Do You Have the Right People on Your Team?
As a preeminent wealth advisor, you understand that building a successful business isn't just about numbers and strategies—it's about people. The individuals you surround yourself with are crucial to your success. Yet, one of the most challenging aspects of entrepreneurship is ensuring that you have the right team members on board. These individuals must possess the necessary skills and a genuine commitment to your vision and goals.
Understanding Your Team's Commitment Levels
Your team members will exhibit varying skill levels and personal commitment to your business's success. The key to cultivating a rock-solid team is recognizing where each person stands and working to elevate their abilities and commitment.
The Commitment Circle
To optimize your team's performance, start by categorizing them within the "commitment circle." This model helps us understand the intersection between their skill levels (Can Do/Can't Do) and their driving emotional force (Fear/Desire). You can tailor your approach to elevate their engagement and effectiveness by identifying where each team member falls.
- Prisoners: These team members must believe in your vision and the skills necessary for their roles. They are driven by fear and often feel trapped in their positions. To address this, ensure a match between their position and abilities. Initiate conversations to understand their aspirations and decide whether they genuinely want to be part of the team.
- Trainees: Trainees believe in your vision and are eager to succeed but still develop the required skills. Focus on providing them with structured feedback and positive reinforcement. Pair them with more experienced team members who can mentor them, keeping their enthusiasm high and facilitating their growth.
- Conscripts: Skilled but driven by fear, Conscripts perform their tasks out of necessity rather than passion. Their development needs to focus on the emotional dimension. Regular feedback and recognition of their contributions, rather than technical skills, can help shift their mindset from compliance to commitment.
- Volunteers: These are your ideal team members. They are both skilled and passionately aligned with your vision. Volunteers are often self-empowered and driven by a desire to succeed. Recognize their efforts, provide them with opportunities to innovate, and ensure they feel valued to maintain their high level of engagement.
Elevating Your Team
To create a team where everyone is in the "Volunteer" segment, you must:
- Identify each team member's current segment: Use the commitment circle to understand where they stand.
- Tailor your approach: Develop personalized strategies to elevate each person's skills and commitment.
- Communicate your vision: Regularly share the company's goals and how each person's role contributes to achieving them.
- Provide recognition and support: Ensure that every team member feels valued and supported in their professional journey.
Conclusion
Imagine a business where every team member is as committed and skilled as a Volunteer. You can build a cohesive and high-performing team by identifying and nurturing each individual's potential. Take these steps to assess your team, communicate your vision, and elevate their engagement, and you will be well on your way to achieving exceptional business success.
Remember, your success is not just about getting people on the bus but also about ensuring they are in the right seats and genuinely committed to moving forward.
Insights from John J. Bowen Jr. inspired this blog.
