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Effective Teams Contribute to Small Business Success

14 Feb

By: American Receivable

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Characteristics of Effective Teams to Build Your Business Success

We don’t work in a bubble. Every day we are interacting with clients, vendors, co-workers, and other business contacts. One of the most important relationships we develop in a small business environment is the team of professionals working closely together to secure the success of the business. The strength of this team and how well they work together is vital to staying competitive, productive and profitable. In this article, we’ll discuss the important characteristics of effective teams to improve your business.

Commitment to a Common Goal

Teams are created to efficiently and effectively complete a goal. The goal must be defined. It can be increasing sales for your company, getting a large order shipped out, or planning the annual client appreciation event. It is important that the goal has a clear direction, and each member has a good understanding of what the desired outcome looks like. The goal of the team is greater than individual interests. This is the first step towards coming together as a unit and successfully achieving the goal.

Participation

In effective teams, each person of the team needs to have a clear role and must be considered essential to the team’s success. All members need to understand they are a part of the solution and must be motivated to put in their fair share of the work.

Open Communication and Collaboration

The more comfortable team members feel with other members, the more they will be able to communicate openly with each other. Building a team culture that allows for open, frequent, and face-to-face communication will encourage team members to collaborate and freely exchange ideas and information.

It is important to mention that good communication does not just mean sharing your ideas and thoughts in a clear way, but also closely listening to and respecting the ideas and thoughts of other team members. In effective teams, if something is not clear, members ask clarifying questions.

Opinions, Risks, and Change

Differing opinions and ideas help spark creativity. By encouraging diverse opinions, there is an opportunity to have more ideas to evaluate, thus working towards the best solution to achieving your goal. Brainstorming is a safe, tried and true tool for building on each other’s ideas, allowing the team to discard the less valuable ideas, and elaborate on the stronger ideas. This also encourages team members to take risks and suggest possible changes that are in the team’s best interest.

Defined Roles by a Strong Leader

Each team member needs a defined role within the team.  A strong leader is important to effectively motivate the team, give feedback, and, if applicable, select the team members and distribute their roles. A good leader will also be a role model for good, open communication. Members should be placed in roles that take full advantage of their strengths and abilities. For example, a detail-oriented person would be great for keeping the team on track, but a creative artist may not be the best choice for handling budgets and metrics.

Responsibility

While individuals are responsible for completing their assigned tasks in a timely and efficient way, teams should not blame individuals for mistakes. Both failures and successes are shared by the team as a whole. However, it is appreciated when individuals are recognized for special contributions made to the success of the team.

Trust, Mutual Respect

Team members must feel safe communicating with each other. Members cannot feel judged by other team members. There needs to be a culture of mutual respect of abilities, and trust that members are not talking behind each other’s backs. Team members also need to trust that individual parts of the team are handling their responsibilities and tasks. Trust and mutual respect can be built through team building exercises and experiences.

Put American Receivable on Your Team

In conclusion, effective teams will collaborate and work together as a strong, solid unit. By reviewing the characteristics outlined above, you can build a team that will take your small business to new levels. And if your accounting team needs help with accounts receivable or cash flow, consider adding American Receivable to your team.

American Receivable is ranked No. 1 nationally among small-business factoring companies. Since 1979, we have provided small businesses with the financial resources and accounts receivable management strategies to grow, increase inventory, make payroll on time, and effectively compete in the marketplace. With American Receivable on your team, get funding within as little as 24 hours in some cases. Call us for a FREE quote today at 1-800-297-6652, or complete this quick quote form.

By Jack Stieber –  President  – American Receivable

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