Teamwork the key in tough times
Financial planning principals still need their staff engaged on growing the business despite the tough trading conditions.
“Principals need to have the team onboard and engaged in the process,” business coach Keith Abraham said.
“You want people who will not only work for you, but with you.”
He puts the workforce into four categories, which range from those that care to those that just turn up each day.
“There are those staff members who genuinely care about your business and tackle problems when they arise,” he told an audience at the Financial Planning Association Conference on Friday.
“At the other end of the scale, these staff members just turn up and their entire focus is on reaching Friday.”
Between these extremes are the whingers who are unhappy at work and spend all their time complaining about everything.
There are also the staff members who are opposed to any change and sabotage the principal’s efforts to instigate new practices.
“What we want in business are the volunteers who engage with the culture in the practice,” Abraham said.
“These people create the culture that differentiates one practice from another.”
He describes this culture as the DNA of a practice and to achieve it, there needs to be six areas of engagement by staff.
These include: leadership investment; innovative culture; regular connection; focused priorities; short-term strategies; and long-term direction.
“The principal wants everybody working in the same direction and becoming involved with building the business,” Abraham said.
“If people don’t develop with the business, they become unhappy and move away.”
It was important to maintain a good line of communication with staff to ensure both sides contribute ideas.
He said there was no point in weekend retreats or weekly staff meetings if the principal was the only person coming up with ideas.
“Get into regular communication with the people in the practice and talk about the goals for the business,” Abraham said.
“If a principal wants to take their business to the next level there has to be ideas, even if only 1 per cent is implemented.”
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