THE LEAKING TAP OF TIME AND HUMAN RESOURCES
Know the cost of your meetings
Meetings can be a massive drain on both human and time resources. If not run effectively without a clear purpose, they can gobble a large amount of time and money that could be better spent on productive and measurable activity.
Like any other investment, you need to see a return. Are you maximising your meeting Return On Investment (ROI)? If not…why not? Here are some things to consider when analysing the true cost of your meetings.
- Staff Salaries
- How many people are attending you meeting?
- What are their individual rates per hour?
- How long do the meetings go for?
Add this up to see the true expense of your human resources into meetings. When put down on paper you can genuinely see whether your money is best spent elsewhere.
- Meeting Frequency
- How many meetings do you staff attend each week?
Can you cut your number of meetings down by half? Instead of regular meetings with half the content, reduce to one super meeting that has turbo charged agenda.
- Food and Beverage
- If food is provided, what amount do you spend per meeting?
- Cost of equipment
- Do you use equipment during the meeting?
- Lost Productivity
- The biggest point is left til last. Time spent in meetings is less time spent on the job at hand.
Don’t get us wrong, some meetings are invaluable and required, it is those meetings that are not well planned and managed that can run the expenses cost far beyond their worth.
So sit back and assess the need, frequency, duration and attendees of your meetings to ensure you are getting the best out of each meeting. Treat it like any other business investment and ensure your ROI is being met.
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Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.
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