Meetings – Expensive Time Investment

Meetings are time investments for a company; it’s crucial to make the most of this time and maximize its returns. Prior to scheduling a meeting, consider addressing the following inquiries:

• Is this meeting necessary?
• Is it the best time for the meeting? Should the intended attendees be doing something more important at this time?
• Is there some other way that I can accomplish the objective of the meeting?
• If my purpose for this meeting is information sharing, can I pass information on by phone, email, or through a website?
• What is the worst possible outcome if the meeting is not held at all?
• Who must be attending the meeting?
• Who is not needed in the meeting?
• Who can contribute and needs to participate in decision-making or problem-solving?
• Who requires this information and is there a better way to get it for them?
• If this meeting worked out perfectly, what would be the result? What would happen ? What would people do afterwards?

Every meeting incurs expenses, and it’s important to acknowledge that the cost associated with the individuals in attendance can be significant. A straightforward method for estimating this cost is to multiply the participants’ hourly earnings by the duration of the meeting. For instance, if each participant earns between $25 to $50 per hour, and you invite ten such individuals to a meeting, it could amount to as much as $500 or even more for just one hour. Imagine allocating this amount individually to each participant before extending the meeting invitation.

Reference: “Meetings that Get Results” by Brian Tracy