The Best Ways To Plan Your Corporate Gifting Budget
If you’ve ever run a company or managed a business, you’d know foresight is one of the most important skills you can possess. This applies to everything, even how to manage the budgeting of corporate gifts. Whether the gifts in question are for showing gratitude towards your employees or maintaining lasting relationships with your clients, it’s essential that you get it right. The best way to maximise the impact of your gift with the resources available to you is through meticulous planning.
Each organisation is unique and has its own requirements and assets. Calculating how much you can spend is a sound way to begin. If you’re going to narrow it down to how much you want to set aside, here are some factors to consider:
1. The people
Besides a headcount of how many employees you have, you have to account for parties like vendors, stakeholders, freelance workers, prospective clients, and service providers. Having a good gauge of how many people you need to buy gifts for is crucial to a well-rounded budget.
2. The purpose
Are the gifts only being distributed for a special occasion? Consider giving gifts on holidays, birthdays, or anniversaries as well. There are even instances of gift-giving as part of welcoming new staff. This creates a very positive association with your company while also allowing you to plan ahead for your gift.
3. The extra costs
As a general rule, increase your budget by about 15% when planning it in case extra costs are incurred. Having funds leftover in your budget is always preferable to going over it. As the gifting starts to yield results in long-lasting professional relationships, the list of prospective clients and employees often becomes longer. Your budget will have to be adjusted accordingly.
4. The individual
Now that you have an exact amount you’re prepared to allot to the budget overall, it’s time to focus on the individual. If you’re looking to avoid accusations of favouritism, the best thing to do would be to spend the same on everyone. This would be the ideal thing to do when giving gifts to employees to avoid any friction in the office, but this doesn’t mean you have to give them the same things. They just have to be equal in value.
For the clients, you should give gifts that are proportioned to the strength, importance, and duration of your relationship with them.
5. The volume
Depending on how many gifts you plan on procuring, it might be more financially smart and generally beneficial to buy corporate gifts in bulk than buy them one at a time. This way, you can use the time spent deliberating over each gift and the money saved elsewhere.
Corporate gifts are a sure-fire way to ensure that the people who contribute to your company know that their efforts are not going unnoticed. But keeping in mind all the factors listed above is a great way to ensure that you don’t break the bank while attempting to do. At Apex Gifts and Prints, we have gifts of all varieties for every occasion. Contact us today to find out more about what we can do for you!