The value of your team is often directly correlated to your business’s performance. If you have great people working with you, your company is far more likely to do well.
But how do you literally double your team value in 6 months? That’s the topic of this post. It looks at some of the strategies you can use to win, and how you can drive human capital and value in those around you.
Set Clear Goals
The lowest-cost option is usually to set clear goals. If you can give staff something to shoot for, it’s much more likely that their performance will rise.
Setting clear goals means being accurate and time-bound. For example, you should tell your sales team that you want 100% more sales within 6 months.
When you do this, you make your expectations clear and get your team to think outside the box. Radical requests require radical answers and innovations.
Streamline Your Communication
You also want to streamline your communication. Fostering transparency and reducing noise helps you get rid of the email-related inefficiencies that drive many businesses into oblivion.
The best way to streamline communication is to use systems with asynchronous updates, like Monday.com. Having that overview of the team situation is critical for long-term success and business mastery.
If you can shelve emails entirely, that’s even better. Often, they don’t lead to any appreciable benefits and can slow people down if they constantly check them instead of blocking their time.
Bring People Together
Another way to double team value in 6 months is to bring people together. Sometimes, professionals in opposite departments never cross paths and become unable to share ideas with each other.
Therefore, look at corporate event venues in your area and see if there are any opportunities for company-wide staff events. Try to get more people talking so you have better cross-fertilization of ideas. Provide financial incentives and bonuses to team leaders and managers who work with their opposite numbers to deliver solutions that benefit the company as a whole.
Bringing people together can drive business benefits on multiple levels. While it allows for idea exchange, it also helps staff get to know each other better, building a tighter-knit team.
Empower Ownership
You also want to empower ownership if your goal is to double team value. Staff and managers shouldn’t feel like they are just going through the motions. It should seem like they are running their own business as much as possible.
Therefore, focus on giving people in your organization more autonomy. Let them develop their own objectives and solutions to help them get to their destinations faster. Don’t be one of those managers who constantly feels the need to embark on constant oversight.
Once you start empowering people, it improves their mood and productivity. They realize that getting things done is their responsibility.
Measure The Things That Count
While you’re in the process of transforming your team, make sure you measure the things that matter. Don’t get bogged down in irrelevant statistics.
For example, don’t try to measure productivity at the process level, that’s almost impossible. Instead, look at the money your team is making. See how they are converting more customers and driving sales.
Remember, a single idea can have a profound impact on team value. Changing one aspect of your sales funnel is often enormously and tremendously beneficial.
Recognize Excellence
At the same time, you want to recognize excellence. Don’t be one of these companies that allows workers to slave away seven days a week without showing any gratitude. That’s a surefire way to lose your best people quickly.
Therefore, take time out of your day when someone goes above and beyond for the enterprise. Let them know that you appreciate their work and provide them with a financial reward if appropriate.
You can also use a peer recognition program for this purpose if you have poor oversight at the executive level. Here, colleagues nominate people they believe have done more for the team than anyone else.
Invest In Skills
Finally, and perhaps more obviously, it makes sense to invest in your staff’s skills. Bringing them up to speed could be a powerful way to boost their value substantially, especially if they’re starting from a low level (which many teams are).
If you can invest in skills, you can eliminate gaps in their knowledge and training that could be holding them back. For example, you could sit them down for e-learning once per week and drip-feed them new capabilities to drive your business forward.
