Understanding Meeting Costs
Meetings are one of the most expensive activities in any organization. The true cost includes not just the time spent in the meeting, but also preparation time, follow-up actions, and opportunity costs.
Key Cost Factors:
- Attendee Salaries: Hourly rates × meeting duration
- Preparation Time: Time spent preparing for the meeting
- Follow-up Actions: Time spent on meeting outcomes
- Opportunity Cost: What else could have been accomplished
- Recurrence Impact: Annual costs for regular meetings
Calculating True Meeting ROI
ROI Formula: (Meeting Benefits - Meeting Costs) / Meeting Costs × 100
Meeting Benefits Include:
- Decisions made and actions taken
- Information shared and knowledge transferred
- Team alignment and collaboration
- Problem-solving and innovation
- Relationship building and trust
High ROI Meeting Characteristics:
- Clear agenda and objectives
- Right people in the room
- Appropriate duration
- Actionable outcomes
- Follow-up accountability
Optimizing Meeting Efficiency
Before the Meeting:
- Define clear objectives and agenda
- Invite only necessary attendees
- Share relevant materials in advance
- Set time limits and stick to them
During the Meeting:
- Start and end on time
- Stay focused on the agenda
- Encourage participation from all attendees
- Take clear notes and action items
After the Meeting:
- Send meeting summary and action items
- Follow up on commitments
- Measure outcomes and adjust future meetings
- Cancel meetings that no longer add value