Most companies have a quote such as “People are our most appreciable assets”. This sounds great, but it is really so in practice?
How does financial specialist manage assets?
They compound them.
They want the money to work for them and multiply the results.
This is what they call “leveraging effect”, a small lever moving a large piece.
Although this is possible with money, this leveraging is even more powerful with applied to people.
The compounding power of teamwork
If money can work for you, do you have people working for you?
Are you doing it everything by yourself, or do you have people adding value to your goals?
Here is how you can get a team and/or network of people work for you to maximise your success?
1. Make a thoughtful initial investment
Hiring the best people in your team is the key to your success. In my last executive role, the President of the company told me that my primary role was to deal with the wrong casting, as he was calling it. I thought as a passionate leadership trainer that I could improve the existing team but soon realised that it was indeed so and that I had to raise a new team more closely aligned with the vision of the company.
Do you have the right casting in your team? Do they fully support your vision, identify fully with it and contribute to it with all there energy and ideas?
If not, you should consider reviewing your team, their alignment on your vision and if not possible, then replace the team.
2. Contribute regularly to growth
If you have found a beautiful plant, fully matching your interior design, would you leave it to die?
Of course not!
Do you nourish, feed and treasure the team that you have?
I don’t believe that we should motivate our team members. If we have the right people in the team, they will be already motivated, but we can kill that motivating but leaving obstacle on their path.
Even more than that, are you expanding their skills, empowering them more and more with freedom, resources and possibilities to fully bring them creativity, expertise and passion to add value to the organisation?
If you see yourself as a coach, you will be able to develop them without micro-managing them.
Additionally, are you supporting the team to work together in their respective styles and personality to optimally work together as a powerful team?
3. Realise the value of time
Are you employees a commodity that can be easily replaced or a long-term investment?
It is not very difficult to find out if the employees are just in for the job or are intrapreneurs, seeing themselves as a long-term member of the innovation team.
The difference is the way they place their vision and heart in their job and come up with short-term actions as well as longer-term innovation.
Sure, not everybody has a mentality of an intrapreneur – an entrepreneur within the company – however, you can empower each team member to improve their immediate environment, for example, proactive decision to improve the client experience.
4. Reflect on your rate of return
Three questions are important to find solutions that will support your bottom-line and therefore your rate of return:
1. Is there a placement issue? Are people in my team serving in their strength zone?
2. Is there a people issue? Is this a conflict resolution or communication issue within the team?
3. Is there a performance issue? Did I invest in the team and build the right accountability?
5. Adjust for inflation and other factors
A financial plan never runs as planned! That’s for sure!
What does a good asset manager do?
He/she constantly adjusts the investments to what is happening with the assets.
You also have no control over the past. Mistakes will be done, that’s for sure.
Therefore learn the lessons from them, support your team in a compassionate way to learn from them and grow the lesson learned.
6. Compound growth
Just imagine that you have a team of world-class leaders, but they need to get your approval for every single decision that needs to be taken?
You will not only create a bottleneck in your organisation, slowing down the reaction and proactivity, but also warn them out.
What if you would have world-class leaders, not only empowered to make their own decisions, bringing their passion, ideas and innovation, but also able to raise leaders that are the same?
Wow, that would be a dream!
Actually, this can be a reality in your organisation.