M4D Business Journal 111 - Surround Yourself With the Right People

Introduction

Your team consists of a lot more than the people you employ — they are only part of the equation. Leaders work with a team for which there are four critical components. Alongside your employees, the people who work with you include business owners, partners, your future leaders, specialists and advisors — this is your team. All components have an equally important role in your business.

1. Your partners

Choose your partners carefully! Above anything else, you need to be sure you can trust one another, enjoy each other’s company, and work and communicate well to ensure you achieve great things for your business. Sharing similar values and aspirations for the future of your business, alongside being financially astute and forward-thinking are all important traits of a successful partnership.

Finding a partner that offers credibility to your business, while also having skills and expertise that support and complement your own ensure a far broader skillset. This in turn will enable you to plan, grow and run your business more effectively. Today, your partners should possess an element of risk-taking, a desire to control their own destiny, and an enjoyment for watching others receive the recognition they deserve.In a nutshell, they should complement your weaknesses and share your business passions.

Sharing similar values and aspirations for the future of your business, alongside being financially astute and forward-thinking are all important traits of a successful partnership.

It goes without saying that you and your partnersestablish the culture within your business. Culturalmisalignment among the leadership team isone of the first things that arises when businessbecomes difficult. When business is performingwell, inadequate communication can be paperedover. When there is leadership conflict and asense of dissatisfaction in the business, thismisalignment is one of the first things to come tothe fore that really never goes away.

2. Your future leaders

Your future leaders should offer diversity to your business by bringing new skills and behaviours you don’t have. What are the characteristics to look for? Professionalism, independence and entrepreneurship. These individuals have a great work–life congruence — they value teamwork and respect others, and have the ability to put their egos aside to listen carefully and nurture those around them. Forward-thinking and open to new opportunities, future leaders challenge the status quo — by not being risk averse in their approach to business. They are keen to discuss their concerns with you and have solutions, not problems, to the business issues. In a nutshell, they have a winning personality and are invaluable assets to your business.

Your future leaders need to be mentored by you. You need to spend time with them on business management — very few others will! They need and deserve a plan for growth and advancement. In our experience, they typically won’t ask for this plan so the current leaders need to be pro-active about this. This should include an agreement / expectations surrounding:

• Business development and work generation

• Servicing clients and representing the business

• Delivery of services

• Design collaboration

• Client agreements and fee structures

• Their role in strategic objectives

• Attracting and retaining key people

• Building and contributing to cultural values

• Business and service innovation

• Financial objectives and systems.

3. Your people

Without people, you don’t own a practice — you own a job. It is obviously necessary to focus on hiring people who have the correct skills, but, more importantly, who culturally fit in your business and can bring quality and talent that you will need into the future. Foster a culture of accountability by surrounding yourself with people who want to build a career, rather than have a job.

Your people should be trustworthy, hardworking, productive and work well as part of a team. There should also be a mix of demographics across gender, cultures and age. Hiring people with great energy and a positive outlook on the business is essential — after all they are representative of your business and will influence the impression others have of you and your credentials. A successful team needs to have experience, passion and commitment.

Be careful not to simply go through the process of hiring people and then forget to interact with them. Working alongside your people to develop their skills and responsibilities makes an enormous difference when looking to build a team that is fully engaged in their role and is excited for future opportunities in the business.

Don’t make the mistake of putting the wrong people in charge of hiring or failing to let go of the employees who don’t fit well in the business. The key issue to remember is trust your judgement!

When evaluating your current and potential people, ask yourself the following questions:

• Are they passionate?

• Do they have a great work ethic?

• Are they skilled?

• Do they embrace challenges?

• Are they fun to be around?

Having strong, engaging systems across your business that enables your people to do the right work at the right time will not only ensure your business is run more effectively, but your people will be happier too! Such systems will also enable you to delegate responsibility comfortably. That in turn will ensure your staff members confidently take control within their roles — your systems are your path to independence and fulfilment!

Working alongside your people to develop their skills and responsibilities makes an enormous difference when looking to build a team that is fully engaged in their role and is excited for future opportunities in the business.

4. Your trusted advisors

The main difference between a business andbeing self-employed is the team you surroundyourself with.

Consider what skills you don’t have in yourbusiness and surround yourself with experts,mentors and advisors that bring this capability.This will include experts in finance, tax, legal,risk, marketing and strategy etc. Having the rightpeople around your business will enable you tolearn from experts in your industry. You will getthe return on your investment that is imperativeto the success of your business.

Surround yourself with experts who:

• Have demonstrated expert knowledge andskills in their field of work

• Know how to get things done

• Have a network of people they can refer youto promptly

• Complement your weaknesses

• Put your interests first

• Are reliable, credible and available when you need them

• Are forward-thinking and able to assist in driving your business further.

Proper guidance from your accountants, tax advisors, financial advisors, and legal counsel is imperative for building a strong, successful business. Although these advisors can be expensive, their advice can provide you with an incredible return on your investment by helping you structure a strong business while avoiding pitfalls along the way.

Once you have established a strong relationshipit is important to nurture it as your businessdevelops further. Asking questions as you goand liaising closely together will help to builda stronger relationship on which you can fullymanage every element of your business.

Being able to receive the support and adviceyou need from the experts around you will makean enormous difference to how you view yourbusiness and the decisions you make as a result.Having a strong and respected team on boardwill contribute to any decision you make — it isthe combined input of your team that makes it the right decision. •

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