The real cost of meetings

Why we still have so many of them is beyond me. We know they waste a lot of time. We know they probably cost us more revenue than they generate. So what if we actually tried to quantify the real cost of meetings. Especially those with a cast of thousands, or say 5-10 people. Let me break it down.

Cost of meeting with 10 people in it:

10 people with an average annual salary of $100,000

Total salary of human resources = $1,000,000

Weekly cost of the salaries = $19,231

Cost of $480 an hour. So a 4 hour meeting costs just under $2000 to conduct in pure wages. Not to mention the cost of stuff not getting done while the meeting is happening. Or the cost of another weeks wages while people go away and think about it, before returing next week with the same 10 people to make the final decision.

Here’s an idea. Put the $2000 in the middle of the table (the cost of the meeting in wages). If it finishes in half the time split 50% of the money between the participants. If it finishes in a quarter of that time, split 75% of the funds amonst the participants….

Startupblog says: the best decisions are those that get made. The decisions which have a chance of being wrong so we can cross them off the list. Having expensive meetings just elongates the process. Avoid them where possible.

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Stay the course

I love the story of James Podsiadly for one reason. He has broken convention and in doing so, will change peoples perception forever.

For the uninitiated, James managed to break into the AFL ranks for the first time at the age of 28. Playing his first game for Geelong in season 2010. In football terms he’s a senior citizen. In fact, most people start retiring around that vintage. But James wasn’t fortunate enough to get picked to play at AFL level at a young age. Geelong is his third club, and he has been starring this year.

He’s proven that age is relative to development.

He’s proven that age is relative to opportunity.

He’s proven that desire can be translated into results.

He’s proven that great work eventually gets noticed.

He’s proven that sometimes people / companies / clubs get it wrong.

He’s proven that staying the course over a a long period is where results live.

So far in the year 2010, he’s the most inspiring person I’ve come across. Before we make an assessment of someone’s worth, we should think of James. He’s also who we should remember when we think of quitting, or we’re overlooked in whatever we are doing.

Startup Blog says: Thankyou James.

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Don’t be boring

It’s not a boring category, industry, startup or company. You’re a boring brand run by boring people.

Exciting is a state of mind, if we have the courage to create, upset or even offend, then we can change our brand or industry forever. In fact, it might even be worth going broke or getting fired for.

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Self taught

With the exceptions of reading and writing, all of the most important things I know (and can do for that matter) have been 100% self taught.

Marketing, Public speaking, Entrepreneurship, Motivating others, Creative writing, Financial Investing, Surfing, Gardening / Growing vegetables, Weight training, Riding a bicycle…. everything.

I think the best way to learn is by paying attention and being curious. Which always leads me to observing others, reading and getting out there and having a go at things.

Observe, Read, Try. Repeat.

That’s it. I find that when the desire is there, the rest comes easy. Which is why I’ve always done much better at everything outside of my schooling. Things for which I had real desire. The unfortunate thing about this ingredient, is that it is removed from most of the development & selection programs in modern society. Instead, we say ‘Rote learn this’, then we might let you do something you care about. One great example is that Architecture University studies require physics as a prerequisite, and yet Architecture studies don’t involve physics, and architects never do the engineering function in building.

Startup blog advice: Don’t let a terrible system, reduce belief in your own capabilities. The stuff that kept you out, you didn’t really care about anyway. It was a rule built by someone else to protect themselves. If you forge ahead and teach yourself, the right people will notice. They will come searching for you because they understand not just the importance of what your know, but the value of how you went about learning it.

The art of innovation leadership

I was speaking with my brother today when he nailed the topic of innovation leadership in a few words.

He said; You can’t ask the market what they want, you need to invent it, build it and tell them why the future as you conceive it is better.

I really liked his sentiments.

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The paradox of leadership

In large companies there is a paradox of leadership. The paradox is closely related to the fact that

‘The skills that help someone get to a leadership position, are the opposite of the skills required once the person arrives.’

Most often employees and decision makers are stooged by the person self promoting, than the person who does the real leadership stuff. In large corporates the sycophants usually win, not the leaders.

In startup land we have the opportunity to lead others because management isn’t holding us back from leading. What we must do is remember all the bad managers we had because of the ‘Paradox of Leadership’ and not be like them.

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