Having a succesful holiday party includes having a nice venue, themed decorations, a nice ambiance including lighting, and of course great entertainment. The food is also important but keep in mind that years later people will not be talking about when they were eating the 5-course fancy meal but they will be talking about the entertainer. This is why it is important to allocate your budget wisely if budget is something you even need to consider. It is a much better decision to have a nice venue and a great entertainer than to have super extravagent food with long drawn out speeches by important figures within your company. You want your employees to be talking about how great of a time they had so that they will come back next year with excitement.