slippage, just like with sleeping rooms. Try to get 20%, if possible, but 5%-10% is definitely achievable.” This tactic allows you to secure additional servings beyond the guaranteed number of attendees, ensuring that everyone is well-fed without overspending.
4. Limit Alcohol Options
Alcohol can dramatically increase the catering costs of an event. Limiting options to wine and beer instead of a full bar can reduce costs.
Consider also having a cash bar where guests pay for their own drinks, or a limited-time open bar, perhaps only during a reception hour. Another cost-effective strategy is to negotiate a bulk purchase of alcohol or bring your own if the venue allows it, which can avoid high per-drink charges.
5. Go Local and Seasonal
Choosing local and seasonal foods can be more sustainable and is often less expensive. Local foods don’t incur large transportation costs, and seasonal foods are generally cheaper when they are at the peak of their supply. Talk to your caterer about integrating these options into your event’s menu. This not only reduces costs but can also enhance the quality and freshness of the food.
6. Monitor Portion Control
Work closely with your caterers to control portion sizes. Oversized portions lead to more food wastage and higher costs. By right-sizing portions, you not only save on the food itself but also on the waste disposal costs post-event. “Allocating a specific percentage of your budget to F&B and tracking expenses regularly are essential steps when planning any event,” as highlighted by A2Z Events by Personify. “Not only will this help you stick to your budget, but it will also ensure that your guests have a memorable culinary experience.”
7. Plan Efficiently with RSVPs
Accurate headcounts are essential for cost control in event catering. Encourage prompt RSVPs and consider using a software tool that can help you track these responses efficiently. A few days before the event, provide your caterer with the final count to ensure you are only paying for the food you need.
8. Utilize All-inclusive Packages
Many venues offer all-inclusive packages that bundle space rental with food and beverages. These can often be more cost-effective than paying for each element separately. Ensure that the packages are customizable to your needs so you can adjust the food and beverage offerings according to your budget and preferences.
9. Repurpose Excess Food
Plan for the possibility of excess food by arranging in advance how to handle leftovers. Partnering with local charities to donate unused meals is not only a way to give back to the community but also can potentially offer tax deductions. Additionally, it ensures that the food does not go to waste, aligning with sustainable event practices.
10. Evaluate and Adjust
After each event, evaluate what worked and what didn’t in terms of food and beverage planning. Use this information to adjust your strategies for future events, which can lead to better budgeting and less wastage over time.
11. Embrace Build-Your-Owns
Increasingly, groups prefer to serve themselves, says Amaia Stecker, owner and lead designer at events company Pilar & Co. in Washington, D.C. in a recent Northstar Meetings Group article, she encourages planners to incorporate a build-your-own bar so attendees can prepare their food to their own taste and dietary restrictions.
“Again, less staffing and less food waste,” she notes. “Also look for food on sticks, which uses fewer utensils and can still be both savory [meatballs, risotto, falafel, Spanish croquettes] as well as sweet [ice cream pops, lollipops, French-toast sticks].”
In Conclusion: Optimizing Your Event’s Budget with Smart Food and Beverage Strategies
Food and beverage costs need not be a drain on your event budget. By understanding your audience, choosing the right catering style, negotiating with vendors, and implementing control measures, you can significantly reduce these expenses. This approach not only ensures that your event is cost-effective but also environmentally conscious and responsive to the preferences of your guests. By carefully planning and continuously improving your strategies, you can achieve both financial savings and elevated event experiences.
