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Management Information |
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Quick Tip - Effective Meetings Earn a Profit
Most people treat meetings as a free resource that can be used to deal with any issue. As a result, huge amounts of time and money are wasted on trivia. A meeting is a business activity (not a social event) and should be designed to earn a profit. Here's how. 1) Calculate the cost of the meeting by multiplying the number of participants (N), their labor rate (R), and the length of the meeting (t). Then add all other expenses (E), which should include travel, materials, refreshments, room rental, and other expenses. Cost = N * R * t + E 2) Estimate the value of the results expected from the meeting. For some issues this step will be easy. Resolving a manufacturing inefficiency, for example, could save thousands of dollars. Or developing an effective strategic plan could earn millions. This step becomes difficult for less tangible results, such as exchanging information in staff meetings or making some policy decisions. In those cases, you will have to guess the value. 3) Determine the return on your investment (ROI) by comparing value versus cost. ROI = Value - Cost If this analysis predicts a loss, either revise the meeting's scope or cancel it. After all, a meeting, like any project, must earn a profit. In addition, a profitable meeting will be an effective meeting. - - - - - IAF Certified Professional Facilitator and author Steve Kaye works with leaders who want to hold effective meeting. His innovative workshops have informed and inspired people nationwide. His facilitation produces results that people will support. Sign up for his free newsletter at http://www.stevekaye.com. Call 714-528-1300 or visit his web site for over 100 pages of valuable ideas.
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