Building Teams, Part II 

Who you choose to share your time and resources with has never been more important.  In part I of my December journal, I shared the tremendous value I have found through empowering my team.  Key relationships saw us through this year and in the year ahead we plan to nurture those relationships and look to partner with those who meet our high standards.  How do we plan to accomplish this?  I’ve narrowed it down to two key concepts and one recommendation.

Key Concept #1: Apply the 80/20 Rule
The Pareto Principle developed by Joseph Juran has been applied to numerous areas of study.  When applied to a business setting, the rule holds that 20% of efforts result in 80% of the results.  Work smarter, not necessarily harder.  Jumping off from this viewpoint, one could argue that 20% of your professional relationships provide 80% of the collective relationship value.  To apply this rule, I suggest finding your center or core group of relationships.  As pictured in the graphic, start at the center and expand outward.  Identify your core team, i.e. those who are essential and meaningful.  Expand outward to those who were either meaningful or essential, but not both.  The outer ring is representative of those relationships that are neither meaningful nor essential. 

For those with a broad network like ours, this activity can seem daunting.  But I found I was quickly identifying those relationships that were neither essential nor meaningful, and in turn dedicated my time and resources more appropriately, which leads to concept #2.

Key Concept #2: Quality Over Quantity
This is neither new nor revelatory, but should serve as a reminder that quality relationships matter.  A broad network is beneficial if that network includes contacts relevant to you and your businesses’ needs and the activity above can help you identify those relationships.

Recommendation: Hire Slow, Fire Fast
To put it bluntly, I am well-versed in being blown away by “talent” only to find it’s a game of smoke and mirrors.  Like many, I have learned the hard way, but it has taught me the importance of hiring slow and firing fast.  Though not a new concept, I find it’s not adopted as broadly as it probably should be.  When we bring on a new team member, we take our time, we vet, we implement a probationary period, we meet regularly and we address any concerns immediately.  And if we find it’s not working out, we part ways quickly for well-documented reasons.  Separations won’t feel good, but they don’t always have to be negative.  Disappointment is a given on both sides, but when honest and constructive feedback is provided in a consistent manner, it should come as no surprise when a separation is imminent.  Remember that you, as an effective leader are a valuable commodity, only those who provide a return on your investment in them, should hold a coveted spot on the team.

As we move into 2021, my team and I feel optimism building.  There is still much to overcome, but we have a line of sight to better days ahead and we’re prepared to do the work to get there.  For your leadership and recruitment efforts in the new year, we encourage you to embrace quality over quantity, apply the 80/20 rule to your professional endeavors, and dedicate your resources to those who appreciate opportunities and deliver results.