Have you ever sat down and looked at the cost of a meeting?
No I’m not mad – I know it was free to go and meet someone – but it actually isn’t.
Take a typical meeting – it starts with the small chat about the weather or if it’s a Monday – “How was the weekend etc etc”.
Then take the people that are in the meeting: Are they in a position to make a decision? If not why waste your time being there because you are going to have to set up a follow up meeting?
So as you can see, there is the actual cost of time.
Yes I didn’t forget my statement above.
Let’s say there are 3 people and their salaries are $150k each for the year – divide by 2000 as this is the average work hours in a year and then take that rate and multiply it by 3 (3 in the room remember).
I’ll do the calculation for you: $225 – this is what this meeting actually cost or $75 each.
Now double it for the opportunity cost as you could have been somewhere else or doing something else that actually makes money!
How many meetings do you have a day or week or year that don’t bear fruit?
Take that number and multiply it by your hourly rate, How scary is that!
Stop having meetings for meetings sake. Have a purpose for the meeting and a clear agenda.
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