A team can be understood as distinct minds functioning singularly on the road towards one vision. Based on the kind of people working for a team, teams can be categorised into two types. The first is one where a group of people come together with a single aim, and every member desires the same objective with equal passion. The second kind is when a person aims to achieve a particular goal and directs a group of people who join him in the hope to achieve their own varied goals. In the first scenario, the team is built on a solid foundation of trust, unity, friendship, and understanding. Every member is like a pillar holding up the dream. In the second case, the team looks up to their leader to achieve progress and abundance. If the leader is gone, so is the team.
While teamwork is so important to the success of an organisation, many business owners don’t implement it into their routine. In fact, 39 percent of employees think that the individuals in their own organisation aren’t collaborating enough. With that being said, it’s obvious that employees want to collaborate more, so why not give them the opportunity to do just that?
As many as 75 percent of employers feel that teamwork and collaboration is pivotal to the success of their organisation, yet only 18 percent of their employees are given any type of communication evaluation when it comes to time for their annual performance reviews. How can an employer expect their business to grow and flourish if they aren’t giving the employees the information they need to succeed?
What makes or breaks a team
Both kinds of teams necessarily require a team leader. Without a leader, all other team members would be running around like a group of headless chickens. A leader must be effective and approachable. Nothing should shake his or her resolve. He or she must be adept at making outstanding decisions that are fuelled by the best interests of the team members and by the goal at large.
While businesses often know what it takes to be a great leader, many end up overlooking who the best fit is for the organisation. As many as 97 percent of all employees feel that without a leader who is on the same page as the employees, the outcome of the project is going to suffer. Inadequate communication and collaboration with other team members has been cited as being the major hurdle in 86 percent of all projects by teams today.
Building a team that survives and thrives
A successful enterprise rests on the bedrock of a single great idea. Similarly, building a profitable team requires passion and single-mindedness. Lack of a precise direction for movement leaves no other incentive for the team. Finance and resources has always remained on the back seat. Hard work and strong convictions attract money and resources. We have seen how exceptional successes have come with stories of empty pockets and hitting rock-bottom.
When the team is able to communicate effectively with one another, turnover levels are going to drop. As many as 50 percent of all business owners who communicate effectively are below the industry average. Poor communication not only frustrates employees but also the customers. Ultimately, it could lead customers to find another company to deal with. By communicating with fellow team members, business owners could save themselves as much as 50 to 80 percent in costs each year.
Taking and giving back
That being said, when you have employees who look up to you, it is extremely important to ensure that their pockets are full and their hearts are happy enough. This will enable them to put forward their very best in order to achieve the mission of the team. Unhappy employees only bring about passive growth, loss and lethargy eventually leading to failure.
Moreover, when your team’s collective effort has resulted in success, make sure that every single contributor is rewarded. Appreciate all team members equally, even if it means spending your initial profits more than you would like. This persuades people to invest their heart and soul into your dream leading to the growth of the company on a large scale.
The biggest reason why many employees end up leaving their job is because they don’t feel like they are an important and valued member of the team. In fact, 65 percent of employees moved on because they weren’t recognised for the job they did for the company. To further propel your business ahead, you need to implement a recognition programme that lets employees know that they are vital to your success and that you cannot do it without them. Plan on spending about 1 percent of your total payroll cost in recognition rewards. Otherwise, be prepared for the consequences.
The biggest misstep taken by most startups is raising enough funds and then spending the money on less important things. Office setup, launch parties etc., are given more importance instead of solidifying groundwork and refining goals. An excess of cash and funds at the onset of a venture is simply not essential. Excess funding right at the beginning has always proven to be fatal, since the people involved are carried away by vague ideas of assured success and a need to bask in the glory that has not yet arrived. It is true, however, that lack of finances cannot lead you anywhere.
A team is truly in need of funds when it enters the field as a competitor. In such a condition, the knowledge of what is already available and what is needed is essential. Here the primary focus should be to acquire just that. Signing up as a new and fresh pursuit demands a clear vision of the goal. You only need the bare minimum push in the form of financial support to launch your idea towards success.
The kings and emperors of a company:
Most companies have made 'Customer is King' their fundamental principle and mantra for team management. As Nirdesh Singh of Fashion Buzzer says, "A team today is driven by mutual interest within the group, more than just a hunter to tame, you can't pick yourself as a head, you have to keep in mind the nitty-gritty, even if you like it or not, if you want your best man to stay.” Even though this is a fine ideology, they fail to understand that while the customer is king, their teammates are the emperors.
Without the collective efforts of the team, the customer will go home angry and not feel the least bit like a king. As many as 60 percent of all businesses end up failing from lack of teamwork. Don’t let your business become another statistic. When the pillars are strong and do not falter in the slightest is when your business will sky-rocket to infinity and beyond.