Frivolous Spending is such an important phrase in my life…It’s something I, like the rest of the world in this dreadful economy, am trying to stop! Stop purchasing Coach purses, brand new cars and incentive trips…Incentive trips you might ask? Yes! I reward myself with a weekend trip after a long couple months of work.
I too am having to cut back on those incentives…AIG was the spark that lit the fire and started to show the world how much money is spent on meetings, events, and travel.
Although I don’t suggest a five star getaway or an all expensed paid trip to Hawaii for an incentive or a corporate meeting, I do think that there are some benefits to actually holding these meetings. Referring back to the benefits we talked about in regards to a face to face meeting, we have to realize how important these meetings really are! But the main point is to make them realistic, affordable, and cost efficient…but how you might ask do we do that?
Cut back on travel expenses – We hold meetings close to home which allows us to cut back on the outrageous cost of plane travel and focus on the decor or production that can really make the meeting stand out.
Change the mission of team building activities – Although I know we don’t want to give up hitting the CEO with a paintball gun on the teambuilding challenge, I might just give it up if I knew, instead, we were building a park for a good cause. It’s cost efficient, it’s still a good team builder and it’s a tax write off – therefore, it looks good to those looking in!
Stop the give aways – We all know that the computer bag we received on day one will go home with us and straight to the Goodwill box or maybe, it won’t even make it out of the hotel room! Save the money on the give aways and give each attendee a card saying a donation was made in their name to a local charity.
We must stop the frivolous spending…but that doesn’t mean you have to stop your meetings…Remember, meeting expenses get the biggest ROI for corporate expenditures, especially if done the right the way!
Continue to Elevate.