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Costs incurred in operating a board meeting

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Meetings serve as crucial forums for communication, collaboration, and decision-making

within organizations (Dung, 2020). However, the costs that will be associated with conducting

the meeting will vary significantly based on factors such as venue, travel, catering, technology,

and more (Hodge, 2021). This essay delves into the various costs incurred during the operation

of a meeting, examines their advantages and disadvantages, and proposes a rational approach to

determining which costs to incur based on these considerations.

Selecting an appropriate venue can greatly impact the success of a meeting and this is

achieved by investing in a suitable venue that aids a comfortable environment conducive to

discussions and increased engagement (Rice et al., 2017). However, the potentially high costs of

the venues and the need to balance them against the benefits are the major hindrance factors.

Also, when participants come from diverse locations, travel and accommodation costs arise

(Hodge, 2021). This cost enhances participation and diverse perspectives. However, these

benefits must be weighed against the financial burden and the environmental impact of travel.

Providing quality catering is also important as it enhances participant satisfaction and

energy levels and thus should be catered for (Hodge, 2021). Despite this advantage, the cost

implications, particularly for larger meetings may be greater. Additionally, printed materials aid

understanding and note-taking which aids in efficient communication. These materials are

essential in every meeting and therefore should be budgeted for despite their environmental

concerns and potential waste.

Technology and Communication costs form part of the major expenses as utilizing

technology for virtual meetings expands accessibility and reduces travel costs (Rice et al., 2017).

The risk of technical issues and reduced personal interaction become the major concern of

incurring such costs. On the other hand, hiring experts for presentations or facilitation can
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elevate the quality of discussions by enhancing content and engagement and thus constitutes

professional service costs. The associated cost, however, needs careful consideration.

Further, allocating staff to manage logistics leads to administrative and Staff Costs which

ensures the smooth operation of a meeting but at the same time has the potential of causing strain

on the available resources for the meeting (Dung, 2020). Recording and Documentation costs are

also important to put into consideration as documenting discussions and decisions aids future

reference thereby helping in maintaining transparency and accountability. However, the cost of

time and resources must be taken into account.

Moreover, meeting facilitation costs may also be incurred as skilled facilitators help in

guiding discussions effectively by ensuring focused conversations take place in a meeting, but

these costs may be expensive creating a concern (Hodge, 2021). Finally, unforeseen expenses

often arise which creates the need for miscellaneous Costs. While these costs cannot be avoided,

they should be budgeted to prevent disruptions.

In conclusion, the costs incurred in operating a meeting are significant and multifaceted.

By thoroughly analyzing the advantages and disadvantages of each cost element and aligning

them with the meeting's purpose, organizers can make informed decisions about which costs to

incur and thus for the planned meeting, all the above costs shall be budgeted for. A strategic

approach will be used in balancing these costs with benefits ensuring that the meeting will

remain productive, efficient, and aligned with organizational objectives.

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References

Dung, D. T. H. (2020). The advantages and disadvantages of virtual learning. IOSR Journal of

Research & Method in Education, 10(3), 45-48.

Hodge, C. (2021a, February 10). The hidden cost of board meetings. Business reporting software

and tools by Board Intelligence. https://www.boardintelligence.com/blog/the-hidden-cost-

of-board-meetings

Rice, S., Winter, S. R., Doherty, S., & Milner, M. (2017). Advantages and disadvantages of

using internet-based survey methods in aviation-related research. Journal of Aviation

Technology and Engineering, 7(1), 5.