Business Gifts – Do’s and Don’ts
Business Gifts have always been an important part of commercial culture, they are seen as a sign of respect and appreciation for your clients. They help create a more personal connection between you and your customers, which in turn helps create a relationship which should, in turn, have a beneficial impact on sales. Equally gifts for your employees demonstrate your gratitude for their efforts and commitment to the success of the company.
The first thing to think about when considering business gifts is to work out what would be appropriate for the client. For example, if you are dealing with a customer who has been loyal to you for years, you may want to consider giving them something that shows how much they mean to you – a disposable pen may not go down well. If you are thinking about a customer who has just started working with your company, then you may approach it from a different angle. Another thing to think about is your intention – is it to say ‘Thank you’, to encourage the customer to continue to use your company or some other reason. On occasion, if your customer is well known to you, it may even be something more personal such as a wedding gift.
What Do You Want Your Business Gift To Say
Some types of business gifts are seen as representing something specific. For example, a bottle of wine is often seen as a thank you gift, flowers and chocolates as an apology. A personalised diary or business tool is recognition of an ongoing relationship, a commitment to a future working together.
The most common type of business gift is a small token of appreciation. These are generally given to clients or employees to show that you value their work or their loyalty. This type of gift can be anything from a spectacular experience, a gift voucher or something like a personalised pen. You should be careful to take into account the receivers preferences – a voucher for dinner at a Steak House might be seen as insulting for someone who is vegan.
In giving this gift you are saying to your customer ‘We value you’ which encourages a good relationship and will hopefully enhance their loyalty to you so make sure your gift sends the right message.
Do Business Gifts Have To Be Extravagant?
There is a common misconception that giving a business gift to someone should be something extravagant – this is not the case. Overly generous gifts can cause embarrassment, or suspicions of trying to buy influence or business. Small but thoughtful gifts are often better received. You can find relatively inexpensive gifts for your clients and employees without breaking the bank. There are companies who specialise in producing a wide range of gifts to suit every budget – and you should always have a budget for any gifts you plan.
For just a few pounds you can get items such as
- coffee mug
- business card holder
- hobby related items such as golf balls
all of which can also usefully serve as advertising for your business. Don’t forget that business gifts are, in the main, tax deductible, though you should always consult your Bookkeeper or Accountant about the specific rules.
Selecting An Appropriate Business Gift
Size matters:- The first question you need to ask yourself is what size the gift should be. It is important to select a size that is appropriate for the recipient and their needs
Consider the occasion:- It is also important to consider the occasion when selecting a business gift. You will want to make sure that it reflects this appropriately, which means you may need to purchase something different depending on whether it is for an individual or a company.
Think about your budget:- When selecting a business gift, you will want to think about your budget as well as what type of gift you are looking for.
What message are you sending:- Consider the subtle messages your gift may send, and make sure they fit your intention. An inappropriate gift will be seen as an insult.
When You Should Give A Business Gift
Gifts are usually given at specific times of the year – Christmas is a classic example. However it may be more effective for you to give gifts when they are least expected – although if you know the recipients Birthday that can win you serious Brownie points, depending on your relationship.
Celebrating a milestone either for their company or yours always goes down well and can cement a business relationship for may years to come.
If you want to know more about how you should treat Business Gifts in your accounts why not arrange a free consultation and find out how we can help you make your business more cost efficient – we’d love to hear from you >Contact Us