Compound Dividends

Investing in the Team Compounds over Time

In general, the time, money, and effort it takes to develop team members doesn’t change the team overnight, but it does always pay off. And when everyone on the team is investing, then the benefits are like those of compound interest: They multiply.

Start investing in your team by:

Making the Decision to Build a Team

    • This Starts the Investment in the Team
    • It’s said that every journey begins with the first step.
    • Deciding that people on the team are worth developing is the first step in building a better team.

Gathering the Best Team Possible

    • This Elevates the Potential of the Team.
    • The better the people on the team, the greater the potential.
    • A team can benefit from the recruitment of the very best people available.

Paying the Price to Develop the Team Ensures the Growth of the Team

    • It cost energy, money, and time. It will cost you to develop your team.
    • You will have to dedicate time that could be used for personal productivity.
    • You will have to spend money that could be used for personal benefit.
    • Sometimes you will have to set aside your personal agenda.
    • Everything you give is an investment.

Doing Things Together as a Team

    • This Provides Community for the Team
    • Community develops among teammates who spend time doing things together.
    • The only way to develop community and cohesiveness among your teammates is to get them together, not just in a professional setting but in personal ones as well.
    • Business colleagues can socialize outside of work (in an appropriate way). The where and when are not as important as the fact that team members share common experiences.

Empowering Team Members with Responsibility and Authority

    • The greatest growth for people often occurs as a result of the trial and error of personal experience.
    • Any team that wants people to up to a higher level of performance—and to higher levels of leadership—must give team members authority as well as responsibility.
    • If you are a leader on your team, don’t protect your position or hoard your power. Give it away. That’s the only way to empower your team.

Giving Credit for Success to the Team which in Turn Lifts the Morale of the Team

    • They are willing to work hard if they receive recognition for their efforts.
    • Compliment your teammates. Talk up their accomplishments.
    • If you are the leader, take the blame but never the credit. Do this, and your team will always fight for you.

Watching to See That the Investment in the Team Is Paying Off.

    • This Brings Accountability to the Team
    • Pay attention to it and measure its progress. The same is true of an investment in people. You need to observe whether you are getting a return for the time, energy, and resources you are putting into them.
    • Some people develop quickly. Others are slower to respond, and that’s OK.
    • The main thing you want to see is progress.

Stopping Your Investment in Players Who Do Not Grow

    • Eliminates Greater Losses for the Team
    • One of the most difficult experiences for any team member is leaving a teammate behind. Yet that is what you must do if someone on your team refuses to grow or change for the benefit of his or her teammates.

Creating New Opportunities for the Team

    • Allows the Team to Stretch There is no greater investment you can make in a team than giving it new opportunities.
    • Not only does it give the team a chance to grow, but also benefits every individual. Everyone has the opportunity to grow toward his or her potential.

Giving the Team the Best Possible Chance to Succeed

    • This Guarantees the Team a High Return
    • One of the most important things you can do is clear away obstacles so that your team has the best possible chance to work together for success.
    • For a team member, this may mean personal sacrifice or helping others to work together better. For a leader, this means creating a great environment for the team and giving each person what he or she needs at any given time to ensure success.

One of the great things about investing in a team is that it almost guarantees a high return for the effort, because a team can do so much more than individuals working alone.

Mark Twain said, “I can live for two months on one good compliment.”

 

Action Steps:

Answer the following questions and explain why you feel as a leader that it is important.

  1. The first step that you as a leader must take to compound dividends when it comes to team productivity and excellence is?
  2. How would you as a leader check your team for accountability and why is this important?
  3. If you have some team members who seem to be on top of the project quickly but there are others that are slower is this a problem? Why or Why not?
  4. What is the main thing that you must see from a team as a leader?
  5. How would you build your team’s morale?