Do you really need to buy or hire physical premises for your startup? Why not use video conferencing instead? Do you have any idea how much money it can save you?
It’s true. Video conferencing can save thousands of dollars for your business.
Read on to understand how this feature turned out to be a revolutionary tool for businesses.
Business managers and owners are always trying to come up with ways they can do more in less time. After all, the best way you can save money is by saving time.
Convenience is another thing you need to have in mind if you want to smoothen your business operations.
You might not know this, but video conferencing checks all boxes.
Did you know that video conferencing has made it possible for some businesses to operate remotely without physical centralized workstations and headquarters?
How can video conferencing save money for businesses? How do video conferences compare to real-time interactions? How can you conduct efficient and productive business meetings?
Read on to find the answers as we discuss these questions and learn something from Jeff Bezos.
How video conferences compare to face-to-face meetings
We can compare these two in terms of how much each would cost you.
We can’t deny the fact that regular meetings are crucial for businesses- To meet and set goals, get to know each other, and further embrace the spirit of togetherness.
As good as they might sound, meetings can end up costing your business thousands of dollars and a lot of time.
Video conferences have completely changed how business meetings are conducted. They have eliminated costs, time-wasting, and contrary to what most people believe, video conferences have made meetings much more interesting and personal.
Benefits of Video Conferencing for Businesses
1. Saves money
Probably the main benefit of video conferencing.
Indeed, face-to-face face meetings carry their unique appeal. However, they usually end up costing the business (and staff) a lot of money in traveling and accommodation expenses (Especially if the business has employees from all over the world).
With just a click of a button, you can now host meetings with people wherever they are. You can even host meetings of more than 50 attendees at once.
In addition to that, most of these video conferencing tools can be downloaded and used for free.
Also, video conferencing has made it possible for businesses to operate without physical headquarters- This saves thousands of dollars that would have otherwise been spent on rent or buying premises.
2. Convenience
The attendance rate is much higher in video conferences compared to face-to-face meetings.
Why? Because people find it easier to appear before a camera from the comfort of their home instead of driving hours to the meeting location.
Also, thanks to recording features that come with video conferencing tools, it’s now much easier for people to catch up on missed meetings. You’ll never miss a thing.
3. Makes training easier
Video conferencing has made employee onboarding easier and cheaper for businesses.
You can now educate and train your employees at almost zero cost. All you need is time, a stable internet connection, and some video tools to make the session more interesting.
Unlike face-to-face training, you can share a lot more information while video conferencing using screen sharing features. Instead of just telling them, why don’t you show them?
Don’t forget about the handy recording feature. You can record your training sessions for later use- This way, you won’t have to spend time preparing training videos every time you hire a new employee.
All you have to do is maybe update your training videos every few months.
4. Better engagement
Many people think face-to-face interactions are the “holy grail” of business meetings.
Yes, they’re unique, and in some circumstances, face-to-face interactions are best. However, that doesn’t mean video conferences are far off.
In fact, video conferencing platforms have improved so much, that it’s now possible to achieve that unique “personal appeal” that comes with face-to-face meetings. Some might even argue that video conferencing is better.
Unlike round-table meetings where it’s easy for members to get distracted by what’s happening around them or even their phones, video conferencing puts the face of the speaker on-screen- Enforcing that eye-to-eye connection.
Also, video conferences entice all listeners to keep their eyes on the screen while facing the camera- This further boosts attention.
5. Saves time and boosts productivity
Time is money.
You’ll not spend a lot of time preparing for a video conference as you would preparing for a face-to-face meeting.
You only need to make sure that you’re presentable as you appear before the camera and to confirm that your immediate environment is suitable for video calls. How long does that take? 5 minutes? Maybe less?
Also, with video conferences, it’s possible to call in all your team members for quick decision making. They’ll be able to meet up without moving an inch from where they’re working- This way, they can get back to what they were doing without wasting time.
Thanks to video conferencing, it’s now possible for businesses to host several meetings a day without sacrificing time and disrupting employee productivity.
How to Conduct Efficient and Productive Business Meetings
Sure, video conferences save money for businesses. However, all that effort is wasted if the business doesn’t know how to host efficient and productive meetings.
Even though business meetings are important, they don’t have a direct effect on the business’s revenue.
To be honest, the less time spent on business meetings, the better.
Read on to learn how to conduct efficient business meetings, save time, and invest it in other activities that increase your business earnings.
Lessons learned from Jeff Bezons and Amazon on how to conduct productive business meetings. If they’re doing it, then it’s at least worth a try.
1. The lesser the members, the better
It’s common to see businesses hosting large daily meetings, but achieving very little.
As the business owner or manager, try hosting small meetings with each department at different times of the day.
Jeff Bezons keeps his meetings small- The number of people in his meetings is never more than those required to finish two pizzas.
2. Issue fully detailed pre-meeting memos
Before calling a meeting, make sure you prepare and send out a detailed memo explaining the agenda of the meeting. Your staff will show up more prepared and you’ll be able to handle more in less time.
A detailed memo not only helps executives to fully express their ideas, but it also gives the employees the chance to fully grasp the topics and points of discussion.
Don’t write an overly formal memo full of bullet points. Instead, prepare memos using your storytelling skills. Stories paint lasting impressions in people’s minds.
Before the meeting starts, have everyone take some minutes to go through the memo one last time.
Conclusion
Video conferences save a lot of money for businesses.
Businesses no longer have to pay for traveling and accommodation expenses.
It’s now even possible to run and manage a business without physical premises- Saving money that would have otherwise been spent on rent.
Even after adopting video conferencing, optimize your business meetings.
Make sure that every meeting you hold counts and is productive. You have no idea just how much time is wasted in the name of “business meetings.”
