When 37signals in Getting Real dished meetings it really smacked of what I call zero math opinion. I really enjoy reading their blog but on occasion I disagree with their opinion. I was reminded today when Seth Godin posted a funny cartoon on the topic of too many meetings.
Meetings can be good, very good. Meetings can be cheap options, investments with uncertain pay-offs and a premium price, maybe an hour of your time. You can treat your meetings like buying cheap call options. Many will expire worthless, but occasionally one will hit pay-off in the form of sales, capital raising, a change in strategic direction, new ideas, an acquisition or a new channel. Theoretically at least, an unlimited upside.

So the maths is all about the premium cost of these options, say an hour of your time, versus the pay-off probability.
You can practise a portfolio approach where you try and pick the eyes out of the market, pick the best meetings for you and your business but clearly recognise you stand to miss the big one every time you decline a meeting or think it’s better handled via emails and phone calls.
In my experience meetings I thought were valueless have ended up being the ones they have had huge pay-offs. One meeting I didn’t really want to go to at an investment bank I worked at ended up resulting in one of our best customers adding seven figure revenue to the bottom line over the subsequent year. Obviously this altered my thinking on meetings.
Humans are very bad predictors of outcomes. On a portfolio basis we are quite ok at predicting but in isolated circumstances and incidents such as a single meeting we are a bad predictor.
So spin the maths in your favour and have a few more meetings than the time efficiency champions would allow you.