Synergy can help small business owners significantly improve cash flow and profitability.
Is your business operating to its full potential? If your team isn’t functioning like a well-oiled machine, it can indicate a need to create or improve synergy within your business.
Synergy is best defined as the concept that the whole of a business is worth more than the sum of the parts. For teams, this means the combined strengths, talents, and experiences of each individual are being maximized to their full potential.
Ultimately, the goal is not only to generate superior deliverables but also to increase value. Synergy is essential to small business owners interested in improving cash flow and profitability.
You can’t expect to produce synergy simply by putting a group of experts together in a room. When considering efficiency and the ability to deliver results, it’s important to look at the dynamics of your team.
Ask if you’re having the right conversations. Look into your decision-making process – are you truly taking advantage of everyone’s strengths in order to produce maximum value?
ActionCoach RGV can help you evaluate your current situation for a better understanding of how you can improve your team’s synergy. Here are some questions you should be asking to get a better understanding of your team’s current synergistic capacity:
Am I Supporting My Staff? – When you consider a team’s overall ability to deliver, you’re only as strong as your weakest link. It’s important to remember that a rising tide lifts all boats; providing your staff with an ongoing training system keeps everyone’s skills up to date.
Is There Potential for Growth? – Transparency in your job descriptions maintains expectations and helps you better gauge when your employee can take on a supervisory role. Develop clear timeframes to establish when a promotion will be attainable.
Am I Thinking Ahead? – Having contingency staffing plans can save your business from falling behind on important projects and deadlines in the event of an emergency. Furthermore, cross-training staff helps improve synergy by empowering your team to fulfill multiple roles if and when required.
Am I Micromanaging? – It’s all too easy for small business owners to get caught up in the day-to-day operations. Avoid this pitfall and make sure you’re grooming managers to delegate tasks so that you can focus on the bigger picture. You should be able to step away from your business with the confidence that your team will still be able to deliver excellent results.
What is My Exit Strategy? – When you plan for synergy, you plan for growth. Planning for growth also entails any endeavors you want to pursue once your business reaches a level of success that you’re happy with. Look into the current market value of your business and set goals for the future.
Do I Have a Written Investment Plan? – Determined business owners know how important it is to manage finances. It’s essential to develop a written investment plan to handle any excess capital your business produces.
In the end, these questions circle back to you, the business owner, and how you’re preparing yourself, your staff, and ultimately, your business, for success.
Even after hiring all the right people and specialists, you can’t expect synergy if your team doesn’t have a common goal in mind and an understanding of their strengths as a whole.
As an employer, you should always strive to foster effectiveness by encouraging your team to share perceptions, experiences, insights, and knowledge.
ActionCoach RGV maintains that an effective team is instrumental in improving your business so that you can earn the time and freedom you want, while also maintaining a growing cash flow.
If you’re interested in establishing a strong team that you can depend on and systems that produce consistent revenue, get in contact with ActionCoach RGV to set up a consultation with our expert business coaches.
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