What are the success secrets of the world’s most successful business teams? What characteristics or traits do they possess that other business management teams don’t? What characteristics must I be on the lookout for when building a business team?
If any of these questions ignites your interest, then please read on as I explain in detail the characteristics that make a great business management team.
I have listened to series of successful entrepreneurs and drop out billionaires being interviewed but despite their different lines of business, strategies employed and marketing terrain; they all seem to have a common business success secret. And that business success secret is their “Business management team.”
Now if the richest people in the world such as Bill Gates, Ingvar Kamprad, Mukesh Ambani, Steve Jobs, Larry Ellison, Li Ka Shing and Aliko Dangote; the richest black man in the world all credit their success to their business team, then there must be something significant about having a business team.
The sustained growth of companies such as Oracle, Apple, Dangote Group, Berkshire Hathaway, Reliance Group, Arcelor Mittal and General Electric is primarily hinged on the expertise of the business management teams behind these companies.
Now instead of telling you the importance of having your own business management team or how to build a business team (which I have explained in details in previous articles), I will be using this medium to highlight the specific characteristics possessed by the successful business teams all around the world. So if you are ready to learn, then sit back and read on.
12 Characteristics of Successful Business Management Teams
1. Definiteness of Purpose
Definiteness of purpose is one of the success secrets of the world’s most successful business management teams. Successful business management teams know the company’s goals, objectives and vision at their finger tips; and they are focused in the pursuit of the company’s objectives.
They know their specific role in the company and they concentrate on this role to make sure that the business objectives are met.
2. Knowledge of the Business / Industry
Successful business teams have adequate knowledge of the business of the company. The general rules of business are the same throughout the world but market intricacies are different from industry to industry; so also are the environmental factors. That’s why I said that successful business management teams have adequate knowledge of the business.
A competent corporate manager in the food industry may not perform excellently when assigned to a business operating in the oil and gas sector. Why? The reason is because the industrial intricacies and the market are entirely different.
Take a look at what happened to Apple when John Sculley took over leadership; Apple lost market share and profits declined rapidly. What really happen? I can’t really tell; after all, John Sculley was successful during his time at Pepsi. But all the same, I can attribute his failure to sustain Apple’s market share to lack of understanding of the business and market intricacies associated with the technology sector.
John Sculley was experienced in the food and beverage industry; however, he wasn’t able to transfer that experience to the technology industry because the rules of the game are different. So if you are going to build a successful business management team; be sure to make “knowledge of the business” a top priority for the members of your team.
Take a closer look at the characteristics that make up successful teams and you will see commitment at the core. Successful business management teams are committed to the success of the company in which they serve. You may not really understand how commitment affects the performance of a team until you study the management structure of companies such as Berkshire Hathaway and Google.
4. They are Goal and Result Oriented
Successful business teams are result oriented. They know that their competence and credibility will be adjudged based on their accomplishment; so they press forward for positive results because results keep them in the game. If they fail to produce results; they will get kicked out of the company by the business owner or investors.
5. They are Individual Thinkers and Critical Problem Solvers
Members of a successful business management team are individual thinkers and critical problem solvers. Though they are a team, the members still think individually and solve intricate problems associated with their own area of expertise.
For instance, the Chief Operational Officer individually tackles problems associated with the firm’s daily operations while the Chief Financial Officer strives to keep to keep the company’s finance in good position; yet they are all working towards a common goal, “Sustained Business Growth.”
6. They are Team Players
Successful business teams are team players. Though members of the team are individual thinkers; they all act with same definiteness of purpose towards actualizing a common goal.
7. They are bonded by the Business Mission Statement
At the core of every successful business management team is something very important. This single factor is the reason why successful business teams are successful and this factor is the “business mission.”
Successful business management teams know that the entrepreneur’s spirit is in the business mission and that’s why they strive to stay focused on the business mission. It’s this same mission that keeps them together as a team; take the mission away and the centre will not hold any longer for the entire business.
8. They are Strategic in their Approach
Successful business management teams are strategic in their approach. All members of the team are individual master strategists with respect to their own field or calling. Successful teams strategize, plan and make in-depth calculation or analysis before arriving at a decision. And once a decision is reached; they execute it without delay and monitor the feedback.
9. They are Competitive
Just as soldiers are tested on the battle field; so also is the competence of a business management team tested in the marketplace. Competitiveness is the reason why successful business management teams emerge successful; they are always on the watch to swiftly counter the moves of competitors. Price wars and media attacks are product of business teams testing their wits against each other.
10. They are Responsible and Accountable
Successful business management teams are responsible and accountable for their actions. They know that the company’s success or failure is dependent on the decisions they make; so they take charge and execute their plans without fear of the consequences. If their move backfires; they take responsibility, learn from the mistake and move on.
11. They are Opportunistic
Successful business management teams are opportunistic in their approach and strategy. They are always on the lookout for trends, problems and opportunities they can exploit. They are always quick to take advantage of a miscalculation or false move from the competitor.
12. They are Excellent Communicators
And lastly, successful business teams are excellent communicators. They know how to motivate their workforce, raise capital from investors, promote the company’s products and increase brand loyalty through their spoken words.
As a final note, these are the 12 characteristics and success secrets of the world’s most successful business management teams. So if building a business management team that will serve in high capacity and keep your business metrics strong is your topmost priority; then make the characteristics listed above a priority while forging the values on which your team will be built and your business will end up having a strong management team.