A small business may thrive on meetings. These opportunities are crucial to the overall success of a company, but they could also be major time-wasters.
However, there are some great strategies and financial tips that a small business owner can implement to improve all-too-frequent meetings, and stop workers from getting in the way of productivity. A financial plan may see a serious boost from easy, simple changes to a meeting's structure – and that could really pay off for a firm in the long run.
On-track people equal a good meeting
There could be several reasons why a small business' meetings fall apart. One of the biggest ones is the people in attendance, according to Inc. magazine. The thing is, many people don't like meetings in the first place. They come across as a waste of energy and a nuisance. This isn't a good sign, and steps should be taken by the owner and the managers to improve this aspect of the company.
For starters, the meeting's organizers should attempt to stop inefficient behavior before it even starts, the news source noted. This means that the subject should be clear and concise, and set forth well in advance. A meeting can quickly get off-topic in a hurry, all because a concern or question was raised that isn't necessarily important.
Therefore, the goal of each meeting needs to be written out by the managers ahead of time, and sent to each employee. This way, they will all understand what is supposed to be discussed, and keep other comments for a more appropriate time.
In addition, a moderator might be a useful addition to the meeting, Inc. magazine explained. All that is needed is one person to keep everything on track, and make sure that a single voice doesn't control the entire time. A financial plan might be limited if meetings are wasted, and the benefits from successful discussions and presentations far outweigh the risks, as long as the company takes the right steps in advance.
Financial tips for great meetings
Saving money is always a priority for a small business. However, sometimes the first thing owners look to get rid of is the meeting, according to Elaine Pofeldt, contributor to the American Express OPENforum. This might not be ideal, and instead, a firm should try some creative financial tips to cut costs and still keep a financial plan on track.
One sound method is a video conference, Pofeldt noted. This may be a cost-effective solution to an over-budget meeting, because remote partners can be easily reached and infrequent get-togethers sometimes don't need a lot of time or a big space.
Additionally, a hybrid meeting might also be a viable method to keep things interesting. Some small businesses want to cut back on the number of people in attendance, but anyone who wants to join in should be allowed to via video. This will cut back on possible distractions while still giving the company the reach it wants. While this has many positives, it is also worth noting that the networking opportunities provided are typically missed by those who view the event remotely.
Moreover, not every meeting takes place in the office. Some companies need to travel in order to meet with clients or other business partners. This can get costly, and the best way to save could be alternative destinations, according to Pofeldt. A small business may not have the budget for a big conference in Los Angeles or Boston, but other, less expensive cities are typically close by. Therefore, a small business can save by looking at what is truly worth the money when it comes to meetings.