The deadly cost of meetings
How much are you worth an hour? How much would someone like Elon Musk charge for an hour of his time?
What's the cost of the team meeting you did today?
A 1-hour meeting with 5 people isn't an hour. It's 5 hours.
If the Effective Hourly Rate (EHR) per person is averagely at $125, the meeting just cost you $625.
The meeting essentially became expensive.
And for what?
A few updates that could've been an email or a Loom video?
Start cataloging your time. If you're worth $125 an hour, then it's better to outsource a task like 'uploading blog posts' to someone who would do it for $30/hour.
So that you can free your time to do the things that move the needle in the business.
More things with hidden costs:
- Quick catch-ups
- Slack pings and messages
- WhatsApp groups
- "Hey, can you share me that logo from that day?..."
- "Let's catch up for coffee"
- "Let's meet up and see how we can collaborate"
I'm sorry if I declined a meeting.
But this is a note to self: Time is the only non-renewable resource we have. And we have to make the best use of the very limited time we have.
Go async with Loom
One tool that has helped reclaim time for us at Daily CMO is Loom. Instead of disturbing the team, I record a 3-mins loom. Everyone watches at their own time.
Instead of endless client meetings, send Loom updates about the project in progress. What are this week's wins, challenges and next action steps?
That's all they need anyway.