Benefits of Virtual Meetings

There is no doubt that the last few months of the COVID-19 pandemic have contributed to the rise of virtual meetings. While it might seem like online meetings would make holding discussions or developing processes disjointed, there are several advantages of virtual meetings – especially when gathering in person is difficult or impossible.

Many condo boards have recognized the importance of meeting virtually to keep the board, owners, management, and service providers informed on next steps, decisions, and actions. Whichever platform your corporation has chosen to use, the following advantages of virtual meetings will help ensure progress when physical distancing is encouraged or required.

1. Virtual meetings accomplish the tasks and processes that wouldn’t otherwise be possible

As the phases of reopening are varied, the option of meeting in person might not be a possibility, or desire, for every board. For condominiums in particular, this raises concerns around the ability to not only hold board meetings but also other larger and equally important gatherings such as town hall meetings or annual general meetings (AGMs). Virtual platforms overcome the physical obstacles by allowing those meetings to take place anyway and for decision-making processes to move forward in an informed and timely fashion.

Without virtual meetings, board meetings and owners’ meetings might not be possible. This results in your board putting off decisions and actions that need to be addressed now. Therefore, one of the key benefits of virtual meetings is that they allow those next steps to take place and for tasks to be accomplished that could not otherwise be completed when in-person meetings are challenging or out of the question.

2. Virtual meetings are effective and efficient

Virtual meetings make the decision-making process more productive and efficient. Sometimes progress can only be achieved with regular verbal and visual check-ins and ongoing communication — a tangled e-mail thread amongst board members and management just won’t cut it. Virtual meetings keep things moving.

Especially when accompanied by an agenda, a virtual meeting tends to keep attendees focused. Although online attention spans can be shorter, this creates a sense of urgency to efficiently address the agenda. There is less table talk and more productive conversation and streamlined decision-making — boards can concentrate on action items and execute them effectively. Face-to-face online conversations between team members keep the flow of decisions and actions moving forward and keep organizations and boards up-to-date and on track.

3. Virtual meetings are cost-effective

In this time of financial difficulty, most corporations are seeking savings wherever possible. One of the most important benefits of virtual meetings is their ability to significantly lower overhead costs, including expenses related to travel, venue rental, and the refreshments typically provided at in-person meetings. Additionally, virtual meetings can lead to a reduction in meeting materials and office expenses. For instance, hard copies of documents, which are often printed for in-person gatherings, can be substituted with electronic copies presented virtually using screen-sharing features. This approach is not only cost-effective but also very environmentally friendly.

4. Virtual meetings are universally accessible

The accessibility of virtual meetings is second to none and ensures that all the people who need to attend can do so. All one needs is a device with an internet connection (e.g., smartphone, tablet, or computer) or an old-fashioned telephone.

Another of the many benefits of virtual meetings is that they open the opportunity for additional parties to easily attend. This could include other teams within your corporation, service providers, or your minute-taker, if you use an external vendor. The accessibility of virtual meetings is reason enough to take your discussions online to ensure that those who need to participate can and are comfortable doing so.

Conclusion: The organization that meets together stays together

The changes to the way meetings are being conducted right now don’t mean that your processes will be ineffective. Take your meetings online to keep your corporation on track and moving forward through good virtual communication to allow for streamlined discussions and decision-making. The cost-saving and accessibility benefits of virtual meetings facilitate these needs, and they are key elements in maintaining the viability of your team as you move through challenging times together.