(From the March 2023 Edition of eFORUM)
By Kelly Maxwell
Dealing with the stress of uncertainty is a challenge that we all face. 2023 is no exception. News about a possible recession, rates of inflation, increased interest rates and market unpredictability can make emotions run high.
Luckily, we have financial advisors to help put things into perspective – to better understand these uncertainties and what we can do to minimize our risk. Have you considered your team and how they are coping with uncertainties?
Your team is not an area to overlook. The success of many advisors can be attributed to the strength of their team. With an effective team, you can maximize opportunities, leverage your time effectively, and utilize each person’s unique skills.
It’s important your team feels supported and appreciated in uncertain times.
Here are some tips our business coaches advise clients to consider so their employees remain engaged and motivated.
1. Understand Each Person’s Strengths
Understanding and utilizing each person’s strengths is the key to maximizing the effectiveness of your team while also helping your employees feel valued and purposeful. You might have a high level of understanding your team, based on their resume and what skills they have already exemplified.
Are the right people in the right seats? As Jim Collins described in his book, “Good to Great,” the right seats means that an employee is operating within their area of greatest skill and passion within an organization. This is critical to help your employee feel motivated and engaged.
2. Encourage Professional Development
Business priorities evolve, technology changes, more employees are hired, all requiring enhanced knowledge and skills. It’s important to recognize this and provide opportunities for professional development within your team. Team members should be encouraged to upgrade their skills and knowledge and look for ways to improve their own capabilities. A knowledgeable, effective team is a happy team. Team communication is imperative. Key initiatives, feedback on administrative problems, and progress reports on longer-term direction are all part of the communication process.
3. Leadership vs. Managing
Quite often, advisors do overlook one area of leadership—their own skills. You can hire the right people, create teams, develop processes and strategy but you need to be a great leader as well. Great leaders are there for support but don’t hover over their team, bringing out their confidence and empowerment in their roles. Great leaders ask their team how they are doing. Managing people means you are directing them, while leading means you are influencing them.
4. Being Proactive
It’s best to implement these strategies throughout the year rather than waiting for uncertain times. That way you can feel confident in your team year round.
Kelly Maxwell is a marketing coach with The Personal Coach. She can be reached at firstname.lastname@example.org.