Meetings that Make Money!

Ineffective meeting COST money, but effective meetings MAKE money. Click To Tweet

The cold hard fact is that most people hate meetings. They start at 9am sharp and end at 11am dull. Many team members report feeling that it does nothing more than waste their time and sometimes it even leaves them more discouraged and confused than when they arrived. Many leaders hate meetings, too. Most leaders feel that they are supposed to hold meetings, but aren’t even sure what to do at one.

Think of the money it takes to run a meeting. Some leaders spend an enormous amount of time just in preparation for the meeting. Sometimes team members have to spend preparation time for the meeting as well. Calculate the amount of money each person in the room is being paid and divide it into an hourly wage. You can see how that a basic two-hour meeting can cost thousands of dollars, to say the least.

So wouldn’t it be best if your ROI from a meeting was 10 times the amount spent? Well, it could be.

So wouldn’t it be best if your ROI from a meeting was 10 times the amount spent? Well, it could be. Click To Tweet

NOTE: I am not talking about leadership development or training meetings. I am talking about regular-type staff meetings.

A meeting should be for the benefit of the leader (more than the staff)

Key idea: As the leader, you may need to give out information at a meeting. But you should be concentrating more on receiving the information you need to process the decisions you need to make. Look at each person in the room as your personal “search engine” where you can gain the pieces to put the puzzle together.

A meeting should be to solve a problem or receive “real time” information in the most effective, efficient way

Key idea: In these meetings, the leader should be looking for answers. Not just any answers either; the right answers. As you listen to those in the room, it should be in “real time” because it is from the right people.

A meeting does not always have to have the same people attending

Key idea: Often organizations have meetings per an outdated organizational chart. You may need an org chart to know who goes where, but you need a flow chart to understand who does what and when.

                       

You may need an org chart to know who goes where, but you need a flow chart to understand who does… Click To Tweet

At each meeting, the leader should only invite those: (1) closest to the problem to be solved or information to be received; (2) that can implement the change needed with the information received. Just because a person is a direct report doesn’t mean they should attend a meeting. Save their time and your money.

Because effective meetings will MAKE and not COST you money!