One thing I’ve learned over the course of my life and as a Founding Principal of Eighteen Capital Group (18CG) is that the business world can be highly competitive. Things move at a rapid pace, there can be a lot of pressure and you often have to rely on solid team members to accomplish your goals.
Few things are as important in business as understanding the real value of teamwork. Even if you’re running a solo operation or have a small business – forming a solid team to help carry the load and delegate tasks to can increase productivity tenfold.
Today, I’d like to go further into some of the ways that teamwork plays a crucial role in a business.
Increase Productivity
As stated earlier, teamwork can multiply your productivity no matter what kind of business you’re operating. Whether running a multi-state private equity firm like Eighteen Capital Group, or a weekend landscaping business as a “side hustle” – having a group of people helping to tackle challenges is essential to success.
There are simply not enough hours in the day for one person to tick-off all the to-dos that are required to maximize a business’ potential. Onboarding new hires, preparing for meetings, securing new clients/customers, managing finances and more – it all stacks up.
If you want to scale your company for growth or increase productivity across all of these various levels, it will require teamwork. Building a team and expanding your company will allow you to focus on the bigger-picture aspects of your business while others execute the day-to-day tasks. Having a network of people in place working toward a unified goal will massively improve your company’s productivity.
Increased Efficiency
Similar to improving productivity, a solid team structure within a business can also make your business more efficient. When a company creates an environment where all of its departments and roles are working in unison, teamwork becomes an obvious strength.
A business that contains a solid level of teamwork will develop into its own ecosystem where systems are sometimes on “autopilot.” Of course, there will always be a need for management to guide projects along, but once an established team is set in place, they begin to naturally increase the efficiency of operations.
Departments and different members learn what is needed from one another to make their jobs easier and more successful. They learn how they can help each other achieve their tasks – and the company’s overall mission. They begin to distribute assignments across a wider spectrum, easing the pressure on individuals, and can streamline your operation to get things done faster, smarter and with less effort. Team members also have the ability to learn from one another’s mistakes to avoid future errors.
It can take a while for this type of ecosystem to form, and it may require some organizing from the top down, but it will help any business owner immensely when it all comes together.
Teamwork Brings Out the Best in Employees
When a team has learned to work hand-in-hand with one another, it can bring out the best in us as individuals, as employees, and certainly as a business.
As employees learn that they can rely on their fellow team members to help accomplish goals, they will often adjust their own roles according to their own individual strengths.
A classic example of this is seen in organizational structures like sales teams. One sales rep might be simply unmatched in terms of generating interest from a prospective customer in a product/service – but they may struggle to close the sale. Another rep might be able to facilitate the final transaction, but might not be able to capture the customer’s initial interest. But together, they can both work through their strengths to achieve the desired result.
Having a network of individuals with their own unique strengths can give business owners an incredible edge and an extended toolset to reach levels higher levels of success. Furthermore, a diverse group of team members can provide insights to a business owner that they might otherwise miss.
Teamwork Makes the Dream Work
It’s a bit of a cliché, and you may have heard this phrase before, but it is absolutely true. Any level of business success can be multiplied when the right team is put into place. If you’re a business owner, do not make the mistake of underestimating the value of teamwork.
Take some time to study your organization, analyze all of the team work that goes into making the operation successful, and always look for ways to enhance your team so that they can do their best work.
Until next time,
~ Michael Gortenburg, Kansas City, Eighteen Capital Group
Michael Gortenburg 