Effective Team Building for Growth

By Lyon Wealth Management on December 24, 2018

“Talent wins games, but teamwork and intelligence win championships.” Michael Jordan

Attaining your business goals is in direct correlation with the success of your teams.  This means team building is one of the most important determinants of efficiency and consequently profitability.

The primary areas of effective team building that most affect commitment and success are as follows:

Core Values

Your company’s Vision Statement is a road map that encompasses the core values of your business. It is a summary of the beliefs your organization communicates with regard to customer interaction, employee satisfaction, and community responsibility on a daily basis.

Business Strengths

Understanding clearly how your products and services rank in the marketplace helps you determine how to improve your standing among customers and clients and thereby increase your profitability.  A comprehensive analysis of your business strengths should be an ongoing objective of your company.

Marketing

Marketing involves understanding consumer buying trends, creating advertising, being able to anticipate product distribution needs, getting customer input on product changes and developing strategic partnerships.

Input from your employees, customers, senior management and external stakeholders such as vendors and strategic partners is essential.  Be sure to include both loyal and not-so-loyal customers in your research.

Communication

Team members must have a clear understanding of the priority of their tasks. There should be a well-defined communication loop so people know how and when to give constructive feedback.

Collaboration

Do team members approach goal setting, process improvement and innovation collectively?  It is imperative that teams work together in a spirit of cooperation to fulfill their goals and follow set rules of conduct in conflict resolution.

Growth

If your business is not moving forward, it is falling behind.  Growth must be planned based on historical data and future projections.  Prioritizing decisions helps optimize the use of assets and develop new ones.

Strategic growth requires maximizing resources such as Accounting, Operations and Human Resources (HR) to fuel, maintain and measure your growth initiatives.

Goals must be measurable, achievable, flexible and in alignment with the organization’s core values.  All projects must be prioritized in a hierarchy that makes sense regarding their urgency.

Change Management

The objective of change management is to create dynamic and vibrant teams that are prepared to meet new challenges and seize opportunities as they present themselves.  It requires creating processes and systems that deal effectively with a constantly changing global marketplace.

The probability of fulfilling your growth objectives is significantly increased when your organization has a clear and definitive growth strategy combined with a strong execution infrastructure.  One without the other can be devastating.

Support

Teams should be supported in their missions by rewarding members who take reasonable risks to improve systems and processes.  Leaders need to provide the education, training, and access to the information they require to be successful.