The Cost of Business Meetings and Why We Need to Take an ROI Approach to Them

Have you ever considered calculating the cost of your meetings

Be they internal meetings or external. Whether for new business or meeting existing clients. Meetings cost money. And need to have an ROI

Quite often our day may be consumed by meetings. And if not the meeting itself, the preparation, the travel, the set up of the meeting , all take up our precious time

Next time you have a meeting do calculate the cost factoring the following

  1.  Preparation time including travel time of all concerned
  2.  Actual meeting time
  3. Follow up time if any
  4. The total time based on the above three
  5. The salaries and overheads and travel cost if any of all meeting participants (where these are your clients or external parties just make an estimate)
  6. The hourly cost per person arrived at by dividing the monthly cost by 200 working hours

Use the above information to arrive at the individual time and overhead costs as well as the group cost

You may be surprised to know the total cost of the meeting. And based on the information and calculations, you can take a call on whether the meeting was really of use and if there was a conclusive end result from the meeting

As an illustration – A typical in town 2 hour meeting between a CEO (earning Rs 5000 an hour of Rs 40000 per day) and her/his direct reports (earning Rs 2000 per hour or Rs 16000 per day) would cost the company Rs. 20,000 (Assuming 5 Direct Reports). It would help to have business transacted during such meetings that justify the ROI 🙂

If you would like to improve the efficiency of your Business to Business Prospecting, you can consider using services from Kankei that will enhance the number of new prospect meetings through and effective database creation and lead generation exercise

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