How Much Money Are Your Meetings Costing You?

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I learned a great lesson from a friend long ago. She said I need to be able to track each hour of my day and make sure I am paid for each hour. My time and your time is valuable, but many clients are “meeting happy”.

They want to have meetings for an introduction, then another meeting to see your proposal and review and then another with more staff members to possibly finalize. This is crazy. This is money lost (unless it is a 5-6 figure deal, possibly)!

If your company has meetings with several staff members often this applies to you as well. In-house meetings cost money and they often waste time and money.

If I could give any advice it would be to minimize your meetings and phone calls. You are losing money on both. I do believe talking to our clients is important, but how much is acceptable?

I am going to throw some numbers out as examples. Let’s say your hourly fee is $150 and you are doing a $5,000 SEO and website project. The client phone calls and meetings add up to 10.5 hours of your time (and you aren’t even thinking about all the emails you answer). Of the $5,000 you were suppose to get for your time and work you have now lost $1,575.

Ouch, and on what? Wasted time. You now need to make sure that you can pay your developers and cover all the work time with $3,425 and we all know this is not possible. You have just lost money on the deal. You can’t afford to lose money on any deal. If you lose on every deal you are putting yourself out of business.

Meetings Cost

Many meetings require transportation and this requires money spent. Typically beverages and snacks are bought at meetings and this costs more money. Your time is money. You then have to get back to work and that is more transportation money. Start calculating the costs of your meetings and you may be surprised.

Is the meeting worth it? Only you can decide, but you do need to carefully evaluate how much time you can afford to spend at meetings. Another option is when you are creating a proposal add in time you will spend on meetings so you are not losing money. Make sure you make it clear that your time is valuable and stick to the hours your have set up for the client in the proposal.

The infographic below, by Sales Crunch, offers a lot of facts and tips about meetings and money lost. I highly suggest you print and stick on your wall. Use it and think about it with each client.

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Melissa Fach

Melissa Fach

Melissa is the owner of SEO Aware, LLC. She is a consultant and trainer helping companies make the most of their content marketing and SEO.... Read Full Bio
Melissa Fach

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  • Axel Toivonen

    How lucky, I have been researching meetings and trying to collect some cost examples and now I get everything served on a silver platter, thank you very much!

  • Lesley K

    My business partner LOVES meetings….he’d do it all day if he could…I will be sending him a link to this article, because hopefully, he dislikes losing money more!

  • Ted Ives

    Good points all around, huge waste in meetings. Probably the biggest though is the lack of follow-up – why did you meet in the first place if you’re not going to actually do what was agreed upon?

    For tracking action items, I like MeetingKing –

  • Karl Gephart

    Beauuuu-tiful post! I’ve been saying this for years about the costs of in-person meetings (and phone calls, which are on-demand by the caller). Webinars and emails are the way to go!

  • Sajal

    Regular meeting is so important for running business properly whether is be online or offline business. But this meetings really cost huge amount of money that ‘s so painful for primary entrepreneurs. Your post regarding costing management of for meetings will amazingly helpful to me. Thank you very much for sharing such a beautiful post.

  • Mobile Marketing Canada

    One piece of information for sales managers. When you have a meeting, have a plan. Don’t wing it. I don’t care how experienced you are. Have a plan.

  • Yannis

    Unfortunately my meetings cost me a lot. Of course it depends on the type of the customer

  • Karl Gephart

    FANTASTIC POST!!! Why do so few people in the world understand the costs of business communication? The only thing I would’ve added is the flexibility of email response (thereby reducing communication costs) and the fact that email provides a “paper” trail of client communications.