Yes, it’s true. It only takes one budding entrepreneur with a brilliant idea to start a business. But, from that point on, it takes a collaboration of staff to turn that business into a success.
Effective collaboration keeps teams together, according to Mercer, the Global HR firm, the total cost of staff turnover is between 50% and 150% of an annual salary. So, on a $60,000 salary, that cost ranges from $30,000 to $90,000. That’s a pretty penny.
Of course, this factors in both hard costs and soft costs such as lost sales, lost opportunities and low morale. No matter how it’s assessed, we can agree that losing valuable employees does not help your business.
Having spent the majority of my time in businesses for the past 10 years consulting to companies on this very topic, none of these figures surprise me.
In fact, when I was called into companies to re-engineer their teams, I’d see the same situations time and time again, and often it came down to leaders not knowing how to collaborate with their staff.
So, why is collaboration so important?
The bottom line is that you need people to help you grow your business.
The only thing more powerful than champion employees, are champion employees that know how to collaborate and work together.
This is when magic in your business will truly happen, after all, a champion team will always produce greater results than a team of champions.
Most business owners and managers spend a lot of time “putting in” to their staff, training, procedures, product knowledge, however they often spend very little time “drawing out” of them, ideas, suggestions and, exploring the individual strengths of their staff.
There is something ‘magical’ about giving your team time to think, time to get inspired and the space to bounce ideas off one another. Armed with laptops, white boards, butcher paper and the freedom to plug into creative thinking.
In doing so, employees are able to brainstorm potential challenges or, problems in the business that are preventing growth and, share ideas and strategies to help get the business to the next level.
Those who are involved in the day-to-day operations of your business are the best people to provide feedback on what areas need improving. Which is why collaborating with employees is one of the most useful assets within any organisation.
Five key points to consider when collaborating with your team
1. Kill the King
Gone are the days of the lone ranger, dictator manager. Most businesses have a mission statement that describes the heart or purpose of their organisation but, very few enroll or inspire their employees to take part in the creation of that mission.
Get your people involved in the creation of your company’s mission. Collaborating with your staff is so important in achieving your organisation’s goals and objectives.
2. Get on the same team
The work staff members do, or don’t do, determines your company’s success or failure. It’s that simple. There is nothing more motivating or more rewarding than enabling, empowering, and coaching people to reach goals that they themselves set out to achieve.
Unite your staff with a common purpose and, make them part of the goal setting process.
3. Create a winning fight club
A conflict and a fight are not the same thing. Fights are for losers, they’re emotional, personal and often end in tears with no real winners.
However, when you collaborate effectively, conflicts are a normal and a required part of driving the business towards its goals and finding solutions to create win-win. Collaboration will unite your teams to come together to achieve goals and overcome shared challenges collectively.
4. Inspire your people to connect and communicate
Communication is the glue that forms the bond between leaders and teams, and holds great teams together. True leaders will guide these sessions to maximise innovation, flow and growth.
Set time aside to do nothing else, other than allow your team the freedom to get creative and communicate ideas and solutions to create win-win-win in your business.
5. Become a champion leader
To lead a team of champions, you must become a champion leader. As directors and managers, you must practice what you preach!
Your relationship with your staff is a direct reflection of your staff’s relationship with your customers. Be the best example you can be to lead a champion team.
In today’s fast-moving digital business age, we face an entirely new environment for innovation and collaboration.
When a team is working well together, it can feel like magic, and the results and productivity will skyrocket… just like that!! Collabradabra!!
Julie Faddoul is the founder of Your Business Buddy. Your Business Buddy provides the most up to date people management and business strategies to increase growth for small businesses.