Startups and existing businesses that turn into success stories have one thing in common, they’re all built around a strong and successful business team.
On the other hand, most businesses that crash and come crumbling down like a pack of cards often don’t recognize the importance of operating with a good business team in place.
You shouldn’t make the same mistake some prospective startups and business owners often make in the build-up to start a business in Nigeria.
They generate good business ideas, secure startup funding for the business, conduct a thorough market research; in fact, they get everything clearly spelled out including the right approach and model, yet, they ignore one essential piece of the business puzzle:
The people that make up the business team!
If you have it all spelled out and your team does not have the right balance or is not well drawn up, you could end up starting a business that fails sooner that you envisaged.
Bernd Schoner, the author of The Tech Entrepreneur’s Survival Guide, effectively captured this when he said, “Having the right business team determines the path and outcome of a new venture more than any decision in the lifecycle of the company.”
With the establishment that you need to build a business team to run a business of any kind, the question then is, “how do you build a successful business team?”
Below these lines, Bizintelng.com takes you through a ride on how to overcome the Herculean task of building a good business team.
What Makes a Good Business Team?
If you desire to start a business in Nigeria, or anywhere else on the globe, two things are important when deciding who you should include in your business team.
Character and Effectiveness!
Importance of Character For Business Team Members
Commitment to set goals
In a business team, the commitment level of members of the team members must be top notch. A reason it is stressed that in putting your plan business plan together, ensure you communicate your ideas and what you want to achieve.
It is a fundamental error to assemble a team of people (or have even one member) without a commitment to the goals of the business. Be sure you have everyone’s commitment tucked away in the bag as you pull them all together.
And how do you get them to be committed to the goal?
Simple! Make them believe in your idea, you cannot be committed to a failed project or an idea you do not think will work.
And again, as emphasized over and again, developing a good business plan will help you achieve this.
Participation is another key factor needed to make a strong business team. If you have a group of people whose hands are not on deck to actively participate in the running of your business, that is enough indication that you don’t have a good business team.
As you set out to assemble your business team, ensure you bring on board only those you deem necessary. A great way to determine who is necessary is to settle for people who complement you in your weak areas.
Another factor that’s in a team when it comes to character is Communication. And talking about communication, I mean an open and effective one. A good business team would thrive only on a communication of this kind.
You can’t achieve set goals if you don’t have clear and effective communication among your team members.
Importance of Effectiveness For Business Team Members
Effectiveness is the second factor needed to make a good business team.
How is that achieved?
Leaders walk the talk at every point in time. In assembling your business team, go only for people with demonstrated traits of leadership.
A good business team rises and falls on the level of leadership it boasts of. So you or whoever you pick to lead your team has to be at the top of his game as the business venture will rise or fall on his single decision.
An effective team has to be adaptable. Goals have been set, approach and strategy agreed upon, but an effective team has to adapt to change. If the strategy is not working, adapt to what works. Change the approach to achieve the set goal.
As you set out to build your business team, understand that the best and most successful teams are the ones that are diversified. The differences in the team make it stronger and a more effective weapon in your hands as an entrepreneur.
Now that you know the things that make a good business team, the real work of assembling one begins.
Why have a Good Business Team?
The importance of having a good business team cannot be overemphasized. But let me give you a few essentials.
First of all, a strong business team would aid you speedy access to secure startup capital funding.
Look at it this way, you approach a banker for funding, he is skeptical that you are a startup and so he shouldn’t stake funds into your idea. Have you thought about how convincing it would be if you had a good business team in place?
I can bet that with a good team in place your banker can to a large extent decide to ‘risk’ funding your startup.
How about your prospective market and would-be customers? Knowing the caliber of persons behind a product or service can ordinarily convince an undecided individual to become a loyal customer.
Your team members can boost the confidence in your brand from you, investors, and potential customers.
With the right team, you make up for all the lapses and grey areas in your venture.
So yes! You need a team to start a new business, you equally need one to successfully run an existing one. You definitely cannot do it on your own.
This team may not necessarily be paid staff because for a new business (startup) it may not be wise to hire all the numbers. Some can be partners, investors, casual hire and the rest. They all make up a team.
It is a fundamental error on your part as a prospective entrepreneur to want to do it all alone. You need others to thrive and stay afloat.
That being said, the time you need that team assembled together in NOW!
If you’re at the formative stage, this is the best time to build your business team. Still looking to generate a business idea? Do so with the people you hope to start your business with, and this should help you start a business that ends up being a successful one.
How to Build a Successful Business Team
By now you’re well informed on the need to only start or run a business with a good team. Having established that the success of your business venture hinges on that, Bizintelng.com takes it even further by highlighting how you can actually assemble and build a good business team for yourself.
Identify Vacancies to Fill
The first step to build a good business team is being sincere about the skills you need for the business you are venturing into. Be honest in the assessment of yourself.
It will be a failure from the onset not to be frank about this. Do a SWOT analysis of your needed skill for the business with an emphasis on the weakness and areas you’re lagging on.
What skills do you need that you do not have?
The sincere answer to this question will help you bring onboard people to fill the roles you need.
What positions do you need to run the business?
As a startup that doesn’t have all the funds at its disposal, you might also want to consider overlapping some positions and having one person take on multiple roles at least as you begin.
Who comes in first?
Never forget that at this point you are a startup. The funds you have secured should not be channeled solely to hiring or assembling a team, despite its importance.
That said, in building a team for your business, it is wisdom to prioritize your pick at this time. Who comes in first? A question to be answered on what you need most at the time.
Who will you hire?
This is the most tasking aspect of assembling a business team. The process of identifying who to hire and bring on board can be tricky for any business.
From friends, family, someone who knows someone and all. Do not make the mistake of hiring a hand you’re not convinced of the skills, and ingenuity they’d bring into your business.
Do not hire anyone who does not believe in your dreams and business goals.
You may get the very best of professionals, very skillful persons may come in recommended but if they do not believe the same thing as you, that’s the easiest and fastest route to bring your business on a downward slide.
They should demonstrate the passion and drive to give the business the go it requires. This stresses the need to build yourself business a good plan that serves as a dependable guide. This helps everyone you bring onboard understand the goals your business aims to achieve.
Why hire when you can partner?
You have identified the needed skill but it’s expensive to hire that skill. Why not a partner as an alternative?
This gives you a win-win situation. You have the skill you need and you are spending little or nothing to bring the skill on board.
Also, partnering gives you more dedicated and committed hands as partners in a venture wouldn’t want the venture to fail and so would commit everything.
With the information above fully adhered to, you should’ve assembled a good business team. The next thing then is to build trust in, and among your business team members.
How to Build Trust in a Business Team
There are certain key principles to consider if you must build trust in your build your business team, and they’re highlighted below:
Align the hiring to business purpose strictly
For example, a petroleum engineer is more important to an oil company than a sales representative. Why hire someone who does not benefit the business?
This entails that you identify those core skills and expertise required for your type of business and hire aright as enumerated above.
Hire key staff only so the business doesn’t struggle. Imagine a tech-based startup that does not have software coders on their team, you already know the extent to which such a startup will struggle.
Build Your Team Gradually in Order to Manage Your Operational Expenses
Apart from getting one person to cover two to three related areas, you can do your hiring on the needs of the business only. Take it a step at a time. Core hires first, and then with time when necessary others can follow.
If you are a startup, hiring on a permanent basis may not be a right move when you can afford not to. Earlier, the option of considering partners was stressed, in the event where that is not working out, you may consider having a contract based arrangement where you have them available when you need them so it saves you the cost of having them on a permanent basis.
Realize that having a good business team for your business does not happen by chance, it will take a whole lot of hard work and commitment to build a successful business team.
Because, of course, the success of any business hinges on that.
Here at Bizintelng.com, we’re dedicated to helping you start, grow, and fund your business. Reach us now, and we’d be glad to bring your business to the limelight you dream of it.