The word hospitality has become synonymous with all things related to comfort and goodwill. Hospitality can be traced back to the centuries back. From the earliest taverns, bars and inns, hospitality has shaped its way through the ages into almost every field of life. It is much easier to put what hospitality truly means in the present day and age as all of us have experienced it during some point in our life. From a gentle smile to a big gesture, hospitality presents itself in many forms. It is important to understand that hospitality is not solely related to hotels or our homes or the food and beverage it brings with it self, but rather hospitality is an everyday happening that plays an integral part in all our daily lives. Likewise, hospitality has reached even the corporate industries that are called upon to use their various hospitality services daily. By definition, the Cambridge dictionary defines corporate hospitality as �the fact of a company entertaining its customers, employees, etc. for example by inviting them to big events, to get or keep a good relationship with them�. Originally, corporate hospitality was a means of creating an event that would benefit either the members of a company or potential clients but all at the expense of the company. Such events would help create various networking opportunities for future businesses and would also greatly strengthen the already existing business relationships. Corporate hospitality can also be looked at as an elaborate marketing plan, where the company puts its best foot forward to attract people to do business with them. Corporate hospitality is not limited to the greetings and kind gestures at the offices. Corporate hospitality can mean elaborately planned exclusive vents that can cost a lot of money for the hosts. But all the investment into glamorous events is a way to increase your source of revenue in the future. Investing in Corporate Hospitality No matter how you look at it, corporate hospitality ultimately benefits the company. Corporate hospitality events are an effective strategy to help your company grow internally while also keeping its clients interested. These events help the company make a great first impression that can eventually make or break the relations with a potential new client. People like to be made to feel special and appreciated. That is just human nature. Corporate hospitality seizes those opportunities and capitalizes on it to profit further. Retaining Older Clients� While corporate hospitality events cater to new and potential clients as well, hosts usually keep in mind the older clients who have been with them. Such events serve as a thank you from the company to their clients for their continued support throughout the years. In this present age, companies face a very tight competition and retaining and strengthening the bond with older clients or investors are a very crucial factor for helping the company stay afloat in the present market. Ensuring that older clients feel valued is just as important as attracting new clients. Companies need to showcase that clients no matter how long they have been with the company are equally valued. For companies to show that they can retain their older clients plays a very important role in attracting new clients to invest in the business. A Personal Touch Businesses today are a very formal form of communication. Everything goes through emails or phone calls and meetings that are strictly focused on the business side of things. There isn�t much time to get to know the person you�re doing business with. Many businesses are geared towards a 9-5 working day. After the working hours, many are usually preoccupied with other commitments. This leaves little to no time for two business partners to meet and discuss things unrelated to business. This is where corporate hospitality events come into the picture. Since a company is likely to have multiple clients, meeting each one of them individually and getting to know them will be a very big time constraint for both. Hosting an elaborate event with all the clients under one roof will make things easier for all parties involved. Events like these not only help people relax and socialize but also help the host to connect with their clients on a more personal level. A personal touch goes a long way in influencing decisions to your company�s favor. Increasing Your Team Morale Employees are the backbone of any business. Without them, a company is setting up for failure. Companies today realize that more than anything, the employees are the most important asset to them. Employees in every workforce deserve to be recognized and rewarded for their efforts. Failing to do so might disrupt the balance and thus lead to a decrease in the overall performance. Employees also function best when each one helps their coworkers. Team building exercises are a common picture in today�s corporate world. Not only do they provide employees with quality leisure time but they also help employees gel as a team. They also help lift the general mood around the workplace and greatly increase the morale of everyone involved. Keeping your staff happy will make sure that they are loyal to you. No employer would want to lose an employee who does their job well, especially to a competitor. Similarly, celebrating various holidays can also lighten the mood around the offices and help show appreciation towards the employees. Networking Opportunities A business should always look to network with other people who will enhance their business further. Having influential contacts that drive your business forward has been a necessity for quite some time now. Networking with other people has always proven to grab new opportunities. Not only will you have the platform to entertain your clients, you will also have the opportunity to network with multiple parties at a time. With the hosting of these events, people can also expect to come up with new ideas to develop the business further through interaction with various people.

Corporate Hospitality differs from place to place. Comparing corporate hospitality in the Nepali scene to elsewhere around the world will certainly be different. Nepal�s economy is still growing but comparatively slower than others. As such, Nepali companies may not necessarily have the capacity to splurge on extravagant events frequently. What Nepali companies lack in spending on such events, they usually make up for it in relatively smaller events which do feature important and potential clients as well. Companies in Nepal don�t have a large budget set for corporate hospitality events but any events they host, they expect great returns nonetheless. Corporate hospitality is very much a long term gain and events serve as a benchmark to eventually attain the targeted goal.

However, those who can afford to host elaborate events organize glamorous events year-round. These companies have segregated parts of their annual budget for their various corporate hospitality events throughout the year. As the hospitality industry, in general, seems to be growing at a rapid pace, the corporate sector isn�t lagging behind. These corporate sectors are the ones that are regularly seen hosting various events for their employees and clients.

The corporate hospitality scene is relatively in the early stages here. Many of the events that are held are done through internal discussions and planning since there aren�t many dedicated firm or company that exclusively plans these events. However, companies do tend to outsource their plans to an event management company.

One of the few corporate hospitals in the country, Grande International Hospital regularly works on various community projects and helping patients who cannot afford healthcare.

�Regardless of Grande being a corporate hospital, we do a lot of charity services. Whether it is through the hospital itself or the doctors individually and even the general staff, we try to help everyone who comes to Grande. We help those who cannot afford medical treatment and give many patients free treatments as well. Many people have the conception of Grande being an expensive hospital and think that they cannot go here for treatments,� according to Grande International Hospital Deputy Medical Director Dr. Binod Bijukachhe.

�That is not the case at all. We are always ready to help those in need and especially those who cannot afford treatments. We are establishing a new Siddhartha Ward for those who cannot afford medical treatment. The ward will have a very subsidized rate or even free treatment in some cases.� �As for our employees, we reward them on an individual level but we haven�t officially started a reward program as such here.�

�Our initiatives are also focused on general healthcare education. We go to many areas and educate people about the various situations where hospital visits are required or not. Many a times, people are misinformed that they need to go to the hospital for any illness. Our wish is that people don�t visit hospitals at all. People will fall sick and they will need medical attention and we try to give the best care there is. The hospital also regularly organizes charity health camps, blood donation programs. We are also the only corporate hospital in Nepal to have our own blood bank through which we also help other hospitals when they are in need of blood,� says Dr. Binod.

The Factory Team, one of the biggest fashion companies in Nepal goes all out when ensuring that their staff is motivated and treated well.

�Our staff is crucial to us. We always try to maintain soaring team morale and try to keep motivation levels high. If they have any difficulties, we regularly try to listen and help them out in any way we can,� says Sarita Sunuwar, Manager at The Factory Team.

�Every once in a while we take the entire team out for dinner which helps to increase the bond between each one of us. We also provide frequent lunch services and rewards employees time to time so they can stay motivated and work to the best of their abilities,� adds Sarita Sunuwar.

Corporate Hospitality is here to stay whether companies like it or not. The business world is moving rapidly ahead and seizing any advantage will prove to be beneficial. Small business or startups won�t have the capacity to spend their money in such events so capitalizing through marketing promotions is their best bet.

  Standing Out From the Competition Corporate businesses are a very competitive scenario. Even the slightest of advantages can prove to be game-changing for the company. Companies are constantly hosting corporate hospitality events to attract more clients towards their business. Every client you have can easily be persuaded to do business with your rival competition. Picking a venue of high standards will showcase that your company is serious when it comes to caring for the people it is in business with. Doing this will enable the company to stand out and show off the resources the company has to new and old clients. Investing in corporate hospitality should require proper planning and shouldn�t be seen as a quick fix to turn your company�s fortunes overnight. Companies should understand that investing in corporate hospitality takes time to pay dividends. Decision-makers in these things should be knowledgeable about all aspects related to hosting a corporate hospitality event. Simply inviting guests and hosting events will not do you wonders. The host needs to actively engage with guests throughout the event and make sure everything goes according to plan.