High Performance Teams Part 2

This is a four part series outlining Tips for Running a Family Business by creating High Performance Teams



Part 1 Types of Teams

Part 2 Team Key Elements and Keys to Success

Part 3 The Decision Making Process

Part 4 Developing Empowerment and Boundary Management

Team Key Elements and Keys to Success

High Performance Teams must be designed properly and adhere to a process for the team to be successful. So here are the key elements of team design.

A Purpose

The purpose should be in the realm of transformational

. Examples are Innovative ways to run the business, new products or major shifts in corporate strategy.

Performance Goals

Performance goals or Key Performance Indicators (KPI) are a must. It is not enough for the Objective to articulate "increase sales". The objective must be a clearly stated Business Objective such as "Compounded annual revenue increase of 5% over 3 years through the introduction of 5 new products specifically targeted to a Customer Segment satisfying specific needs of that segment." The goals must be attainable and the team needs to decide on what Objectives are attainable based on the company’s human, intellectual and financial capital. In other words the company must have enough money, enough people with the right skill sets to meet the Objective.

Small Wins

All teams need enough small incremental gains to keep the enthusiasm within. The big picture should always be the overarching goal, but the short term objectives are the steps that get you there!

Problem Solving Approach

Every team needs a process that is Replicable, yet allows flexibility and creativity. The Problem Solving approach is easily implemented in any organization. The Team goes through each step to arrive at “what needs to be done”. The six steps are

• 
  Issues.... defining all issues identified by the team
  
  
• 
  Root Causes... narrowing down to a few causes related to the issues
  
  
• 
  Define the real Problem or Problems
  
  
• 
  Set the Objective(s)
  
  
• 
  Develop the Strategy
  
  
• 
  Create a Tactical Plan
  
  

Summary

Family Businesses consist of Economic, Human and Intellectual Capital. Families by their makeup are natural High Performance Teams. High Performance Teams capitalize on obtaining the best of the Human and Intellectual Capital through Empowerment and clearly defined Boundary Management.

High Performance Teams Part 3 will talk about the Decision Making Process.



All the best! Dom Celentano Tips on Running a Small Business