Do you want to make your team more efficient? Are you looking for easy ways to generate more revenue for your business?
Have you evaluated your team meetings yet?
Making the best of the time people spend in meetings is one of the most important things you can do to build productive teams and increase revenue potential.
Studies show that U.S. businesses lose $37 billion a year to unnecessary meetings. One analysis showed how a weekly meeting drained a company of 300,000 work hours a year. Another outlined how easy it would be for the average big business to waste $300 million on useless meetings.
The financial implications of unproductive meetings are massive.
But there’s a flip side:
There’s Tremendous Value in Productive Meetings
Bad meetings cost money. Good meetings boost revenue.
For example, let’s say you have a great sales associate named Sid. He’s smart, talented and full of big ideas.
Now let’s say it’s 9:30 a.m. on a Friday. Sid’s been working all week on customer satisfaction research to support a new retention and renewals initiative. Yesterday afternoon, he spent an hour brainstorming creative ideas and 15 minutes hashing out a few details on Slack.
Now it’s time for the big meeting when Sid and five of his colleagues will decide which direction to take. He walks into the conference room with an agenda in hand. Thanks to a daily dose of short online standups, he already knows what everyone’s working on and can launch right into a discussion about the project at hand.
Within 30 minutes, responsibilities have been divided up and team members are back at their PCs working on related tasks. By Monday morning, the new initiative is in full swing and everyone’s devoting their most productive hours to prepping it for launch.
If the average team member earns $100 an hour in wages and benefits, this meeting cost the company $250.
Unproductive Meetings Waste Absurd Amounts of Money
Now compare Sid’s story to that of Mary, who works down the hall in marketing.
Mary also has an idea for a new campaign to reengage lost customers. She hasn’t done any research yet, preferring instead to talk through half-baked ideas with other members of the 10-person team.
She set aside an hour for a group brainstorm, but the first 25 minutes are spent discussing what everyone’s currently working on. Chit chat ensues, and by the time they get to the topic at hand, 73% of attendees are working on unrelated tasks. The meeting is followed by a barrage of emails among staff as they try to figure out what’s next. This ultimately turns a one-hour meeting into four hours of work.
Total meeting cost: $5,025—a 1,910% increase over Sid’s 30-minute meeting with zero related email chains.
Productive Meetings Mean More Revenue Opportunity
Fast-forward a month. Sid’s sales team has already increased renewals by 15% a week after launching the campaign. Meanwhile, Mary’s marketing team is still halfway through the planning stage.
If the example above hits a little too close to home, don’t panic. There are plenty of ways to turn unproductive meetings into revenue-boosting ones. If you’re not sure where to begin, you can start by using our chart to decide when to meet and when to rely on tools like Slack and Jell instead.