Team: Dream teams do not just happen

After the past month of articles on building our financial acumen, we are now switching to another key asset that needs our daily attention:?Our teams. When it comes to business, profit is important, but?cash (flow) is king! You can apply a similar analogy to your team:?

Hiring well is important, but retention is king.?

The cost of hiring, training, and the temporary loss in productivity of just one employee represents thousands of dollars for most businesses.?The return on this investment depends on the following considerations: how long employees stay and how much they contribute when they are there.?

Every successful entrepreneur knows that a strong team can accomplish great results while providing employee satisfaction, which is key to retention.?But dream teams don’t just happen–you develop them over time, and they require commitment at all levels starting with you, the owner, CEO, and leader of your company.?

10 Tips to Developing Your Dream Team

1. Set clear expectations with SMART goals.

In sports, teams measure success through wins and losses.?How will your team members measure their success??For your team to meet your expectations, you must be clear on what you want.?This starts with goals that are specific and measurable.?If you want a 20% growth in revenue, a 10% reduction in rejects or a 12% reduction on A/R days outstanding, tell them exactly what you want.?Then everyone is on the same page.?

2. Have common goals.?

While every employee should have individual goals for their position, business goals shared by the entire team are also important.?In addition to promoting teamwork, common goals enable team members to link their individual goals to the overall business results.

3. Develop action plans.?

Goals are important, but it is difficult for the team to get there without supporting strategies and tasks.?Identify the necessary tasks and strategies to achieve the goals, and then assign responsibilities and due dates for completion.

4. Engage and involve.?

Strong teams are committed to the success of the business and each other. Commitment comes from participation and understanding. The more we involve our team in the business, the more committed they are to its success - I’m sure many of you have heard me say, “People support what they help create”.?And because some of the best ideas for business growth and improvement come from employees, it’s time to get them engaged, so everyone wins!

5. Support risk taking.?

Team members need to be able to make decisions and keep moving if they are going to achieve results.?When they understand the goals and have the tools and parameters to make good decisions, you need to allow them to do so.?Recognize that mistakes might happen–support them in the decision but help them learn from the mistake, so it’s not repeated. Without your support, they will be reluctant to make decisions, big or small.

6. Reward results not time.??

Too often, owners recognize effort and hours worked instead of results achieved.?When we focus only on hours or time worked, we ignore two critical profit indicators: efficiency and productivity.?Comments such as, “John really put in a lot of hours last week, thank you,” really send the wrong message.?Instead, focus on the contribution he made.?For example, “John really stepped-up last week while Sam was out, so we met all our customer deadlines. Thanks, John, for making it happen.”?Eliminate references to time and start building a team that works smarter and delivers results.

7. Invest in training.??

One of the best ways you can demonstrate your commitment to employees is by investing time or dollars in training and development.?Research has shown that companies that invest in training have consistently higher employee satisfaction and retention.?The good news here is that technology makes this much more affordable for small businesses.

8. Use a performance review process.??

Employees want and need feedback so that they continue to develop and improve.?While many corporate processes focus on the legal and risk avoidance aspects, successful entrepreneurs understand that a good performance review process has two purposes:

• To facilitate discussion on goals and skills.
• To help team members develop their potential so they can take on new challenges and responsibilities.?

It is critical that your management process includes weekly check-ins on goals and how you can help!??

9. Systemize the routine.?

Teams that have systems in place typically outperform those that do not because they operate more efficiently.?They know what they need to do, learn to depend on others to do their part, and are ready to take advantage of opportunities that arise.?Take the time to document the key processes in your business and watch your team’s productivity and satisfaction soar!

10. Make meetings count.??

Team meetings can be a great team-building tool, but only if you do it right.?Gathering your team to brainstorm new ideas, recognize individual or team successes, or work together on a current business challenge can be a huge benefit.?Keep them interactive and never hold a meeting to communicate routine updates that you could have done by email.?Whether you do them weekly, monthly, or quarterly, make team meetings part of your culture.?

You don’t need to implement these all at once.?Prioritize them for your business and start with the most important one. Then add another and another.?It takes time to build a dream team, but each step you take moves you closer to the team you want.

Only?Action?gets you closer to your dreams - do something today that your future self will thank you for."

- COACH?

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