Some employees view meetings as simply a necessity in the workplace, without appreciating their true value.
They are considered to be something we must attend, sometimes somewhat reluctantly, to ensure the smooth running of our business.
Unfortunately, the true importance of meetings is often lost as we get on with our busy day-to-day lives and they have become just another event in the diary that eats into our already scarce time.
Yet meetings in industry play a crucial role in driving progress and innovation, subsequently impacting on the economic climate.
Develop your business
Meeting face-to-face is valuable to both your business and to society as a whole. There’s no substitute for talking to people in person and meetings have far more value than simply planning logistics.
They manage and nurture business relationships, develop plans for how new projects can impact on our business, create liaisons and partnerships and enable us to advance detailed projects in a civilised manner over a cup of coffee.
Meetings develop our teams so that the brightest minds have a chance to develop with like-minded people and put those ideas to good use. In a nutshell, meetings make the world go around.
Apart from the value of meetings to an individual business and its employees, the events industry as a whole has a significant financial impact on our economy. Recent estimates value the UK events industry at a massive £42 billion per year in terms of business travel to face-to-face meetings, hiring venues and hotel accommodation.
In Britain, 35% of the visitor economy is accounted for by events such as conferences and there are more than 10,000 venues across the nation, which are frequented by 85 million event attendees every year!
Across the UK, around 1.3 million business events are held annually. London is the number one city in terms of meetings and events activities.
Even more significant is the fact that despite the general gloom of the economic climate as a result of continued Brexit uncertainty, the meetings and events industry looks set to continue growing.
Eight out of ten agencies who specialise in organising events expect their business to grow in the future, with 67% of those surveyed anticipating growth within the next 12 months.
In addition, 39% of corporate events planners anticipate their event budgets will increase on last year. Revenue from corporate hospitality and corporate events is currently valued at £1.2 billion.
Exhibition and trade fairs account for £19.2 billion in revenue, while the average conference in the UK has 258 delegates. The events industry sustains 570,000 full-time jobs.
Trade fairs boost the economy, as they generate exports and establish a strong base for international trade. In one year alone, UK trade exhibitions attract more than 13 million visitors, 20% from outside Britain.
Since 2007, the number of charity fundraising events has increased by a massive 700% and as a result, 56% of organisations say their income has risen, with some saying it has risen “significantly”.
Revenue like this doesn’t happen without a host of industry professionals working hard to help their business achieve its goals and ultimately boosting the economy as a result.
Make it worthwhile!
Meetings impact positively on an individual business, as long as the content is worth the attendees’ time. Professional event organisers say this is the key to the success of any event.
While we’ve all felt bogged down at some point by monotonous meetings, those gatherings that are worth attending will inspire delegates and ensure they have an objective to aim for. However busy we are, meetings should never be dismissed, as they really do keep the world turning.
Get your event off to the best possible start by hiring the perfect venue. Give &Meetings a call on 0800 073 0499 to find out more about our high-quality meeting rooms at affordable prices.
Image credit: © V&P Photo Studio / Adobe Stock
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