Committee. Just the mention of the word and I have to stifle a yawn. I’ve never been one who couldn’t wait to raise her hand to volunteer to sit on a committee. After all, there’s a reason why it’s called “sitting on a committee.” And I’m not much for sitting.
Don’t get me wrong. It’s not that I have anything against committees…well, except one thing. It’s been my experience that they are often inefficient. In general, it seems a lot of time is spent accomplishing very little. And, as a Type-A personality, I’ve always had the philosophy that if I’ve blocked off time for a task, that’s what I want to be doing. If I’m at work, I don’t want to be talking about work; I want to be doing the work. You get the idea.
I had my mind pretty well made up until one afternoon last week, when I was chatting with Lynn Ostrem. In less than half an hour, the Vice President of the Crow River Investment Club in Minneapolis, Minn., had me convinced that her club’s Officers’ Committee really is different from most committees – and that there is hope for the whole premise of committees. “The idea is to make your monthly club meetings as efficient as possible,” she says. “There are topics that can be discussed and researched outside of the club meeting that will in turn make the club’s regular meeting more efficient.”
The Lunch Bunch
Enter the Lunch Bunch. What began as an informal, monthly gathering of the club’s officers over lunch about a year ago has evolved into an organized group known as the Officers’ Committee. The Committee is by no means exclusive – any Crow River club member is welcome to attend. But the core group -- President, Vice President, Treasurer, Secretary, and Portfolio Manager – now consider their monthly attendance mandatory. “We figured, heck, we are already having lunch together and discussions about our investment club come up anyway – so we might as well make it official,” Lynn says.
What they discovered through their monthly meetings was that by communicating their needs and goals for the club’s next meeting, they could create a well-managed club meeting agenda that accomplishes all they set out to do – and within the club’s allotted two-hour time frame. Lynn’s suggestions for creating a similar committee to help your club accomplish its monthly goals are:
- Set Up an Outside Meeting Time.
“Pick a set time and date for the club’s officers to get together,” Lynn suggests, keeping in mind that the meeting is open to all club members. Though the officers should have a basic outline of what they want to discuss, it needn’t be set in stone. “The meeting will take on a life of its own,” she says. “Let the meeting take itself where it needs to go. The more you meet, the more organized you will become and the better your meetings will be.”
- Timing is Everything.
The monthly meetings of the Crow River Investment Club are scheduled to run from 6:30 p.m. - 8:30 p.m., period. “Our meetings start at 6:30 p.m. sharp, no matter what – even if the president is late,” Lynn says. “And it is rare that we would ever finish late. At 8:30, we’re done.”
The club’s method for accomplishing what it needs to each month – and within the allowed time frame – is due in large part to its “timed meeting” philosophy. “Everything on our agenda is timed,” Lynn says. “The president determines how much time each presenter needs for each item on the agenda, then plans the meeting with those time slots in mind.”
- Communicate.
“Since we began communicating to each other what we need to accomplish in the area we’re in charge of – whether that’s education, portfolio management, or stock selection – we’ve been able to move items around on the agenda and allow more time for one area and less for another, as needed,” Lynn says. For example, if I know I need more time to tackle an educational topic this month, I let everyone know so that we can figure out how we’re going to work it into the agenda.”
- Choreograph Your Meeting Agenda.
“We pack a lot into a meeting, but it doesn’t happen without planning,” Lynn says. “Our meetings are well-choreographed because everyone is on the same page.”
One example, Lynn points out, could be the educational segment. “If the typical educational segment runs 25 minutes, but I know we’ve got an issue that needs more time, where is that time going to come from? I may turn to the club’s Portfolio Manager, who had a 45-minute time slot. The Officers’ Committee might make the decision to shave 20 minutes off of the Portfolio Manager’s section – for example, a stock presentation could be delayed one month. That extra time would then be devoted to the educational segment.
“Another example could be a guest speaker. If the club has invited a guest speaker and you know that he or she is going to need 15 minutes, you’ve got to work to create that 15 minutes of time in the agenda. It may mean shaving five minutes off of the monthly stock discussion, or moving non-stock-related business to your club’s website.
- Strength in Numbers
When club members besides the president know what’s on the agenda, the club meeting is much more likely to stay the course. “The club’s officers know what’s coming next in a meeting and how much time we have allotted to that item,” Lynn says. “We’re not flailing around. And, instead of one person trying to get us through an agenda that the rest of the club is in the dark on, there are four or five people who are on the same page. If it’s time to wrap up a stock presentation, three or four other people in addition to the president are aware of that. It’s a planning tool. Our meetings click because they’re well planned.”
Though the members of the Crow River Officers’ Committee meet in person, there are certainly other options for clubs with members who have less-flexible work schedules or who live a fair distance from one another. “This same meeting can be accomplished via conference call or live chat,” Lynn notes.
While at first it sounds a lot like overkill, (Really, do we need a meeting to plan a meeting?) upon closer examination, it’s easy to see how managing the club’s agenda before the members gather makes for a meeting that not only stays the course, but efficiently accomplishes everything it set out to do – and within the allotted meeting time. Now, that’s my kind of committee! |