Zero-based Accounting in Life: Meetings
During my MBA, I learned there’s two ways to create new budgets from previous fiscal years:
- Carry over - just keep on doing items from last year and adjust.
- Zero-based - start over from zero, item by item.
Although these are accounting concepts, they transfer over to real life as well.
I applied the zero-based accounting method to my regular meetings for the new year and enjoy the process.
Recurring Meetings
As a manager, I have a recurring meetings with different people. Team members, partners, colleagues, etc.
These are all essential as a manager to maintain relationships and keep communication easily flowing.
Carry-Over
Previously, I would just setup a meeting and when the recurrence stopped, I would just extend it. This works and it’s easy. Whatever reason past me decided to have this recurring meeting is probably wise and I keep on doing it.
Zero-Based
This year, I intentionally set my recurring meetings to stop repeating around the end of the year. This does two things:
- I don’t have to “cancel” meetings during everyone’s holidays (when I forget, these reminders keep popping up for all parties…)
- I come back refreshed and re-evaluate every recurring meeting.
Re-Evaluating
By stopping all meetings, I have to think:
- Why did I make this meeting originally?
- Is this meeting needed anymore?
- Can there be a better meeting to solve the original need for this recurring meeting?
Just like budgeting, going through this process is harder than just carrying everything over.
Unlike carry-over, the rewards are effective meetings, you gain clarity on why the meeting is (or not) there. Creating new ones to solve problems.
Most importantly, as a manager, you have space in your calendar again!
Zero-based accounting, it’s not just for budgets!