How are you taking your team to the next level?
For teams and businesses that are in the growth and scale phase, the quest for improvement is constant.
A common theme from many of our conversations with business leaders, especially throughout the pandemic, is how they can build world-class teams that can grow and scale as the company does.
MOTIVATION IS KEY
A motivated team is more likely to perform than a team that is not motivated, so it stands to reason that motivation is an important factor as you seek to grow your business.
As we have identified in a previous article though, every individual has different motivations, so it is about identifying those first.
Our next workshop will help you identify how to create teams that are motivated, but in this article we will explore a key factor for businesses that are growing and scaling: if and how they are investing in their teams.
IT IS ABOUT TEACHERS, NOT LEADERS
If we think back to school, as you progressed through different stages you learned new things- and your teachers changed depending on the level and age you were.
Similarly, one of Albert Einstein’s famous quotes was that “we cannot solve our problems with the same thinking we used when we created them”.
The best businesses, therefore, are those that are investing in their teams, empowering people, and seeking to build on existing achievements.
These companies are run by people who are willing to continually learn, are investing in teaching for their teams so that they can get to the next level, or are themselves teaching their teams about how to reach that next level.
For many growing businesses that often means a change of leadership when they achieve certain levels of growth, or means additions are made to their board of directors to oversee the company’s next phase.
The businesses that do not invest- in their systems and their people- are eventually found out. Initially they do not achieve the growth they are aiming for, and they end up being left behind by the times.
These companies are, in most cases, led by leaders who are stuck in their ways, and are often unwilling to innovate or hand over to others who are. For the sake of the viability of these companies, it is best that these leaders get out of the way and hand the batten to someone better positioned to take the business forward.
IT IS ABOUT FRESH EYES
With hindsight, when Reed Hastings, the co-founder of Netflix, tried to sell the company to Blockbuster in 2000, the video rental firm would have either bitten their hand off or developed their own, similar offering.
If Blockbuster would have had a fresh pair of eyes in their boardroom at the time, things may have been very different.
A lot can change in a relatively short space of time, so it is important to continue investing so that you keep up.
When Netflix went public in 2002, for example, their revenue was around $50million, where Blockbuster’s was around $5billion. Just 8 years later, Blockbuster filed for bankruptcy.
WHAT DOES THIS MEAN FOR GROWING BUSINESSES TODAY?
Today’s recruitment market provides us with a similar crossroads to the one Blockbuster faced back in 2000.
Many businesses are struggling to recruit talent at the moment, and for huge sectors of the economy the time to recruit has been extended because would-be employees are receiving lots of offers.
With that in mind, the clients we are working with- especially those who have engaged us over the past 18 months, have been focusing on investing in their existing talent.
For that reason, investing in your teams is vital and will continue to be. It helps individuals grow, and means that team members are more likely to be loyal to your company, which ensures you will retain your talent as you grow.
A RETURN ON INVESTMENT CAN ONLY BE ACHIEVED FOLLOWING AN INITIAL INVESTMENT
In business we are always looking for a return on any investment we make. In most circumstances that is a financial return, but in every case the return will only be achieved if there is an investment in the first place.
That could be an investment of time, of money or of something else, but the investment has to be there first.
As a couple of examples, one of our clients received a financial return on investment of 333:1, and another has seen a 27% time saving in starting new hires- which, of course, is having knock-on effects including an improvement in productivity.
The point to note from these examples though, is that these clients would not have seen those returns had they not invested initially.
AN INVESTMENT THAT HAS COME FULL CIRCLE
We were having a conversation recently with a contact who had benefited from his organisation’s investment in himself years ago, working primarily with our founder- implementing what now forms the base philosophy for the Perfect Teams application.
The results he achieved have made him seek out the best ways to invest in the team he now leads.
How are you investing in your teams, to take them to the next level?
PERFECT TEAMS START WITH YOU
While it may be the slogan for our business, perfect, world-class teams really do start with you – the leader.
By first identifying the type of leader you are and understanding your character, you are able to then identify the characters within your teams and uncover any gaps that need filling.
How are you investing in your teams, to achieve your growth plans?
An investment of less than 90 minutes of your time could help take your team to the next level.
Our next complimentary workshop will, among other things, help you uncover the hidden talents in your business.
To find out more, and book your complimentary ticket, please click here.