With remote communication and cloud based software now rendering geographical barriers as meaningless, there is a growing perception that event planning and corporeal meetings are no longer relevant in the contemporary small business world. This opinion is also partially founded on the prevailing economic condition, during which time small business borrowing has dwindled amid a background of austerity and stagnated growth.
Why Event Planning is Still a Worthwhile Investment for your Small Business
While small businesses must look to tighten their belts, however, they should remember the value that event planning and physical networking brings to their organization. Consider the following reasons as to why event planning can help your business to thrive in challenging economic times: -
• The Need to Retain and Win Business: Since 2008, more than 200,000 small businesses have ceased to operate in the U.S. alone. This represents a global trend, and the challenges that independent ventures face when looking to retain and win new business. Creative corporate events can therefore represent a sound and productive investment, as they create a unique opportunity to strengthen existing client relationships and even forge new ones. So long as you invite your most valued clients and prospective customers to attend your event, you can take the first steps towards ensuring a steady flow on sustainable income.
• Empowering Optimized Employee Performance: Regardless of whether your small business employees one or fifty members of staff, their collective performance is key to long term attainment. With this in mind, you should strive to optimize the input of individual staff members and develop their ability to work within a team. Investing in relevant and challenging team building activities can therefore deliver significant rewards, while also inspiring good natured and healthy competition between individual employees. An additional benefit of this is that it can help to boost morale among your work force and develop an environment in which people are empowered to succeed.
• Networking in Person: While the concepts of social and professional networking have taken precedence in recent times, there is a lot to be said for liaising in person with collaborators, clients and potential customers. With Social Media Day Meet Ups now offering small business owners the option to combine the very best of both virtual and real world properties, it appears as though firms are beginning to recognize the importance of face to face communication. In terms of marketing a specific product or service and selling the key features of your brand, physical networking provides an opportunity not to be missed.
When it comes to investing in your small business, there is no doubt that you need to adopt a careful and considered approach. By addressing viable avenues for investment that can deliver significant returns, however, it is possible to expand your venture while others struggle to adapt to adversity. With this in mind, creative corporate event planning, team building activities and networking opportunities should not be discarded as relevant business practices.