Budgeting for small business meetings in 2024

Budgeting season is just around the corner, and as you gear up for the upcoming fiscal year, have you paused to consider whether your organization's approach to small business meetings is as efficient as it could be? It's a common oversight for companies to channel their budgeting efforts into larger business meetings and events, often leaving smaller gatherings in the shadows.

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The Growth of Smaller Business Meetings

In 2023, there was a noticeable shift in how meetings were done, with a surge in smaller, more intimate meetings. This change was mainly driven by the rise of remote and hybrid work. These smaller meetings, consisting of 50 participants or less, account for 60 to 80% of total meetings. Companies increasingly rely on smaller meetings to build culture and encourage collaboration. Unlike the past when people could connect face-to-face, today's workforce is scattered widely, with many working from home or in hybrid setups. Small business meetings, often driven by company offsite events, were among the first to bounce back post-pandemic. This trend is expected to continue as remote and hybrid work arrangements become the norm for many organizations.

The importance of in-person meetings cannot be overstated. Dennis Vilovic, co-founder and CEO of TROOP, explains that "bringing teams together in person fosters stronger relationships and encourages the sharing of knowledge among employees, no matter where they are." With small business meetings becoming a cornerstone of company culture, problem-solving, and team bonding, their success has never been more critical.

Why Budget for Small Business Meetings?

Here are some reasons why we think it is important to prioritize your budget for small business meetings:

1. Enhance Collaboration and Engagement: Small business meetings act as catalysts for collaboration and employee engagement. In a world where remote and hybrid work arrangements are the new normal, these gatherings provide a unique opportunity for colleagues to connect, exchange ideas, and build relationships. The intimacy of small business meetings fosters deeper connections among participants, nurturing trust and teamwork, all of which can significantly boost business outcomes.

2. Reinforce Company Culture: Small meetings are the perfect setting to reinforce and communicate your organization's culture. They provide a platform to instill company values, missions, and goals, ensuring every team member is aligned with the bigger picture. This alignment substantially impacts productivity, employee satisfaction, and retention.

3. Drive Strategic Problem-Solving: Small business meetings are where strategic discussions and in-depth brainstorming sessions happen. Allocating a budget for small business meetings means investing in your company's ability to come up with innovative solutions to complex challenges. 

"Bringing teams together accelerates problem-solving by increasing collaboration and input.  Thoughts and ideas shared in person are easier to contextualize and apply toward opportunities and goals within a business.  When pulling our sales group together in person, we are much more efficient in creating a common language and framework for solving problems together," says Frank Roeder, Vice President of Sales at TROOP. "Meeting in person builds greater trust, allowing members to break down any perceived barriers and work more effectively together."

4. Develop Business Opportunities: Small business meetings are ideal for business development, offering a platform for potential partnerships, networking with industry peers, and exploring new market opportunities. The returns on investment from these gatherings can be substantial.

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Find out how a meeting planner from a multinational personal care corporation found the best destination for a small meeting in the USA, considering the diverse origins of the 11 attendees from 7 locations across 4 countries.

By prioritizing your budget for small business meetings, you are acknowledging their significant impact on your organization's success. These gatherings foster collaboration, reinforce company culture, drive strategic problem-solving, provide business development opportunities, and contribute to employee training and development. Investing in small meetings is investing in the growth, productivity, and prosperity of your company.

Conclusion

Small business meetings are not just minor events in your organization's calendar; they're central to your business's success. Recognizing their significance and budgeting for them wisely can contribute to the growth and prosperity of your company. As we approach budgeting season, it's crucial to acknowledge the pivotal role that small meetings play in your organization's future. Embracing their potential and employing efficient budgeting strategies can ensure that small business meetings have a positive impact on your bottom line. Adapting to the changing landscape of work and meetings is a significant step towards future success.

You can simplify the small meeting planning process with meeting management tools like TROOP

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