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Take Back Your Time By Building a Great Team

Wednesday, July 30, 2014   By Mike Reddy


Embarking on your journey as a small business owner may often feel like a lonely one-person job. It’s a common trait which is why I suggest in my business coaching assignments that building the best possible team around you can help you to alleviate that stress and free up some valuable time.

Building the team can feel a bit like a game of Tetris - the key is finding how they all fit together in order to build the most secure and successful structure.

When building your team remember to:

  • Identify your weaknesses and areas in your business that need improvement and begin filling these areas first. Do you have a good understanding of product development but know nothing about accounting? Fill that void first.

  • Embrace clarity. Clearly identify the roles of each potential team member, define what skills are necessary and determine where and how to look for the right person to fill that role.

  • Hire only when there is a real need. The temptation to add to your team as the business grows is expected - but bear in mind that taking on new employees requires additional time, commitment and resources.

  • Be prepared to sell your business to potential team members. Great teams are fueled by passion  for your vision and not just the desire for a bigger pay packet.  But they wil happily accept more wages in place of an exciting vision!

  • During the hiring process, always trust your gut - you alone know what it takes to keep everything running smoothly.  You will understand just how much trust you will need to place in each of your team members in order to succeed.

Once you have a team in place it is your responsibility to ensure they remain committed and motivated. Team coherence and vision is a huge factor in whether or not your team will work successfully toward the business’ goals.

Consistently build your team based on your firm’s culture and not solely on qualifications. Engage your employees on a personal level to reaffirm your dedication to their personal and professional growth and well-being.

There is nothing worse than getting stuck in the constant loop of hiring and firing - it’s exhausting, discouraging and very time consuming. I see a little too much of it when I arrive on site as a business coach.  Constant encouragement and motivation will ensure a team with long-term dedication and commitment.

If you want your team to be effective, you must set clear expectations and continually emphasise them. Your team wants to succeed, but they need to know the goals outright.

With your team in place, it is time to start delegating.  Otherwise it was all for nothing! Delegating in business is not about passing the buck. You don’t abandon accountability, you simply assign responsibility and authority appropriately.

It’s a little like cliff-jumping into the ocean - you’ve done it already - you’ve jumped! Now you have to trust that the water will break your fall...

Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.