1. Pay up front
"A lot of rental companies are happier to work with you if you can provide pre-payment," says David Turk of Indiana Market & Catering. "When we promise our rental partners prepayment, we're getting greater discounts. So we'll engage our client in that decision if they can help us offer larger deposits upfront."
2. Rethink traditions
Just because your company has done events a certain way in the past doesn't mean you should stick to a formula. Frank Goldstin of the Experiential Agency retooled Accenture's employee events and saved the client some cash. "We eliminated 11 separate black-tie dinners and did a huge concert instead, which was more impactful because the audience was mainly 25- to 35-year olds. We saved a quarter of a million dollars doing it. After the event people said, 'We never want to go back to black-tie dinners again. We want a concert.'"
3. Limit waste
Offering guests a choice of entrée is nice, but can be wasteful. When offering choices, caterers typically prepare 65 to 75 percent of each option. So if the caterer makes 75 of each choice for a 100-person event, 50 plates of food will go unserved. "At a seated dinner, offering a choice is very costly," says Suzanne Blezard of Sonnier & Castle. "It is more economical to offer one entree, say filet of beef, with a 'silent option' that guests who don't eat meat can request." Also, having both buffet stations and passed food doubles the amount of staff, because you need a team of caterwaiters to pass, and a team to replenish stations.
4. Buy your own stuff
Purchasing some supplies instead of renting can be cheaper over time. For meetings, buying fax machines and other office equipment often costs less than renting it. "An extension cord is $15 if you rent it but it's $4 if I buy it from the Duane Reade across the street," says Patricia Rego, promotion manager at Smart Money magazine. "We're saving a lot of money over the long run." Because audiovisual equipment is increasingly user-friendly, to set up a simple meeting you may not need a pro who might require a four-hour minimum. And don't limit purchases to audiovisual equipment: "If there's a specialty item that you'll use again, buy it," says Caryl Chinn, special events director at Bon Appétit. "We've done this with linens in a signature color."
5. Wake up early
For seminars, press conferences and other daytime events, do a breakfast instead of lunch. Morning meals are less expensive because they're lighter (and guests are less apt to tipple), and some crowds are more likely to attend an event at the beginning of the day rather than disrupt the workday for a lunch event. "It doesn't have to be a continental breakfast [to be cost-effective]," says Rego. "The edible egg is sorely missed at breakfasts these days." (At the opposite extreme—and probably for an opposite audience—consider a late-night cocktail party instead of an after-work event. If you start around 9 or 10 PM, guests will most likely have dined already, so you need less food.)
6. Turn up the volume
If you host a lot of events and meetings, taking them all to the same venue or chain of venues can get you a lower rate for the year. You will have to guarantee a certain amount of business to have the bargaining power to lock in a good rate, but it can save you time and cash later. Because he negotiates volume discounts, Josh Arker, former events manager for the UJA-Federation of New York, says he doesn't get stuck paying higher rates when he schedules dates during busy months like May or June.
7. Poke around your venue
"Every venue in Manhattan presents a unique set of obstacles, whether it's a freight elevator that runs slowly, or a parking structure next door that is going to make trouble," says Tony Richards of production firm NYC Tone. "You end up spending a lot of money the day of the event if you don't know these things." Ask the venue manager for planners who have used the space, and call for their take on the location. Also: Take a walk around the neighborhood, and watch for things that might help later: a school that lets out the same time as your scheduled load-in, a Kinko's for last-minute photocopying, or a vegan restaurant that will come in handy when an important guest demands tofu.
8. Find new talent
"I like to constantly meet with new vendors and see new products that are off the beaten path," says Rego. New companies are more flexible with pricing when they're trying to establish a reputation and client base. "If you're willing to take a chance with new companies, you can save a lot of money."
9. Give yourself a cushion
If you're bringing in a lot of rentals, décor or production equipment, try to get as much time as possible at your venue. A long, leisurely load-in—a few days, maybe—means fewer people can do the work. But with just a few late-night hours, you'll need more workers, and you could end up paying twice as much in production costs. Even when you're just bringing in cocktail glasses, if the venue requires that everything is out the night of the event, you might have to pay a fee to the rental company to pick them up quickly.
10. Fish for choices
Because the cost of ingredients can greatly affect the cost of catering, be flexible with food choices and let your caterer help make menu decisions. Your caterer is in tune with what's seasonal, what crops are abundant and therefore less expensive and other factors that affect food costs. For instance, news about PCB poisoning in farmed salmon has raised the cost of wild salmon. So Suzanne Gilliam of the Catering Company has offered Tasmanian sea trout as an alternative. "It's very much like salmon in color and texture," she says. "And it tastes amazing."
—Suzanne Ito
"A lot of rental companies are happier to work with you if you can provide pre-payment," says David Turk of Indiana Market & Catering. "When we promise our rental partners prepayment, we're getting greater discounts. So we'll engage our client in that decision if they can help us offer larger deposits upfront."
2. Rethink traditions
Just because your company has done events a certain way in the past doesn't mean you should stick to a formula. Frank Goldstin of the Experiential Agency retooled Accenture's employee events and saved the client some cash. "We eliminated 11 separate black-tie dinners and did a huge concert instead, which was more impactful because the audience was mainly 25- to 35-year olds. We saved a quarter of a million dollars doing it. After the event people said, 'We never want to go back to black-tie dinners again. We want a concert.'"
3. Limit waste
Offering guests a choice of entrée is nice, but can be wasteful. When offering choices, caterers typically prepare 65 to 75 percent of each option. So if the caterer makes 75 of each choice for a 100-person event, 50 plates of food will go unserved. "At a seated dinner, offering a choice is very costly," says Suzanne Blezard of Sonnier & Castle. "It is more economical to offer one entree, say filet of beef, with a 'silent option' that guests who don't eat meat can request." Also, having both buffet stations and passed food doubles the amount of staff, because you need a team of caterwaiters to pass, and a team to replenish stations.
4. Buy your own stuff
Purchasing some supplies instead of renting can be cheaper over time. For meetings, buying fax machines and other office equipment often costs less than renting it. "An extension cord is $15 if you rent it but it's $4 if I buy it from the Duane Reade across the street," says Patricia Rego, promotion manager at Smart Money magazine. "We're saving a lot of money over the long run." Because audiovisual equipment is increasingly user-friendly, to set up a simple meeting you may not need a pro who might require a four-hour minimum. And don't limit purchases to audiovisual equipment: "If there's a specialty item that you'll use again, buy it," says Caryl Chinn, special events director at Bon Appétit. "We've done this with linens in a signature color."
5. Wake up early
For seminars, press conferences and other daytime events, do a breakfast instead of lunch. Morning meals are less expensive because they're lighter (and guests are less apt to tipple), and some crowds are more likely to attend an event at the beginning of the day rather than disrupt the workday for a lunch event. "It doesn't have to be a continental breakfast [to be cost-effective]," says Rego. "The edible egg is sorely missed at breakfasts these days." (At the opposite extreme—and probably for an opposite audience—consider a late-night cocktail party instead of an after-work event. If you start around 9 or 10 PM, guests will most likely have dined already, so you need less food.)
6. Turn up the volume
If you host a lot of events and meetings, taking them all to the same venue or chain of venues can get you a lower rate for the year. You will have to guarantee a certain amount of business to have the bargaining power to lock in a good rate, but it can save you time and cash later. Because he negotiates volume discounts, Josh Arker, former events manager for the UJA-Federation of New York, says he doesn't get stuck paying higher rates when he schedules dates during busy months like May or June.
7. Poke around your venue
"Every venue in Manhattan presents a unique set of obstacles, whether it's a freight elevator that runs slowly, or a parking structure next door that is going to make trouble," says Tony Richards of production firm NYC Tone. "You end up spending a lot of money the day of the event if you don't know these things." Ask the venue manager for planners who have used the space, and call for their take on the location. Also: Take a walk around the neighborhood, and watch for things that might help later: a school that lets out the same time as your scheduled load-in, a Kinko's for last-minute photocopying, or a vegan restaurant that will come in handy when an important guest demands tofu.
8. Find new talent
"I like to constantly meet with new vendors and see new products that are off the beaten path," says Rego. New companies are more flexible with pricing when they're trying to establish a reputation and client base. "If you're willing to take a chance with new companies, you can save a lot of money."
9. Give yourself a cushion
If you're bringing in a lot of rentals, décor or production equipment, try to get as much time as possible at your venue. A long, leisurely load-in—a few days, maybe—means fewer people can do the work. But with just a few late-night hours, you'll need more workers, and you could end up paying twice as much in production costs. Even when you're just bringing in cocktail glasses, if the venue requires that everything is out the night of the event, you might have to pay a fee to the rental company to pick them up quickly.
10. Fish for choices
Because the cost of ingredients can greatly affect the cost of catering, be flexible with food choices and let your caterer help make menu decisions. Your caterer is in tune with what's seasonal, what crops are abundant and therefore less expensive and other factors that affect food costs. For instance, news about PCB poisoning in farmed salmon has raised the cost of wild salmon. So Suzanne Gilliam of the Catering Company has offered Tasmanian sea trout as an alternative. "It's very much like salmon in color and texture," she says. "And it tastes amazing."
—Suzanne Ito
