Your staff members are as important to your business as your top clients. In fact, says Larry Distillio, director of financial advisor business management with Mackenzie Investments in Toronto, your No. 1 client should be your staff.
“People are your greatest asset,” Distillio says. “If you look after your people, your people will look after your customers. And then, your business will look after itself.”
Your job as a leader is to set your business’s vision and goals, and provide your team with the resources to get the job done. Motivating others is key to ensuring that all team members share those goals, Distillio says: “It’s important that everyone is singing off the same song sheet.”
Here are three tips for motivating your team:
1. Practice “servant leadership”
People will follow people before they follow a plan, Distillio says.
So, each morning, hold a quick huddle with your team and ask, “What is it that you need from me today?” in order for them to reach team goals.
This approach is known as “servant leadership,” Distillio says. The “servant leader” is someone who provides resources, tools, motivation and feedback to foster peak performance among team members.
2. Empower your team
Sometimes, the best way to be a leader is to step aside.
“Your staff are in the trenches every day,” Distillio says. “They see the ins and outs of client relationships, and the flow of work on a day-to-day basis.”
Think of ways to give power to your staff by encouraging them to share ideas while also providing the freedom to put those ideas into practice. For example, team members may have a new strategy for event planning or an innovative method of creating and distributing newsletters.
If you show that you lack trust by being too controlling, team members will lack trust in you as a leader, says Distillio: “The more trusted people feel, the better they will innovate.”
3. Cultivate growth
To ensure that you are getting the best from your employees, acknowledge their individual areas of expertise.
“When people feel important,” Distillio says, “they’re going to feel empowered.”
Give team members an opportunity to grow — and stave off boredom — by offering advancement based on their interests and expertise.
If someone on your team is a strong writer or is excellent at sales, for example, you should recognize their unique talents and support them in developing those skills further. You may wish to take a mentorship role, or sponsor additional training.
This strategy could mean aiding employees in their goals of becoming a licensed junior advisor or a marketing manager, which in turn, will elevate your practice.
“A leader’s job is to move employees [to progress] from where they are to that next level,” Distillio says. “Coach them up.”