Ellen Fremaux, Lawry's, Beverly Hills

Reduce labor costs. "For both our in-house events and off-premise catered events, we recommend stationary house hors d'oeuvres" as a way to save money. "They're less labor-intensive and more cost-effective than are specially ordered and passed hors d'oeuvres," says Fremaux.

"In catering, food stations also are more cost-effective." Another benefit of having stations: Since party attendees keep moving, guests are more likely to mingle.

Smaller portions. "We often recommend smaller cuts of our signature roasted prime ribs of beef," she continues. "Regardless of the size, the product quality remains consistent."

Save money on dessert. When it comes to off-premises catering, "it is less expensive to have desserts that can be served at room temperature than it is to serve frozen treats, because of the transportation issues," she says.

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