A word of caution has to be given before we get into the party ideas. At nearly every office party, someone gets entirely carried away with the beverages. This leads to uncomfortable situations that can lead to a really bad time for everyone.
If you go to holiday parties, make sure you take it easy on the beverages. This is particularly true at office parties. Remember, your superiors are going to be there and your conduct will count in their eyes when it comes time for evaluations at work.
Now that we are past that warning, the biggest issue for any office party is, well, the party. Specifically, what kind of party are we talking about? Bigger companies go for blowouts, but smaller companies need to get creative. Here are some suggestions.
Teamwork is usually a big key in making a small business successful. If you own the business or are responsible for the party, consider throwing it at the boss' house. It can create a bond between everyone and has a friendlier feel than a banquet room in a hotel.
Of course, you are now going to have to come up with food for the festivities. Throwing a potluck isn't a bad idea as everyone has to get involved. If you have a budget to work with, call around to catering companies for some options.
For entertainment, the White Elephant exchange is considered a winner. Everyone brings something from their closet they hate wrapped as a gift and has a value under $30 or so. Gifts are then exchanged and everyone gets a good laugh looking at all the junk.
If you really want to think outside the box, turn the office party into an event. Take everyone to some event on the company. A friend of mine works for a company that took everyone to a Cirque de Soliel show. Wow!
At the end of the day, I suggest you try something different with your holiday party. Most people are sick and tired of banquet rooms and some form of chicken breast dinner. Been there. Done that. Go for something new. If it fails, at least you tried.