Do you know how much money is spent every year on unproductive meetings? According to a TED report, companies in the United States waste a collective 37 billion dollars on meetings that don’t actually address viable solutions and often just lead to more meetings. Over time, this can severely lower your company’s profitability and, in some cases, lead to bankruptcy. Think about it: if your employees make $50 an hour and you have eight of them attend a one hour meeting, that meeting costs your company $400. Now apply that principle to all of your meetings –has the time spent been worth it?

Because managers are often in charge of organizing these meetings, the onus also falls on them to make sure that meetings are as efficient and productive as possible. Keep reading for tips on how to make sure your meetings make money, not waste it:

Set Rigid Time Limits

The most common reason meetings end up costing companies money is because they don’t start on time. In many cases, if one or two people are late, presenters will push the start time back until they arrive, which also means the end time will be later. This means that employees are spending even more time away from their work, and they’re not even being productive while they do it. To combat this, try Nicole Steinbok’s concept of 22 Minute Meetings, where the irregular time limit means that attendees are more likely to arrive and be present in a timely manner.

Make Exceptions for Attendance

In an effort to make sure that there’s communication amongst their team, some managers will over-communicate, and invite employees to meetings that don’t require their attendance. This, again, takes team members away from actual work that they could be doing. While some meetings will require mandatory attendance, give your employees the option to opt-out of some gatherings, and you’ll likely see a boost in their individual productivity.

Set Action Items

Without set action items, meetings can become an endless cycle of check-ins, updates, and scheduling more meetings. People, generally, like order, so don’t hesitate to create an agenda to lay out the points that will need to be addressed during the meeting. You can also send out the action items ahead of time so attendees have the opportunity to prepare any questions or relevant information, thus eliminating any lulls in conversation.

Get Out of the Office

On the surface, it may seem counterproductive to rent an offsite space for your team’s meeting, but leaving the office can make your employees up to a 30% more efficient! Traditional offices often have many distractions, from fellow coworkers to email notifications, which can make your team unfocused. Creative spaces designed for corporate meetings allow your team to experience a new environment and reinvigorate their creativity, leading to more high quality work.

Looking for NYC meeting rooms for your next productive meeting? SoHoSoleil is the best choice for your team!

Our three gorgeous SoHo lofts, called CornerLight, SereneSite, and MeetingSite, each have a number of features designed to foster creativity and improve productivity, from stylish and easily arranged furniture to large windows that showcase natural light and beautiful views of the neighborhood. Our NYC meeting rooms also include technological accommodations such as WiFi and A/V setup at no additional charge.

If your team is looking for creative meeting venues in NYC to help boost productivity, contact us today!