Taking your role as leader of an advisory team seriously helps make for a stronger and more efficient business.
When you’ve done your job as a team leader correctly, the team can manage the practice without you, leaving you to focus on growing the business, says Joanne Ferguson, president, coach and consultant with Advisor Pathways Inc. in Toronto.
You can develop your team and become an effective leader with these tips:
> Schedule meetings regularly
Keep your team on track and the business running smoothly with regular team meetings.
Meet with your team once a week, says Ferguson, to make sure everyone knows what needs to be done over the next few days.
As well, schedule meetings on a monthly or quarterly basis as well as annually, she says, to talk about larger projects and long-term plans for the business.
> Get the team involved
Give team members a say in the practice, says Levitt, and involve them in your business-planning process.
Letting team members take part in crafting a business plan, she says, let’s them know the direction in which the business is headed and their role in that vision.
> Encourage team members
Being a strong team leader means helping other staff members reach their goals.
You want team members to feel empowered in their role, says Levitt. To do that, you need to know the person’s professional goals and how the staff member would like to develop in his or her role and the business as a whole.
As well, it’s a good idea to be aware of a team member’s personal goals, she says, as a way to connect with him or her.
> Show your appreciation
Let team members know you appreciate them and say “thank you” once in a while.
At the end of each day, thank team members for their work, says Ferguson. Although it may seem like a small gesture, team members will appreciate that you noticed their hard work and accomplishments.
> Know your strengths
If you feel your expertise is better used elsewhere in the business, consider giving the role of team leader to someone else.
“You want to focus on what you do best,” says Ferguson. If you’re great at bringing in new business but don’t have the time anymore because you are running the practice, it might be best to assign someone else as team manager.
You want people in the right roles, she says, otherwise the whole team feels stuck and doesn’t function well.