Whether you are an entrepreneur building your first startup company or a solo-founder attempting to grow a small business, the people you surround yourself with can make or break your company. Failure to execute when hiring and building company culture can send your business to a premature, and often emotionally painful, early death. If you want to build a thriving business, the following are five fundamentals of team building you absolutely need to nail.

  1. Feedback Loop For your team to thrive on an ongoing basis, there needs to be a feedback loop in place. Team members need to know they can contribute their thoughts and feelings on company initiatives and issues without fear of reprisal. Make sure you incorporate a feedback loop into your talent acquisition/retention strategy and you’ll be impressed at how strong your team becomes.
  2. Expectation Analysis Team members must be clear on what is expected of them and how they are performing to date. Part of your job as a business owner or startup founder is to discuss expectations with your team so everyone understands job performance standards they are being judged on.
  3. Team Roles Not only do you need your team to understand their job expectations, they must also be aware of their role within the company as well as that of others. Understanding how each employee is an integral component of an overall growth plan is crucial if you want your team to work towards a common goal. Help your employees and management team to see the importance of the work of others as well as their own and you will build a team that stands strong in the face of business challenges.
  4. Workplace Management No workplace stays the same over the long term. Team members come and go. Business priorities change. How you manage upheaval within your workplace is directly related to the tenure of your team. Become a master at managing stress within your work environment and you can significantly reduce your employee/management turnover rate.
  5. Company Vision/Social Mission Employees and senior management personnel are increasingly looking for employers with a socially responsible company vision. Your ability to explain your business’ mission to your team and align them with company values will have a significant impact on the growth rate of your company. Leading by example is critical if you want team members who believe in the future of your business.

These are just five of many essential components of building a strong team. Integrate these five fundamentals into your team-building efforts and you will be amazed at how strong and resilient your business becomes. Building a vibrant team and powerful company culture may take work, but the results are worth the effort and can have a significant impact on your business’ bottom line.