Think of a recurring meeting that's in your diary – that has multiple people in the room.
Now, make a list of all the regular attendees.
Do a guestimate on what they are paid and what their hourly rate equates to.
Now add in an estimate of the time spent in preparation for the meeting, as well as the time spent in the meeting, and the time spent following up from the meeting.
Now once you have done all that, tally up the hourly rate of the attendees.
Finally, how frequently does this meeting occur? Is it monthly? Weekly? Multiply the number of hours invested in this meeting, the hourly rate of you and your colleagues, and annualise that figure.
Now, I want you to try and quantify the value of the meeting – what transformational decisions are made? What impact does it have to your business, your clients, your people or results?
The point of the exercise is not a new one – we all know that the curse of too many meetings that are ineffective, inefficient and feel like a burden is the common plight of many – particularly bigger businesses. And yet, we do nothing to change this state of affairs.
This exercise achieves one thing, and one thing only – it makes you calculate the cost of the meeting, and ascribe a value to it.
When leaders and their teams lament how much time they don't have, this is the exercise I make them do. Multiply this by the other meetings in your calendar that don't fill you with joy and you start to get a pretty hefty bill on the cost side, and a way smaller or indeterminate figure on the value side.
But the great news is, you can change it!
So what's the one meeting that you could cancel today, that would have little impact on your business and free up your team to get more productive?
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