Corporate Meetings: Meanings, Importance, Components, Advantage and Disadvantage

10/07/2020 1 By indiafreenotes

Corporate Meetings are very crucial part of business activities. They are a significant means of formal communication. Meetings are a venue for generation of new and innovative ideas. These meetings are multipurpose in nature actually. They aim at discussing feedback and receiving feedback on the spot. The information of prior importance is given during meetings. They are a true means of conveying feelings and expressions. Meetings involve people of the company. Meetings, thus, encourage participation and motivate them. Participants in a meeting, if given responsibility, turn out to be more productive and contribute to organizational success.

Corporate Meetings thus turn out to be a place where various aspects of business management are discussed- the performance of the company, the mission and vision of company, the weaknesses of company, the obstacles faced and how to overcome them. Effective meetings involve presentations and lead to personality development. Efficient meetings save time, money and resources of the company.

While conducting business meetings, certain things have to be taken care of. Decisions should be based on facts and based on circumstances, they shouldn’t be based on presumptions. The participants should be optimum in number, not too much. Don’t go off track or don’t forget the agenda of the meeting. Avoid distractions during meetings, such as- looking here and there, talking on phone, fiddling, etc. Decision-making should be unambiguous. Don’t waste time waiting for latecomers. Start discussion on time.

A successful and effective business meeting is one which is well planned. It should be planned well in advance that who all would be the participants in meeting, the time, venue, and agenda of meeting. The agenda of the meeting should be clear to all. Do not try to make a fish market in meeting. Respect everyone’s views. Respect the leader. Try and co-operate. It has to be ensured that the decisions that are reached through a meeting should be implemented. Also, all participants must get minutes at the end of meeting.

Corporate Meetings tell where the company is and where is it heading. They are communication drivers behind organization’s success. Successful Corporate Meetings are productive, creative, well- focused, timely and well-led.

Importance of Meeting

Importance of meetings is very great in our social life. Holding of meetings is a democratic process. Meetings are neces­sary at all stages of decision-making, be it for a club or an association or a company or for running the Government.

Meeting of Legislative Assemblies of different States and the meeting of Parliament are essential for the administration of the Government. Even for solving any family problem the members of a family sit together or meet. Social gatherings, religious gatherings etc. are part and parcel of our life.

Meetings are effective forms of publicity at the time of elections. Public opinion is gathered through meetings. Judgments are deli­vered when courts meet. Group discussions are effective means for introducing organizational change and decision-making as well as for better employer-employee relations. The objects and procedures of holding different types of meetings are different.

Components of Meeting

A meeting consists of the following:

  1. The Participants

In case of a private meeting only the persons entitled to attend a meeting, can participate in it. The members of the organization, committee or sub-committee etc. as well as invitees are entitled to participate. Sometimes a person entitled to attend a meeting may send his representative or proxy to attend the meeting. In case of a public meeting general members of the public can take part in it.

  1. The Chairman

There must be a Chairman at every meeting who has the powers and duties for conducting a meeting.

  1. The Secretary

The secretary of the organization, committee or sub-committee etc. who has many duties before, at and after a meeting, has to play a significant role to play.

  1. The Invitees

Apart from those who are entitled to attend a meeting, some people are invited, e.g.. press reporters.

  1. The Material Elements

The sitting arrangement, materials for writing etc. are essential.

Advantage of Meetings

  1. Save time

Since one can meet a number of people at a time interactively, a meeting can save time.

  1. Addressing groups

One can divide the audiences according to their background and need, and address them group by group.

  1. Cope with information explosion

New technology and new regulations are coming thick and fast. Meetings enable us to cope with this situation.

  1. Social and emotional support

Members get personal support from each other when they meet and exchange ideas.

  1. Feeling of being consulted

Members get the feeling that they have been consulted and this is useful in getting their intelligent and willing cooperation.

  1. Democratic functioning

Democracy aims at achieving all people’s welfare by all people’s involvement. This is possible through meetings.

  1. Idea development

Ideas are systematically cross-fertilized, analyzed and improved by a group.

  1. Defusing troublemakers

By the collectivity of constructive forces, troublemakers can be isolated in a meeting and positive action got going. The opponents of a plan get a forum to voice their opposition, which can be overcome before a group of supportive people.

  1. Bolder decisions

Collectively we can take more adventurous decisions because of united strength.

  1. Various interest groups represented

In a meeting many interest groups can be represented and minorities can also be given due attention.

  1. Preventing mistakes

A meeting helps to avoid mistakes by a collective and many-angled focus on issues.

Disadvantage of Meetings

  1. Time-consuming

Meetings require a number of people to come together at the same time and place. This costs time because other work has to be set aside for the sake of the meeting.

  1. Inability to arrive at a decision

Just as “two heads are better than one,” it is also true that “too many cooks spoil the soup.” Multiplicity of views and personal stubbornness of members may prevent a meeting from taking a decision which a chief executive may take alone.

  1. Lack of seriousness

Many meetings suffer from the drawback that members come unprepared and feel that the others will do the thinking and talking. They feel they can take a free ride. “Everybody’s job is nobody’s job.”

  1. Inexpert chairing

Just as an airplane is steered by a pilot, a meeting is piloted by the chairperson. His lack of skill and personal failings/biases may fail a meeting.

  1. Expensive

Meetings are expensive to arrange they require a place, paperwork, prior communication, and travelling by the attendees.

  1. Open to disruption

A meeting is prone to being disrupted by an element that is opposed to its objective. There are times when one passenger’s refusal to adjust himself delays the entire flight. The same for meetings. The spirit of give-and-take may be missing in some participants.