It’s no secret that the teams are vital to almost any business. Look at many savvy startup investors. They base their decisions and value the startup based on the quality of the team. The idea needs to be good and solve a real problem as well but the team is what will make it happen – or not.
When it comes to Initial Public Offerings, the number speaks for itself. 90% of investors think that the quality of the management team is the single most non-financial factor when evaluating the IPO.
All this means one thing – solid team, delivering solid performance is crucial for the organization to succeed. And these two – the team and the performance are not always bound together. The US national basketball team for ‘92 Olympic Games was one of the greatest in the history – with players like Michael Jordan, Magic Johnson, Larry Bird, and Karl Malone, among others. This all-star team lost to a group of college players. Of course, they crushed any other team in the Olympic Games and won a gold medal but first, they had to learn how to play with each other.
It’s similar to the teams within organizations – you should aim for hiring the A-players but in the meantime, you’ll need to ensure that they can really work well together.
You don’t have to worry too much about figuring this out on your own. Teamwork is almost as old as humans and even in the business world, it’s still not a new topic. Rather a timeless one.
In this article by Scott Keller and Mary Meaney published on McKinsey.com, you can get valuable insights into what makes a high-performing team, how to build it, assess it, and improve.
Be aware that there are no shortcuts, though. Building a strong team requires time and effort which makes it an investment that not all companies will be willing to take. But if they do, the results can be well beyond the expectations.