"The productivity of a meeting is not determined by the number of decisions but by the quality of preparation," as pronounced by Brian Moynihan, CEO of Bank of America. No one likes unnecessary meetings, especially the busy executives of Fortune 500 companies. Yet, with the right practices and strategies, meetings can be efficiently facilitated and managed to bring out the best possible outcomes.

Meetings cannot be merely "improvised"—they require Strategic Planning and preparation. The details of the meeting such as the objectives, participants, and the meeting flow should be clearly stated and outlined ahead of time. Measurement of the anticipated benefits and costs of the meeting may prove advantageous in highlighting its significance and necessity.

One of the key principles of facilitating successful meetings is setting an agenda. A structured agenda helps avoid the "meeting creep", a common phenomenon where the discussion devolves into endless tangents. Begin with the most significant items on your agenda, so high-priority conversations aren't rushed or overlooked. Including timings or an expected duration can help keep the focus sharp and maintain Operational Excellence.

Facilitating involves more than just managing the meeting. The facilitator must encourage participation from all attendees. This can range from asking open-ended questions to setting up ground rules that encourage constructive argument. It is also important to manage dominating personalities, who might overshadow others' contributions.

Without a definitive conclusion, a meeting can end up being a waste of everyone's time. It is crucial to assign tasks based on discussions during the meeting and ensure everyone’s roles are clear. Arguably the most critical post-meeting activity is consistent follow-up—this ensures accountability and tracks progress towards the discussed outcomes, contributing positively to Performance Management.

Embracing the right digital tools can dramatically enhance the meeting experience. From collaboration tools like Trello and Asana that help with task allocation and follow-up to interactive tools that foster engagement and interaction, the digital aspect of meeting facilitation cannot be overlooked in the era of Digital Transformation.

Meeting facilitation is not immune to risks—conflicting interests, poor preparation, or lack of active participation can undermine the effectiveness of meetings. Therefore, a necessary part of meeting management is identifying these risks and putting mechanisms in place to address potential meeting threats—an essential part of Risk Management. By doing so, leaders can maximize the potential for their meetings to succeed.

• Outline clear objectives and expected outcomes.
• Develop a structured and timed agenda.
• Create an environment that encourages active participation.
• Assign tasks and roles to ensure accountability.
• Leverage technology tools to augment meeting efficiency and effectiveness.
• Identify potential risks and establish processes to mitigate them.

These practices transform meetings from time-consuming tasks into productive activities that drive output, influence change, and foster unity within the team. While effective meeting management is just one piece of the larger puzzle, it is crucial for business leaders to align their team’s talents and time towards organizational objectives. By doing so, they make a significant step toward efficiently driving progress and unlocking business potential.