What do you do if your financial management team lacks a collaborative leader?

1 Assess the team dynamics

In order to understand the current state of your team and identify the root causes of the lack of leadership, you should observe how your team members communicate, interact, and solve problems together. Additionally, it is beneficial to ask for feedback from your team members, your manager, or other stakeholders on how they perceive the team performance and culture. Possible reasons for the absence of a collaborative leader may include a new or recently changed team composition or roles, conflicting or unclear expectations, objectives, or priorities, low trust, respect, or accountability among members, different styles, preferences, or personalities that clash or create silos, and no formal or informal leader who can guide, motivate, or support the team.

2 Define the team vision and goals

The next step is to create a shared vision and goals for your team that align with the organizational strategy and values. You can do this by involving your team members in a collaborative process of brainstorming, discussing, and agreeing on what you want to achieve as a team and how you will measure your success. You can also use tools such as SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) criteria, SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, or OKR (Objectives and Key Results) framework to help you define your team vision and goals. By doing this, you can create a sense of direction, purpose, and ownership for your team and clarify the roles and responsibilities of each member.

3 Develop the team skills and competencies

The third step is to enhance the skills and competencies of your team members that are essential for effective financial management and collaboration. You can do this by providing or seeking opportunities for learning, development, and feedback for yourself and your team members. You can also use tools such as Tuckman's stages of group development (Forming, Storming, Norming, and Performing), Belbin's team roles (Action-oriented, People-oriented, and Thought-oriented), or DiSC (Dominance, Influence, Steadiness, and Conscientiousness) assessment to help you understand and improve your team dynamics and behaviors. By doing this, you can increase the confidence, competence, and commitment of your team members and foster a culture of continuous improvement and innovation.

4 Foster the team communication and collaboration

The fourth step is to promote the communication and collaboration of your team members across different channels, platforms, and situations. To do this, you should establish or follow best practices for effective communication and collaboration. This includes setting clear expectations and deadlines, sharing relevant information and feedback, using appropriate language and tone, listening actively and empathetically, asking open-ended questions, resolving conflicts constructively and respectfully, and celebrating successes while learning from failures. You can also use tools such as Slack, Zoom, Google Docs, or Trello to help you communicate and collaborate with your team members remotely or asynchronously. By doing this, you can foster trust, rapport, and engagement among your team members while leveraging their diverse perspectives and expertise.

5 Seek or provide the team support and guidance

The fifth step is to seek or provide the support and guidance that your team needs to perform well and overcome challenges. You can do this by reaching out to your manager, mentor, coach, or peers for advice, feedback, or resources that can help you and your team improve your financial management and collaboration skills and outcomes. You can also offer your support and guidance to your team members by mentoring, coaching, or sponsoring them, or by recognizing, appreciating, or rewarding their contributions and achievements. By doing this, you can enhance the morale, motivation, and retention of your team members and create a positive and supportive work environment.

6 Lead by example and influence

The final step is to lead by example and influence your team members to adopt a collaborative mindset and behavior. This can be done by demonstrating the skills, competencies, values, and attitudes you expect from them, such as being proactive, flexible, curious, respectful, and honest. You can also use your power, authority, or position to advocate for your team's interests or use your expertise to persuade and motivate them to follow your vision. Ultimately, this will establish you as a credible and influential leader who can drive your team's performance and collaboration.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?