Meetings are essential to growing your business, and there’s plenty of evidence showing they consistently deliver a huge ROI. But it’s what you do at those meetings that can take the returns on your investment from solid to spectacular. Here are three of the most important things you can do to get more from your meeting without breaking the bank.
When it comes to running a business, you’re always going to face questions about spending. Which of your expenses are part of the cost of doing business, and which ones are superfluous and wasteful? Certainly, it can be hard to tell sometimes. We’re not going to pretend to have the answers to all your questions, but we can certainly set you straight when it comes to spending on meetings and incentives. The data is there. The research has been done. Spending on meetings and business travel consistently sees a remarkable ROI.
There are myriad technological solutions intended to replicate the effect of in-person interaction. While these tools are not without merit in an increasingly mobile and remote workplace, nothing will ever replace the impact of true face time; face-to-face interaction in the right environment creates experiences that drive team cohesion unlike anything else.
Without a doubt, it’s important to seek value and get the most out of your resources when planning an event. But it’s hard to amplify value and make an impact if people aren’t aware of and excited for your event. This Pragmatic Planning Tip is about using technology to get the word out so all your hard work pays off when delivering a phenomenal experience.
“Why should I spend money and time on meetings and travel?” It’s not uncommon to hear the question tossed around. People started tightening their economic belts and were looking into any and every way to cut costs, limit spending and increase efficiency. The problem with the strategy was many businesses blindly cutting spending without looking into the potential ramifications, which frequently led to undesirable results. Problem number one in this instance came from dreaded lost opportunity costs.
When was the last time you bought something out of the classified ads without negotiating? How about a car? Truth of the matter is you probably wouldn’t. It doesn’t make much sense to simply pay whatever arbitrary rate was being offered. So when it comes to planning meetings and group travel programs, why would you simply accept the rate being offered without investigating what kind of value you were getting?