??
CEO & Co-Founder, Run Like Clockwork. Follow for posts and conversations about leadership, team development, and operational efficiency.
I had a call with a client last week, and I had to share because you need to audit your meetings IMMEDIATELY. Part of being a whip smart business owner is recognizing that making more money doesn't always come from just making more sales. It comes from understanding the value of our time and spending it appropriately. And when we can find opportunities for COST SAVINGS -- these can be just as impactful and way easier than driving more revenue. Sometimes it's just one small tweak to unlock 6 figures of growth.?That happened last week on this call. The team did their time tracking and then I helped review and audit. We TRASHED 25 team hours of meetings each week.? Adding up to about $3650 / week in cost savings. If we assume we’re working about 48 weeks / year…that’s 1200 TEAM HOURS we just saved. Which adds up to about $175,200 in cost savings for this particular company based on the highly skilled team members she is paying. That's not a typo -- and a 6 figure cost savings is not all that uncommon when we're looking at the right data. >>>The team can now use those recouped hours to increase team capacity immediately — we can either move through projects faster or take on additional clients.?<<< We can also now use that time on activities that will GROW the business. So there is even more value to be captured even beyond the $175k we used saved. Things to think through to help you create your own meeting cost savings: ? How many hours of meetings do you have each week? ? How many hours of meetings do you team members have collectively each week? ? What is the purpose of each meeting? ? How can we get this same info without spending everyone’s time in a meeting? Let me know if you need help with this, I love a good meeting audit session! But whatever you do, don't ignore this!