Have you ever walked out of a meeting saying to yourself “that was a complete waste of time, there is another two hours I'm not going to get a refund on”

Meetings are an unavoidable fact of life and according to a LSE (London School of Economics) study. The average manager spends 18 to 26 hours per week in formal and informal meetings; and that the average meeting comprises of eight people!

What are Opportunity Cost?

Simply stated: "What you would have done if you didn't make the choice that you did" So the moment you commit to X you have decided not to Y , as a leader we need to ask some important questions before we call meetings. One such question is what sort of ROI or return on investment shall we get from the meeting?

Too often we hold £5000 meeting to solve the £500 problem, in normal business life and expenditure also has to have a receipt or some proof of purchase, but sadly the same rationale seems not to apply to meetings. The table below gives you some indication of the true cost, in financial terms of meetings, so before you call another meeting do the maths!

·         based on a paid 37½ hour week

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Guest author: Jim Hetherton