Building your team for growth
One of the most powerful tools you have in growing your company is your people. Choose and develop them wisely.
Investment in technology and AI is seen by many as the Golden Goose to grow your company in 2021, as a result of the pandemic companies look to technology to help them out of the hole, to be more productive, efficient and profitable. This is all true but the heart of every business is its people, they are the life blood, the ideas and the soul, they are also very often overlooked as a methodology to create growth, often seen more as a cost or resource.
The right team members can help your organisation reach new heights through innovation, inspiration, and hard work. The key is to identify the right human capital to help your business thrive. Below we have set out seven steps to help you build a team for rapid growth.
1. Hire new skill sets
Company owners and managers may default to hiring people who have similar strengths because they understand or identify with them. Instead, identify the skills your company needs to grow but which your current team doesn’t have and look for those in new hires.
2. Cultivate diversity
When you add team members of different genders, ages, racial and ethnic backgrounds, abilities, and other differences to your team, you benefit from new perspectives and insights that can help you better innovate and reach new markets. Research has found that companies with racial, ethnic, and gender diversity outperform other companies.
3. Look for shared vision
Your team members should understand your company and its goals and be committed to carrying them out. Look for people who have a similar work ethic as your existing team. They should be excited about growth and actively contribute ideas and effort to make it happen.
4. Create a culture of “psychological safety”
One of the most important factors affecting team productivity is trust, or “psychological safety.” In other words, teams are most effective when individuals feel comfortable taking risks and being vulnerable around each other. Focus on creating a culture where team members support each other and are empowered to take moderate risks to help the company find new and better ways of doing things.
5. Prioritise communication and collaboration
Teams need structure and clarity to perform at their best. That means giving them clear roles, plans, and goals so they can work on their designated roles and tasks without hesitation. For example, if you give your team vague direction to come up with new product ideas, they may come back with some excellent consumer products ideas. However, if you were looking for business-to-business offerings, that effort would have been wasted.
6. Grow your team beyond the staff
Many businesses overlook sharing their business goals with their advisers and peers. However, when aware of your aspirations and challenges, they may present suggestions or alternatives to help your business get to the best outcomes. Don’t be afraid to seek advice and be challenged by your lawyer, accountant or your peers.
7. Reward the behaviour you seek
The way you build your team will have a direct impact on the growth of your company, it’s important to hire people who will take the company in the direction you want to go. So, when team members perform well or exhibit behaviours you want to replicate, be sure to reward them in recognition of their efforts. Rewards don’t need to be costly, either. A personal note or thank you from a manager or the company CEO can go a long way toward good rapport and retention.
