8 Steps to Boost your Financial Results


Your People are the Key!

Want to improve your financial results this year?

I know who wouldn’t?

Does it seem that each year you are expected to lead your team to more and greater financial results?

Does it also feel like you don’t really have any new tools or strategies?

If so, you are not alone.

What if I told you the answer to boosting your financial results is held right in your own team… literally!

How to get started with a fresh strategy this year

If you work for a large company you were most likely given a new financial target to reach this year. Instead of pouring yourself into company financial systems and spreadsheet data in hopes to find the magic answer, why not do something different, something unconventional?

The key: Turn to your people to get real results

1.       Bring your team together in one setting

Getting your team together in one setting (physically or virtually) is vital to team synergy and begins to set up the process for success. Each individual’s idea may spawn more new ideas. Also, the team needs to see that their leader is listening and taking it all in.

2.       Communicate the desired goal

As a leader, you need to present this as your goal even if it was given to you. The team needs to see that you own it so they will adopt it along with you.

3.       Communicate the current state

Communicate the current financial state clearly and with enthusiasm, as the team you have right now is the team that created the current state. You cannot change the past so you might as well celebrate what you have.

4.       Ask your team how we will get there

Now it is show time. You ask your team, “How will we reach this goal?” The team must understand that you, as their leader, are part of the team and that you are genuinely interested and invested in their ideas and perspective. Your role is to listen and absorb.

5.       Create the plan together

As the ideas are flowing assemble a draft plan. Once the plan has taken shape summarize it for the team so they can begin to visualize reaching the future state.

6.       Ask what you need to do as the leader to help them be successful

The most important question is to ask your team, “What can I do to help us be successful at reaching these goals?”

7.       Execute the plan

Make sure the roles assignments and work elements are clearly understood; along with clearly established progress indicators. Most importantly, make sure the team is clear on the desired outcome of the plan. As your team brings you in for direction adjustments and barrier removal, you must perform this urgently.

8.       Celebrate success along the way

Often forgotten is the critical step of celebrating success, making sure that each success is celebrated, big and small.

Successful Tips

  • Ensure you team knows you care and that the work they perform matters
  • Connect with each individual so you know how you can be effective for them
  • Recognize the right behavior
  • Make course corrections as necessary
  • Communicate intently and listen deeply

Did I forget any steps that you would include? If you have used this method in the past share how you did it in the comments section.

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