So far we have been talking about how to set up yourself to have a good and productive meeting. From my 5 rules for productive meeting. To how to understand if the meeting was fruitful. But how can we be sure of it? We should be able to measure it in a way that will be easy to share with everyone. Everyone in the company, or maybe in the industry, should have a common understanding of what these metrics are and what they mean.
Remember that the goal here is to become more effective and efficient, by preparing for the meeting in advance and making sure there is value at the end. But we can be doing everything right and still have our attendees hate the meeting. Why?
Several reasons. The subject may be presented very boringly. The agenda was there but it was not properly done, items that went first should have gone in the end. And the list can go on. So how can we ensure that we get the proper feedback?
This is where we can use these 2 metrics to see how valuable our meetings are.
ROI – RETURN ON INVESTMENT
This is a very standard KPI used all over the world and in many industries. It was created to track financial returns from a business activity, but we can also use it for meetings.
In this case, our business activity is the time we are going to spend at the meeting. The financial return will be whatever we get by the end of the meeting. For example
- Information that we previously didn’t have. How valuable is it to me or my work?
- Actions at the end of the meeting. How will they help me or my work move forward?
- Topics discussed during the meeting. Were they for me or related to my work?
With this metric, we want to track if the attendees feel that the time they invested in this meeting was valuable or not for them. There are a huge number of ways to make it easy and fun to vote. From sending a survey at the end of the meeting with a clickable star rating ( 1 to 5 ), or having a weather meter from sunny to stormy. In the end what you want is the value, how you do it is up to you. Go nuts.
ROO – RETURN ON OBJECTIVE
If you did your work properly and used my 5 rules for setting a meeting for success, one of the items you sent on your invitation was the meeting goal and an agenda. If you didn’t, then it is much easier. Your meeting has no clear objective, so your ROO is 0.
This metric can be tracked by yourself without asking your attendees. As a meeting organizer/owner, you are responsible for keeping the agenda flowing and reaching the goal you set out for it. Of course, there will be cases when this is not possible. Either because the goal was too big, or because a discussion went longer than expected and was very valuable.
The beauty of this metric is that to track it, you don’t care why. You need to be objective.
- Did I achieve what I set out to do?
- Are all the items in my agenda done?
- Did I get what I wanted from this meeting?
My advice is to do it from 0 to 100. Normal percentage. Then add a note, explaining why the value didn’t reach 100%. This is important for the future, to inspect and adapt our approach.
How do you track the value of your meetings?