Do you understand the cost of meetings?

People LOVE meetings. Let’s meet to discuss. Let’s meet to review. Let’s meet to …meet.

The question is, are people taking into consideration the cost of these meetings? Occasionally, the meeting room costs money. Frequently, it doesn’t. Even if the room doesn’t cost money, could that room be used for something else that generates money (opportunity cost)?

It costs money to get to meetings. Gas, airfare, etc.

The major cost, and the cost most frequently ignored cost is the cost of peoples time. A one hour meeting with six people is taking six hours (not counting time to get to and from the meeting).

If the people attending the meeting have no value to their time, why have the meeting in the first place? If they do have a value to their time, you have to make sure what is accomplished in the meeting is worth more than the costs of the meeting (including time) and more than the opportunity costs. If you can’t get more out of the meeting than the costs associated with it, reconsider the meeting.

By the way, the same applies to conference calls.

Have a great day!

Lawrence

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