How to build a team in business: 10 tips for success

How to build a team in business: 10 tips for success
A successful business team consists not only of employees who are highly qualified but also of those who trust each other, support one another and share a common goal. Hiring employees based on their skills is important, but it’s up to the leaders to find ways to create a team dynamic that works cohesively to drive success.

Read on for 10 tips for building a highly productive and effective team.

What you’ll learn:

• A successful business team works together to achieve a common goal or objective for the organization.
• Factors such as understanding your team’s strengths and weaknesses and embracing diversity can boost team morale and may lead to increased profitability.
• Keeping employees motivated and engaged by celebrating wins and encouraging team-building activities can help them feel valued, which can lead to improved retention.

A successful business team is usually aligned by a shared vision and culture. Studies show that 88% of employees believe a strong company culture is the key to business success. A strong culture motivates teams to be more engaged and productive when these common values are shared.

Values connected to your company’s vision statement often create a more powerful and authentic team culture. Think about your organization’s core mission and your personal values. What ties into this mission or the vision statement of your business? Creating your company culture helps align your team’s goals and values, ensuring your organization will thrive—and it also promotes a healthy work environment.

Once you’ve defined your company’s vision and culture, you can work with your staff to set shared business goals that align with those principles. This can help ensure your employees are moving in the same direction and give them a better understanding of how their efforts contribute to the broader company mission.

Each person on your team has a unique skill set. A successful team usually includes employees with different strengths and weaknesses who work cohesively together.

Identify and understand your team’s strengths and weaknesses so you can assign people to specific tasks and projects. One teammate’s strength can help offset another’s weakness. 

Workplace diversity is essential to a strong business team. Representation matters. Not every team member will have the same personality, skill set, age, gender or race. The team members will likely have many different backgrounds and unique perspectives. By welcoming diverse views, your team can benefit from alternative ways of thinking and better serve a diverse group of customers.

People appreciate feeling valued. And when employees feel valued in the workplace, they’re often happier and more productive—and more inclined to stay with the company. In fact, 81% of employees who report being satisfied attribute this in part to their employers prioritizing appreciation and recognition. 

Here are just a few ways you can show your business team some appreciation:

• Ensure a healthy work-life balance. A good work-life balance helps reduce stress and burnout. Provide adequate paid time off for employees to achieve this.
• Be involved in their personal and professional growth. Know and understand your team members’ personal and professional goals. This way, you can provide the right learning and development opportunities to help them grow and succeed.
• Invest in their day-to-day lives. Ensure your employees’ work environment is pleasant so they look forward to coming in or logging on every day. Consider investing in software or equipment that makes their workdays easier and more efficient. For example, investing in software to help your accounting team manage accounts payable can streamline the process.
• Celebrate and reward your employees. Start an employee recognition program that rewards wins, both big and small. Celebrate all accomplishments, from work anniversaries to sales victories. 

Transparency and communication can help businesses succeed by helping team members feel involved. Keep lines of communication open at all times so employees feel comfortable collaborating and asking questions. They should have a clear understanding of:

• Project deadlines
• Their roles and responsibilities
• Who they should contact with any issues or concerns

On top of that, consider providing employees with updates on the inner workings and health of the organization. This can boost trust and engagement among your team, which can have a positive impact on performance.

Forming a strong leadership team helps create a clear vision, improves decision-making across teams, and builds a culture of trust and accountability. This can empower employees to take initiative, collaborate more effectively and feel supported as they work toward shared company goals.

On average, businesses that implement leadership training programs often report a 25% boost in productivity and performance. Identifying key attributes of strong leaders, like emotional intelligence, effective communication and self-awareness, can help you form leadership development programs that build on your existing employees’ potential.

Encourage your employees to continue learning new things and then share them with others. Sharing knowledge can encourage innovation, boost creativity and ensure alignment on projects and goals—while protecting your talent investment. Examples are:

• Invite guest speakers. Research professionals in your industry and invite them to talk with your team. This may be someone influential in your industry, a life coach or anyone who can educate your team and work with them on their career goals.
• Encourage your team to attend webinars and conferences. Provide your team with a budget to attend industry meetups. Encourage the members who attend to then share their learnings with the greater team.
• Provide a space for knowledge sharing. Invite your team to weekly or monthly fireside chats so they can openly share knowledge and industry learnings.
• Host brainstorming sessions and catch-up meetings. These sessions provide an opportunity for employees to share new ideas collaboratively.
• Remove barriers between teams. While you might have effective communication within your teams, it’s sometimes just as important to encourage this collaboration across your organization. Breaking down silos between departments can encourage your teams to generate new ideas and identify new opportunities for cross-team collaboration.

The best team-building activities can build trust among team members and give them a chance to get to know one another and their unique skills. Boost employee morale with extracurricular activities such as:

• Icebreaker games
• Group volunteering
• Yoga sessions
• Happy hours
• Lunch-and-learn meetings
• Puppy therapy sessions
• Team outings 

Soliciting feedback from your team helps ensure your staff feels heard and valued. Implementing an open-door policy that lets employees share feedback on their own terms is one way to create a more responsive culture. You could also schedule feedback loops to make sure concerns and discussion points are acknowledged on a regular cadence. This can encourage transparency and open communication across teams while boosting employee morale and engagement.

Building a successful business team takes hard work and determination. Create a strong workplace culture by ensuring all team members are aligned with your organization’s goals and values. Continue to show employees they’re valued by communicating effectively, celebrating wins and establishing camaraderie—efforts that go a long way in building a strong, efficient team.

As you continue building a strong business team, you may also be considering the financial tools that support your goals. See how partnering with Capital One can help you take the next step by checking whether you’re pre-approved for a business card—with no impact on your credit scores.