Businessmen and women heading to London for meetings are spending almost £6,000 waiting around in between their appointments, wasting up to three hours a week, amounting to 156 hours a year, as well as £5,824 by hanging around at cafes, bars, restaurants and hotel lobbies, according to research from The Clubhouse.
It also found that 16% of the £700 spent per week in London (excluding travel) is unnecessary, with much being wasted on snacks, teas, coffees, and newspapers or magazines.
Indeed, the findings show business people spend £30 on tea and coffee per week alone, as well as £20.50 on snacks, £20.72 on breakfast, £49.14 on lunch and £382.84 on overnight accommodation.
Adam Blaskey, founder and chief executive officer of The Clubhouse, said it is hardly surprising so many entrepreneurs visit the capital for meetings as it is the “epicentre of British business”.
He added: “Our research has identified a growing trend in the number of entrepreneurs and business people coming to London to do business but who are currently squandering large sums of money and wasting valuable time in uncomfortable, noisy and expensive locations.”
In response to the need for better places to wait around between meetings, The Clubhouse was launched to provide a place where business associates can meet one another and has two locations in Mayfair, and has 250 companies already signed up. It is also somewhere to work in between appointments to increase productivity by reducing the amount of time wasted hanging around. The Clubhouse already has 250 companies that are already members.
There are a number of clubs and satellite offices available for people who travel to London and other major UK cities such as Edinburgh, Manchester and Cardiff for meetings. Alternatively, they can meet with clients by hiring meeting rooms at hotels, through venue finding websites, or by renting office space. For those who regularly travel to London for work, it might be worth hiring a desk in a fully-managed office building for a certain number of days per week.
There is also the option to find desk-sharing companies that allow business people to ‘hot desk’ at different places, allowing them to find a desk to work at or hold a meeting wherever they are in the UK. This is particularly useful for businesses with clients in several locations, so are not restricted with regards to where they can meet them.