How to Build a Team Made for Rapid Growth

One of the biggest challenges in developing a high-growth company is choosing the right team. These are the people who will help take the business to the top tier, so you must select and develop them wisely. However, this task is easier said than done. In this post, we discuss what it takes to rally a talented team that will take your company to the next level.

Why Hiring the Right Team Is So Important

No matter your industry, having the right team supporting you can make or break your profitability. When you want your business to catapult forward, only top talent will do. So naturally, management positions are some of the most challenging to fill.

Sometimes resumes don’t match actual skill sets, and other times, people only want to use the position as a springboard to other opportunities. But hiring well isn’t enough to build a successful team. And yet, whoever you choose will impact your company culture significantly. Think about how a new team member will influence the following factors.

Time

Consider the time it takes to interview and train a new employee. An ineffective team member can use up to 70% more time than one who can do the job right the first time. Hiring the right people means spending more time on running your business.

Team Morale

Team players are invaluable to companies, motivating other team members to think beyond the status quo. It only takes one person to boost team morale; however, one person can also bring a team down.

Choosing the right people to build your team means considering the other members of your group. Can everyone work together successfully? Will they complement each other or create friction? How will the team dynamics impact your entire company’s culture? Consider recognizing exceptional teamwork with something unique like a marketing ninja award or a stylish crystal award can further enhance team motivation and cohesion.

Cost

It’s expensive to deal with employees coming and leaving quickly. A high turnover rate will carve away your company’s profitability quickly. Think about the financial damage of wasted payroll or missed sales. Hiring the right people can save your business loads of money.

All of these reasons add up to either your company snowballing and outlasting others or fizzling out. The team you choose to carry out your company’s mission will determine its result. But how do you build your A-team?

How to Build the Right Team

When you want your company to experience rapid growth, only the right people will make it happen. But it’s more than sorting through stacks of attractive resumes or searching professional platforms for the “perfect fit.” Instead, start by focusing on the following five elements to build the right team around you.

Foster diversity

Diversity is essential for rapidly growing companies. To be clear, we’re talking about hiring people of different ages, ethnicity, genders, talents, etc. But why? Companies with diverse teams outperform other companies routinely. So, if you want your business to beat out the competition by miles, cultivate a culture of diversity.

Remember that savvy leaders know that they must fill the gaps in their teams’ skill sets. For example, perhaps your team is excellent at data analysis but falls behind in product development. So, hunt for individuals who can strengthen those weak links in your chain, per se.

Search for similar work ethic

If you’ve ever talked to anyone who’s pulled a team of horses, they’ll tell you that equally yoked teammates make all the difference. In fact, two good horses can pull 3x what one horse can! The best part is that one isn’t working harder than the other. In translating to a corporate team, everyone is contributing to the shared vision of the company.

As a leader, you must look for team members with a similar work ethic to your existing team. If you’re unhappy with your team and giving it a facelift, search for well-rounded and open-minded individuals to build your new team. Then, of course, there’s the idea of working harder, not smarter. Keep this notion in mind as you develop your team

Encourage trust and empowerment

While it’s true that iron sharpens iron, we can’t say enough about the power of an encouraging teammate. Working side by side with trusted individuals can feel very validating. You can lean on their experience and wisdom while offering encouragement to one another at the same time.

Thoughtful gestures like special corporate presents can further strengthen these bonds, fostering a positive and supportive work environment.

Fostering a sense of security empowers individuals to freely exchange ideas and thoughts. Building a culture of safety hinges on selecting team members with both emotional and intellectual intelligence. The goal is to create an environment where your team feels empowered to take carefully considered risks, all while drawing inspiration from each other’s positive energy. This approach is instrumental in avoiding risk in project management.

Practice positive reinforcement

Building the right team to take your business to new heights will be a work in progress. People don’t always fit together like puzzle pieces, especially not at first. So it will take some time and effort to align everyone’s vision and work ethic.

However, managers and leaders can help the process along. First, be sure that you reward any desired behavior. Then, use positive reinforcements to send the message to other team members, as well. (Undesired behavior doesn’t necessarily need to be disciplined unless it’s required.) But consider sending a personal note to the individual or making an announcement at a team meeting. These little rewards can make a big difference. For offsites and other in-person work events consider gifting photo books, reinforcing a positive and appreciative work culture.

Make expectations clear

Lastly, your team will need sound structure and guidance. Make sure your expectations are crystal clear, and each member knows what you expect from them. When people feel insecure about their job responsibilities or the extent of their authority, they’re more likely to behave timidly. As a result, some job duties are left undone.

Instead, hone up your communication skills, and work to become a better communicator. Be sure that you’re expressing yourself well. Teams need clarity. So, share your goals and plans, assigning them each with clear roles.

Any team that can take your business to the next level must be bold and confident. Since you’re spearheading the entire company or project, the confidence must start with you and then trickle down. Expect greatness from yourself first, and then expect it from your team.

Understanding the details of what coverage your company needs can be a confusing process. Founder Shield specializes in knowing the risks your industry faces to make sure you have adequate protection. Feel free to reach out to us, and we’ll walk you through the process of finding the right policy for you.

Want to know more about commercial insurance? Talk to us! You can contact us at ​info@foundershield.com​ or create an account ​here​ to get started on a quote.