How to Strengthen a Team

I was studying the importance of team work in the Financial Services industry the other day and I realized that too many people are trying to do all the work themselves alone.  At the end of the day, they wonder why they have yet to see any changes in their bottom line. 

Being in a team environment significantly improves your chances of success but once you join or form a team, you need to strengthen it.  There have been many books written about building teamwork, but there are basic elements I have seen that make the most difference.

Align Values

Sharing similar values will strengthen a team.  Examples of values include work ethic, shared vision and goals, compensation of support staff, communication, and investment philosophy. 

Promote Commitment

The best teams are those whose members are committed to the growth of the team, with each member being willing to commit a lot of energy to the team’s success.

Promote Good Communication

Good communication is essential to a team’s success.  As in any relationship, good communication overcomes most problems.  The team should encourage communication by all team members and provide opportunities for team members to share their opinions on how to make the team better.  One of the greatest benefits of a team is the ideas and creativity that can result when the team members are all motivated to improve the team.  All team members should have the opportunity to review and give input regarding all aspect of the team’s activities.

Build In Measurement and Accountability

Every team member should be held accountable for her responsibilities, and team meetings should be held to review accountability.  These meetings motivate all the members to excel, so that they can proudly share their results at team meetings. 

In the long run, working toward parity is best.  If the split is not even, there should be an incentive for all team members to get an equal share as the team’s business grows.