The Hidden Cost of Your Team Meetings
Let’s uncover the true cost of your weekly check ins..
I know you love your team meetings.
It’s fun to hear what everyone did over the weekend.
You really care about the people you work with.
And you feel great when collaboration occurs in real time because so-and-so didn’t think about problem X in this specific way.
Yay. It’s awesome!!
But the CPA in me sometimes wonders if you’ve thought of the cost of your team meetings.
Why?
Because meeting time is some of your most expensive time (aka adds to your team expense VERY quickly).
And I want to ensure that you’re getting the highest ROI on your team expense.
Don’t believe me? Think meetings aren’t expensive?
Let’s put some numbers on this.
Assume the following:
✅ You have a team of 8 people
✅ Hourly rates range from $25 - $50/hr. We’ll assume the weighted average cost per hour for your team is $42/hr.
✅You meet once a week on Tuesdays for 45 mins.
Here’s the cost:
Monthly cost: $1,092 (annual cost / 12)
Annual cost: $13,104 (8 people x $42 x 52 weeks x .75hrs per mtg)
$13k for 45mins???
With those kinds of numbers, the CPA in me wants to make incredibly sure that a few things are crystal clear for this meeting:
Who is leading the mtg?
What are the objectives of this mtg?
Follow up q: is a full-team mtg the only way to achieve these objectives?
Is the agenda circulated before the mtg or the same week to week?
Who is ensuring action items make it into your project mgt software so people are accountable week to week?
And what if this meeting typically goes 15mins long?
The annual cost jumps to $17,472.
SEVENTEEN THOUSAND DOLLARS.
On the other hand, what if you tightened up that agenda and kept the meeting to 30 mins because project statuses/tasks were up to date in your project mgt software so only high-level updates were required in team meetings?
Your cost falls to $8,736.
Now, I fully recognize the need and desire to gather your team, to ensure projects are moving forward, and to create a sense of community. I get it. And if some or all of your team is virtual, building a healthy working culture is key.
But I just want to make sure you’re being very, very, very intentional about meeting time so that you have a biz for years to come.
Because what I don’t want to happen is for you to spend 1.5hrs/week meeting with your entire team and then come to me when your s/h bonus draw has to be a lot less this year because profits are down.
So, my questions for you to ponder this week are:
Is a full team meeting required every week or could you switch to bi-weekly meetings?
What are the 2 - 3 objectives of your full team meetings?
Is there another way to accomplish any of these objectives outside of a full team meeting?
If you want to learn the really simple stuff you could be doing TODAY to build your very own 7-Fig biz - like taking a closer look at your mtg time - you’re in the right place.
I’m excited to announce that we have opened up one spot in 7-Fig CEO for a mid-Sept start!
This type of support is perf for you if you want to:
Grow and scale to 7-figs and beyond without the overwhelm - aka inorganic growth strategies that make sense for your unique biz / industry
Ensure you get ROI on your biggest expenses so there’s more $$ in your pocket at the end of the month
Right size your team so the right people are doing the right stuff with clearly defined roles and functions (aka you can take a vacay and not check your email)
Dream big and take a risk. You want a strat plan + work plan that steers your ship in the right direction instead of chasing every new opportunity that crosses your desk
The Details:
Minimum 3 month commitment
20hrs/month for 3 payments of $4,000 or 5 payments of $2,800
35hrs/month for 3 payments of $6,475 or 5 payments of $4,533
50hrs/month for 3 payments of $8,500 or 5 payments of $5,950
All prices are subject to GST/HST
And what’s the difference between the levels?
At 20hrs/mo, we’ll accomplish 1-2 objectives together per month, 35hrs/month means 2-3 objectives and 50hrs/mo means 3-4 big things crossed off your list.
Examples of stuff we’ve worked with clients on before:
Developing a role/function doc for a CEO and COO combo which clearly shows how these roles are different and extremely complimentary so it’s clear who is doing what
Creating a strategic plan that allows the owner to see a clear path from $35k/mo to $80k/mo
Developing a profit sharing program to incentivize the client’s senior staff members and encourage buy in while being sensitive to the shifting profitability of the company.
Yep! I’ll say it. My job is pretty fun.
Click the button below to book a call and begin a convo about what could be possible for you within 7-Fig CEO!
Take care and talk soon,
Tanya