Long meetings with little or no value are costing small businesses millions of pounds in lost productivity, according to new research.
Findings from Bibby Financial Services reveal that 42% of UK entrepreneurs feel that over half the time they spend in meetings is unproductive, meaning over two million hours are wasted each year.
The research suggests that this loss of productivity is costing the UK small and medium sized business economy around £25m a year.
David Robertson, chief executive of Bibby Financial Services, said: “Adding the wasted time spent in meetings to all the HR, financial and regulatory issues UK owners and managers have to deal with it’s amazing they find the time to focus on their business at all.”
Staff failing to stick to the agenda is cited as one of the main reasons meetings overrun.
Other woes raised by entrepreneurs in the survey included unprepared colleagues and disruptions from outside the meeting room.
“With so many day to day pressures on owners and managers, micromanaging every aspect of their business is clearly not a long term option,” Robertson commented.
“By prioritising where their time is needed most, and empowering colleagues and employing outside expertise to help out elsewhere, owners and managers will be able to cut down on the misery caused by meeting mania and focus on the most important thing - business success.”
© Crimson Business Ltd. 2006
