Picking a Winning Team for Financial Success

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winnin team financial successThere is no secret that there is power in numbers and that your chances for financial success increase dramatically when you do not try to go it alone. A winning team can be an important component to whether or not you will succeed. Your odds increase and the time to get there can be tremendously shortened when you use the leverage of others in lieu of only your self.

When you are trying to achieve something on your own, the probability ratio would be 1:100 with the 1 representing yourself in the matter. Yet let’s say you assemble a team of 10 people, then that ratio would look like 10:100 which of course increases your odds to be more favorable!

Take this blog, Penny Thots for example; it is comprised of the editor and team manager who put it together along with a team of 20 bloggers. That gives a successful ratio of 21:100 in favor of reaching the goals that have been set forth for this site. Those are pretty solid numbers for success which are increased considerably over a one man show ratio!

When you work towards goals on your own, there is only so much one person can do, physically, mentally and even time wise. This can lead to burn out, and without support of others, a person is far more apt to quit before a project has even left the ground. A team can help keep your focus on the target, and motivate you to keep going.

When others know about what you are trying to achieve, by word of mouth alone, opportunities may be presented you were not even aware of. What you do not know, somebody else may know whether it be an opportunity or experience in the matter. They can also bring fresh new perspectives and ideas that you may not have thought of yourself. Sometimes a team can bring invaluable solutions to the table solving obstacles and problems you may come across on your journey.

Building Your Team For Financial Success

Your ideal winning team will greatly depend on what your goals are and need to be compatible with your ideals, values and goal objectives. A team may consist of your immediate family members, friends, bankers, real estate agents, fellow online bloggers, accountants, financial planners, investors and perhaps even lawyers. Only you can decide which ones will enhance your project and bring you closer to reaching your goals.

Remember when selecting team members that they should enhance and accelerate your progress, and not slow it down. If there are one or two members slowing you down, or bringing way too much friction into the group, then chances are they are wrong for the winning team and need to be replaced with more suitable members.

What kind of people are going to help you obtain your goal quickly and with the confidence that all the right cards are being played?  What kind of people will help you succeed because they know that means success for the whole team? What type of people will bring knowledge in an area you know little about or bring in strength in an area you may be fairly weak in?  What type of people will give you the most chance for success and reaching your goal in the time frame you have set? You should have a very clear idea of the kind of people and the expertise they can bring; you want to integrate into a winning team.

Once you know the people you want to assemble, then it is time to start interviewing people to ensure they will really be an asset and compatible to your goals and your personality. While interviewing may seem like a tedious and mundane task, it is in my opinion, a crucial step that can save a lot of time further down the road. By making sure they are a right fit now, you are saving time having to replace them at a later date that may be at a critical point of your goal later down the road. It could mean the difference between your later success and or failure.

If you have to stop everything to replace a team member at a critical stage of your goals, it may mean missing the opportunity that would have brought the success and instead, have everything fall apart at the last minute.

Once you have a team, then it is imperative to meet on a regular basis. This will help keep everyone in the loop of what is going on and keep everyone accountable for their part in the success. Whether you decide to meet weekly, bi-monthly or once a month, establishing a regular meeting is a must to ensure success of the team.

Here you can keep track of progress, problem solve as obstacles come up, brainstorm ideas and keep track of what is working and what is not working. How often you meet is really up to you and depends on the goals you are striving for. They should be at least once a month though as anything less than that makes it hard to keep your eye on the target and team members motivated. Happy team building and cheers to your financial success!

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6 thoughts on “Picking a Winning Team for Financial Success”

  1. Have you considered the coordination costs and the ‘trauma of adjustment’? I like teams and have been known to creat and participate in some very successful ones – but they also have a very high probablility of failure because of problems with networking, trust etc. Just spoiling for a good discussion, I suppose.

    1. I would like to hear more about “trauma of adjustment”. It isn’t something with which I am familiar when it comes to building a team.

      1. I would like to hear more on the trauma of adjustment too, I suppose that would depend on who you decide to add to your “team” and perhaps there may be coordination costs such as hiring an accountant or general contractors or what have you but what about the costs of NOT assembing a team for success? I would think the costs of going alone would be far greater in some circumstances….

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