Best Ways to Conduct Business Meetings [Complete Guide]
Conducting a business meeting is essential for the survival of any business organization or company. It enables the company to have a more solid plan for it to adapt, innovate and advance. While there are a myriad of ways to conduct business meetings, it is important to know how to effectively carry out one to save time, resources and produce the best results.
Business meetings are so crucial that in the United States alone, over 25 million formal business meetings happen each day. However, not all of those are efficient business meetings. According to statistics, over $37 billion are wasted over unnecessary meetings each year.
Not only that but there are also not so noticeable acts happening during meetings that further decrease the effectiveness of business meetings. Some examples are employees bringing their work to the meetings and some don’t even focus on what’s being discussed.
There are also more noticeable examples such as other employees dozing off or those that come unprepared. Here are some of the best ways to conduct business meetings.
Have an Agenda and be Prepared
Before the day of the meeting, see to it that everyone involved will know the agenda. This way, everyone will know what the discussions will be about and they can make preparations. According to a study, 25% to 50% of time is wasted during meetings.
Letting everyone know the agenda will have them formulate their own ideas about the topic increasing the effectiveness of the discussion. More than everyone invited, the one who heads the meeting should also be well-prepared to handle the direction of the business meeting.
If a goal is set, everyone can then contribute ideas to achieve it. Compared to knowing what should be discussed on the spot, having an agenda and being prepared can lead to better results and immediate action.
Moreover, there would also be less fuss and more relevant discussions when the agenda is identified and preparations are done. This means that less or no time is wasted and meetings can be over in less time.
According to research, up to 44% of employees lack the time to finish the rest of their work because of meetings. With more important topics covered and lesser time used for meetings, employees can have more time for work than using more of it for business meetings.
Having an agenda and being prepared is key in conducting an efficient business meeting. Here is a summary of the impact of having an agenda and being prepared:
- Everyone can make preparations
- Flow of the meeting can smoothly handled
- Better results and immediate action
- Less fuss and more relevant discussions
- Less meeting time and more working time
Focus, Have Fewer People and Have Fewer Business Meetings
A shocking statistic data revealed that a whopping 37% of an employee’s time is actually used for meetings. Meanwhile, a manager attends 60 meetings per month on average. However, even with such numbers, executives consider over 67% of their business meetings to be unsuccessful.
One reason for this is the lack of focus. Jeff Bezos, the founder of Amazon has his rules about conducting meetings. He has what he calls the “two-pizza team rule”. One of his ways to conduct business meetings is to only have a large enough people in the room that can be fed by two pizzas.
This way, there’s less opinions, lesser arguments and reaching a conclusion is done faster. More statistical data showed that up to 92% of employees actually multitask during meetings. 49% even do activities that are not related to the meeting.
To avoid this problem, have everyone read the memo before the actual meeting begins. This way, everyone will be on the same page and everyone genuinely knows the agenda. This also eliminates chances of employees doing other things than focusing on the business meeting.
If everyone is focused and there’s less but quality business meetings being conducted, you’ll not only save a lot of time but it will also result in an immediate positive result.
To have a list, here’s why everyone should be focused and why you should only conduct lesser but quality meetings:
- Lesser opinions, lesser arguments and reaching conclusion is faster
- Everyone will be on the same page and will be laser-focused on the discussion
- It saves a lot of time
- It can cause an immediate positive impact
Business meetings can also cost a lot of money. Remember that over $37 billion dollars are wasted on unnecessary meetings annually. So, with however you may conduct your business meetings even after reading this article, do strive to have less in quantity but more in quality.
What are the best ways to conduct business meetings?
- Have an agenda
- Have fewer people involved
- Inform them of the agenda so they can make preparations
- Have everyone read the memo before the business meeting begins…
And here’s a bonus. After the meeting,
6 Get feedback
Getting feedback allows you to know what to improve on. You’ll know what was done right and what was done wrong. Errors unknown to you can be fixed because they were shared to you.
Business meetings are at the heart of an organization’s growth and it’s important that you know how to conduct an efficient business meeting. Take this to action and you’re equipped with the skills and knowledge on the best ways to conduct business meetings.