A business can only be greater than the sum of its parts if those parts are as strong as they can be in the first place.
If even one component is pulling in the wrong direction it can have devastating effects company-wide. So how do you build teams? Motivate them? Retain them? How in times of crisis do you help teams step up their game and show you what they’re really made of? It’s only when challenged we realise how much potential they have. So how do we tap into it? Let’s read on and find out.
Is there a more clichéd section of the internet than motivational quotes on teamwork? “There’s no ‘I’ in team”,“Teamwork makes the dream work”, the list goes on. However, what these simple platitudes conceal is the fact that a great team isn’t something that just happens. You can’t create a great team with a few cat posters and occasionally bringing cakes into the office. Building a team takes hard work and long-term investment.
“There is no such thing as a self-made man”George Shinn, writer and entrepreneur
Calling for back-up
Anyone who runs a business will tell you doing it alone can feel like an overwhelming task to achieve on your own. How about having enthusiastic reinforcements who are committed to moving your business to where you want it to be? That can make all the difference. The truth is that behind every successful business, every millionaire or entrepreneur is a team of hard-working motivated people. To paraphrase the original quote on teamwork (from Sir Isaac Newton) if we succeed “it is only by standing on the shoulders of giants.”
Engaged teams are succesful teams
Building a strong team is not easy. It takes an awful lot of time, money and effort. So are the rewards really worth it?
Short answer, yes. Longer answer, absolutely yes. Research from the Hay Group shows highly-engaged employees are on average 50% more likely to exceed expectations than the least-engaged workers. They also vastly outperform firms with disengaged employees, by 54% in employee retention, 89% in customer satisfaction and a whopping 400% in revenue growth.
“By improving team satisfaction and happiness in an organisation by as little as 10-15% you will improve net profitability by over 40%”
According to internationally-renowned fashion designer David Meister, by improving team satisfaction and happiness in an organisation by as little as 10-15% you will improve net profitability by over 40%. Another Harvard Business Review study showed 30 to 40% increases in profitability after leaders focussed on individual and team morale. In short, you get a lot out of putting a little in.
This is the first item in the blog series about teams. More blogs on the subject will follow, so stay tuned.