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What Do Meetings Cost Your Company?

by Cameron Herold | December 11th, 2017

Do you love meetings? Chances are, you don’t!

The more important question is – are you running effective meetings as CEO or COO?

Are you attending meetings that matter to you and participating effectively as an employee?

Here is a bit of a backstory about how this idea was came to me.

One of the CEOs that I had been coaching for a while was always complaining about meetings, telling me that they were a waste of time, and that all his employees seemed to be wasting a lot of time. From that discussion, we decided to sit down and  and calculate how much meetings were actually costing his company.

We ended up coming up with this rough formula…

Take your total payroll cost for the year, then consider that every employee spends an average of 1-2 hours a day in meetings, or on phone calls (which are essentially meetings).

So if you’re a 15-20 person company with a payroll of $1million per year you’re looking at anywhere between $120,000 and $250,000 spent each year on meetings. That’s a big number!!

What it works out to is that about 25% of your payroll is funding meetings.

What’s even scarier is the reality that there likely is not anyone on your team that knows how to run meetings, attend meetings, or participate in meetings. Or, for that matter, why some meetings are even happening.

So – long story short – the reason I wrote Meetings Suck is to teach employees how to attend and participate in meetings.

The book is broken into thirds: 33% is about how to lead meetings, how to set them up, and how to run them, 33% is written for every employee on how to attend and participate in meetings, and the last 33% is what kind of meetings you need to have in order to have a highly successful culture and fast growing company. In essence, it was written so that every employee, in every company, would read it so that we can all stop complaining about meetings and start running some amazing meetings to truly grow companies, and have fun while doing it.

 

Here is a video to give you a more in-depth look at the book.

 

Cameron Herold

What do his clients say they like most about him? He isn’t a theory guy—they like that Cameron speaks only from experience. He earned his reputation as the CEO Whisperer by guiding his clients to double their profit and double their revenue in just three years or less.
Cameron was an entrepreneur from day 1. At age 21, he had 14 employees. By 35, he’d helped build his first TWO $100 MILLION DOLLAR companies. By the age of 42, Cameron had engineered 1-800-GOT-JUNK?’s spectacular growth from $2 Million to $106 Million in revenue —and he did that in just six years. His companies landed over 5,200 media placements in that same six years, including coverage on Oprah.
Cameron is a top-rated international speaker and has been paid to speak in 26 countries. He is also the top-rated lecturer at EO/MIT’s Entrepreneurial Masters Program and a powerful and effective speaker at Chief Executive Officer and Chief Operating Officer leadership events around the world.