For a lot of events, food & beverage costs is one of the largest event expenses. These costs are usually even higher if you’re hosting your event at a hotel. Here are some cost-saving tips you can consider to implement:
Tip # 1: Don’t Serve Bottled Water!
A major cost saver for events is to provide water stations in lieu of providing bottled water. The station can either come with complimentary plastic cups, or you can provide attendees with a reusable water bottle as a swag item to promote green initiatives at your event.
Tip # 2: Review Buffet v. Plated Meal Costs
Generally speaking, most venues and caterers offer buffets at a more cost-efficient price rather than plated meals. Another bonus with opting for a buffet instead of a plated meal is there’s more wiggle room with extra food.
Again, please make sure to carefully review the pricing of each caterer or venue before moving forward with a final menu.
Tip # 3: A La Cart Snacks
Caterers and venues tend to offer break packages, some that are a good deal and some that are not. Depending on the needs of your group, looking into a la cart items for morning and afternoon breaks can be a real cost saver. I recommend selecting 3-5 a la cart items and guaranteeing 30-40% of your group for each item.
If you know you have a group of large eaters, it’s probably best to stick with a package.
Tip # 4: Serve Beer & Wine Only at Receptions
If you’re hosting an evening event or reception where you plan to serve alcohol, consider only serving beer and wine. Taking liquor out of the equation is a major cost saver. Additionally, I recommend ordering based on consumption rather than selecting a package. However, please do keep in mind that if you know your group is heavily into drinking, a package is the best bet for your event.
Depending on your event budget and event reputation, you can also serve hosted bar the first hour of the reception then switch to cash after that.
Tip # 5: Meatless Monday Meals
We all know that adding meat to your menu will always cost more rather than if you have vegetarian items. While going vegetarian during the whole program doesn’t work for a lot of groups, branding one day around being meatless not only reflects another green initiative for your event, it will decrease your food cost for that day.
Tip # 6: READ The Contracts!
Whether you’re working with a hotel or using an outside caterer, it is very important to make sure you have carefully read through the contract and terms and conditions in order to determine gratuity percentages, delivery fees, and any other fees they may charge. I recommend creating a menu and adding in these percentages so you know where this projection compares against your budget. You don’t want to get hit with another 3% handling fee you hadn’t budget.
Tip # 7: Adjust the Guarantees
This obviously vary group to group, but you don’t always have to guarantee 100% of your group for all meals! First of all, most venues will have an overset percentage. Sometimes it’s listed in the contract, but if it’s not reach out to your Customer Success Manager. Once you know the overset number, you can deduct your guarantee minus the overset number (if you want to guarantee 100%).
As a general rule of thumb, you can usually follow these guarantee guidelines:
- Breakfast: 85%
- Morning Snack: 90%
- Lunch: 100%
- Afternoon Snack: 90%
- Dinner/Evening Event: 90%
Again, this will depend on your group and if they tend to show up for all meals.
Riley D West 