As someone who has benefited from our lending partners’ kind generosity and hosted corporate entertaining events for our customers, I feel able to answer this question.
Broadly speaking there are two types of events regularly staged in our industry – sporting ones and formal lunches or dinners. The sporting ones include golf, sailing, motor racing, football and rugby matches – the list is endless.
Dinners tend to be industry events, charitable dinners, or award ceremonys.
It is important to dispel the misconception that attending such events is just a corporate jolly. There is a price to pay.
Attending usually involves staying away from home for a night or two. Being away from your family, and the travel and accommodation costs make it anything but a ‘freebie’. Most events result in early starts and late nights, then trying to catch-up with the e-mails and phone calls that have accumulated while you have been away.
So why do it?
First and foremost, it is about relationship building. We are still involved in a people business and as such, relationships with your providers and clients are vital. These events
give you the opportunity to meet decision makers and speak with competitors, which can yield a large amount of useful information.
The final benefit of corporate entertaining is keeping up-to-date with market issues and raising brand awareness. Attending events brings you up to speed with news and views, which can play a part in defining your strategic goals.
Time spent entertaining or being entertained is always time well spent.
