Meetings are often unpopular among executives, managers and staff since they require so much time. However, meetings can also be a great tool for collaboration and problem solving. The LBi marketing agency has come to the rescue with a new app to assist professionals and businesses with conquering their meeting dependency. Below are some tips on how to use the Cost Of Meeting App (C.O.M.A.).
The Cost Of Meeting App (C.O.M.A.), which also ironically describes what often happens to people during long, boring, unnecessary meetings, reveals to business managers and clients the surprisingly high amount of money that is wasted on lengthy meetings and conference calls.
The Netherlands based agency developed the app after they became aware of the fact that participants often do not conclude their meetings, even after every agenda point has been covered. Thus, a great deal of valuable business time is then wasted.
Many businesses are meeting dependent. For example, meetings are scheduled with a number of key people to collaborate and then even more meetings take place to review the strategy that was developed during meetings. Other key staff attend meetings to:
- Brief other staff
- Re-brief teams of employees
- Obtain client approval
In fact, some meetings are held just to plan even more conference calls and meetings.
Meetings rarely involve two or just a few individuals. In many businesses, client or case review can require that an entire team of as many as twenty individuals are present. This can include people from the executive level, managers and other staff.
However, one example of a profession that seems to have gotten a handle on time management for meetings could be lawyers. Attorneys bill for their time, which usually includes travel and phone conversations. When clients learn of this, they are much more thoughtful before picking up the phone to call counsel.
Rather than insist that a lawyer come to their business, they usually find it less expensive to take a meeting at the attorney’s office. Even still, lawyers will appreciate the C.O.M.A. app so that they may apply time management principles even more effectively than they already do. Clients usually scrutinize their bills, so this app could also enlighten them about how the billing process works and empower them with valuable information.
The first rule in running effective meetings is to plan them considerately. Be aware that every meeting participant’s time is valuable. One of the most effective ways to manage meeting time is to understand the cost, which includes each person’s time. The C.O.M.A app can help accomplish this by signaling when the meeting should end. The process involves:
- Setting the number of meeting attendees
- Inputting each attendee’s average hourly rate
- Pressing start to begin the program
- Reviewing the results that reveal how much money was spent
The results will either reveal what it cost to reach business goals with an effective meeting, or how much money was wasted with a meeting that accomplished little, if anything at all.
About the Author:
Kyle is a business owner from Sydney, Australia. He has recently starting using the C.O.M.A. App for all of his meetings and it also helps to cut the costs of his meeting room hire expenses. Outside of work, Kyle likes to ride his motorbike and spend time with his friends and family.
Image courtesy of antoniofurno on Flickr.