It is a sweet gesture if you acknowledge the efforts of your employees who have made your business a successful venture. Whatever the reason may be, giving gifts to your employees, clients, and service providers is an awesome feeling. But the question is how much you should spend to be economical. Reading through the blog will surely clear your doubts.
Analyze The Overall Budget
The wise decision is to establish an overall gift budget. This way the company gets an insight as to how much they can spend on their employees. However generous company owner you may be set a limit at a certain point. Since you are running a business, be considerate on certain points. For a small business, it becomes an important point to ponder on as it is essential for them to set budget limits. Deciding on a budget gives you a framework to build your gift list according to a total employee number. A high budget allows you to choose some personalized corporate gifts for employees. Pen down your budget according to the various categories you have decided.
Decide Your Categories
Once you have analyzed the budget, decide the various categories and amount to be spent on each recipient. Frame a list of all the recipients and in front of them mention the amount you want to spend on them. Another way out is to define the categories and then spend accordingly.
Clients: Make a list of all the clients and decide the amount for each client. There are some business owners who spend more on some specific clients based on their market position and the revenue they serve. It is a good idea to spend according to the profit the clients have served to your organization. However, this way you can foster new relations with the other clients.
Employees: The second category can be of employees. Generally, the companies prefer to give standard gifts to all its employees to make them feel at par in the organization. It is so because spending more on any specific client can ignite unhealthy competition among the employees. So decide a standard gift for all your employees to keep a track of your budget. However, you can keep a separate budget to give promotional gifts to the employees based on their work performance. Companies also give cash bonus amounts to different employees.
Service Providers: Obviously you would want to spend more on the efficient service providers who have to render better services to your business. The service providers form an important part of the company.
This helps the organization to effectively distribute the budget among the categories.
Choose A Gift Substitute
It might be impractical to give individual gifts to every employee or client if you run a big business. Many companies prefer to give eco friendly corporate gifts to your employees. If the number of employees in your company is huge, keep the option of substitute gifting always open as it is economical. For instance, you have a store and hundreds of customers approach every day. Giving put individual gift to everyone seems unrealistic. In such cases gift substitutes is the best option. Few examples of substitute gifts include:
Discount Coupons: For an e-commerce business, giving special discount coupons is a great and economical deal. You can give out discount coupons to all the customers as this will not destroy your budget much.
Handmade Gifts: Another substitute could be giving out handmade gift items to your employees. For example, few companies simply give way greeting cards as it saves money. But at the same time, give it a personal touch. Gifting homemade food items such as chocolates and cookies is also a good idea. The trend on handmade gifts is growing at a large scale and is loved both by the employees and the firm.
Keeping a track of all these points, you can spend economically for purchasing different gifts at 5By7 and keep your employees and clients satisfied.