Have you ever felt like time spent in meetings is wasted time? All we do is talk—no sheds are being sold, manufactured, or delivered and installed. Only talk!
Let’s be honest: a lot of time can be wasted in meetings. However, when you notice a company with a strong, engaged culture, you can be fairly certain that the company has mastered the essential meeting rhythm.
Meetings are, in fact, one of the primary platforms for leadership. If communication is one of the essential skills for a leader, the meeting is the primary arena for the deployment of that skill.
Leaders whose goal is effective leadership must be disciplined in establishing the meeting plan and following through on it.
And just to be clear, this doesn’t exclude the small businesses where there are only a few people employed and the leadership team is a “team of one.” It is easy for a business owner to get so involved in daily tasks that he fails to take the necessary time to “work on the company”—even though, for most business owners, the business itself is the most valuable asset they own.
The following six meetings should be a part of every company even if most of them involve only the owner himself setting aside a bit of time to work on his business and be sure he is clear on what needs to be happening.
Never forget that there is a real cost to meetings. During one of the workshops I attended as a member of the Vistage Peer Advisory groups, the trainer asked each person for his “hourly rate” before starting the meeting. He explained that this did not mean merely salary and benefits, but also the amount of value each person brought to his organization. (I recall rates from $300 to $5,000 per hour representing the range for these executives.)
The trainer then added all these together, and as we began the training session, a small window on the projection screen displayed the rapidly accumulating cost of our time together.
A three-hour training session with 10 executives in the room represented an investment of nearly $40,000—no small or insignificant investment.
As any good executive will do, we must calculate the ROI (return on investment) of each meeting we establish and lead. The return is not always immediate, but the value created or resources wasted are very real and will show up on your P&L (profit and loss statement).
What are the essential meetings that every executive should have calendared? Let’s start with the essential six, listed by their primary purpose.
While there is a wide range of variations in how these meetings are structured, each one exists to fulfill a basic purpose in running a company, maintaining a clear strategy, and creating and maintaining alignment with everyone in the company.
They are not necessarily listed in order of priority, as I think many companies’ needs vary due to their unique circumstances, but to be healthy and sustainable, all are eventually required.
STRATEGIC PLANNING
In the simplest of terms, this meeting is an attempt to clearly define a target for the future, noting specific measurables by which we will identify success. When the strategic goals aren’t clear, companies can easily get distracted by the latest shiny objects they’ve discovered or derailed by some wild idea that shows up over lunch.
It is helpful to connect these targets to several future dates: one year, three years, and 10 years are common. While it may be difficult to be precise with these goals, they will guide decisions in the shorter term and inform the activities that must be undertaken to stay on course for your strategic plan.
These meetings are ideally held annually (to update the annual plan) and then quarterly to review the prior quarter against projections. At quarterly meetings, leaders establish the shorter-term objectives that will move the company toward its longer-term goals.
While in the past I’ve led my own team in these strategic planning sessions, it is the one meeting for which an outside facilitator or coach can be particularly helpful. This allows all members of the team to fully engage in the planning process.
Ideally, this meeting (at least the annual planning portion) is either held off-site or coupled with a retreat. This facilitates fresh thinking and helps to avoid the distractions so inherent to meeting in familiar spaces.
FINANCIAL REVIEW
This monthly meeting is a dedicated time to look in the rearview mirror at the financial performance of your company. Ideally, the financials will be closed out soon after the end of each month, and you can review the P&L along with the balance sheet.
This important step will help you to identify any shifts in your cost of goods and expenses. It also provides information for quick responses to margin erosion in the event of rapidly changing prices of materials or other events.
In the manufacturing world, some of the key items to watch are the cost of materials, direct labor, distribution, and cost of sales. Many other categories tend to be less volatile but are important to track consistently rather than get caught in a big surprise at year-end.
WEEKLY ACTION REVIEW
This weekly meeting is the workhorse of the meeting routines.
Through a carefully developed routine, this meeting allows the team to check the progress on projects each person has committed to, look at key metrics that show the performance of the company, address inter-departmental issues, and correct schedule glitches that might impact the company.
Here is where issues are raised and solved, trust is built, and communication is maintained.
ONE-ON-ONES
These meetings serve several purposes.
Leaders should ideally meet with their direct reports in weekly one-on-ones. This is to maintain alignment and help the leader or supervisor to ensure that his direct report has what he needs to be successful in his role.
This is also the place for some type of performance review, where mutual feedback helps each person—leader, direct report or supervisor, and frontline staff—grow in their effectiveness.
These conversations should ideally be held once per quarter.
HUDDLES
The huddle is a quick stand-up meeting designed to drive the energy of a team.
Whether done with a leadership team, sales team, or factory team, huddles are five- to seven-minute gatherings where the group celebrates successes, airs any frustrations that exist, and pumps some energy into the team.
When a team member brings up a frustration, someone in the huddle needs to take ownership of the issue. He will either see to the resolution himself or ensure that it comes to the attention of someone who can resolve the problem.
SOLOS
The more your job description is tied up in leadership and management (the “mind work” of the company) the more critical the solo meeting is to your sustainable success.
This is a weekly or bi-weekly slot of time where you slip out to a coffee shop (or another favorite spot away from the office) and unload the cumulative pile of stuff that is cramming your head.
While various methods can be quite helpful, one simple model is to use a blank sheet of paper and list all the business items that clutter your mind. Just simply try to dump your brain onto a sheet of paper.
Once you’ve written out all the issues you keep thinking about, you can more easily find a way to tackle them. Some need to be delegated. Others need a quick “to-do” to get them off your plate.
Some will require documenting and placing them into a folder for the next strategic planning session. Then there are the really important issues that will require you to calendar some dedicated time to complete.
These solos can become a wonderful way to free up your mind for a truly restful and restorative weekend, which is why I tend to calendar mine in for Friday afternoon.
Whether you are in a small business or a larger company, be sure to set aside time to carry out these critical meetings—even if it’s just you!
They will help you achieve and maintain the kind of clarity so essential to a healthy, thriving company.
