Team Failure Alert

In their article “Dream Team,” On Wall Street (August 2009) listed five reasons as to why teams in the financial consulting industry fail:

Lack of Business Planning: Your customer can tell when you are disorganized.

Lack of Growth Planning/Succession Planning: Regular tweaking of your business plan is necessary, having consistent conversations with your partners about the future.

The Compensation Isn’t Right: If you don’t adequately compensate your team members, they’ll leave.

Lack of Communication and Trust: This is your team’s most dangerous enemy.  Keep open, honest communication among your partners and clients.

Too Much Focus On Economics: Don’t allow your desire for money to supersede your values and integrity.

From your experience within church, the business world, or anywhere else…what else causes team to fail?

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~ by Dave Smith on August 16, 2009.

3 Responses to “Team Failure Alert”

  1. I like these for the most part. The communication one is pretty broad and could be sort of a catch-all for most issues that arise within a team. That being said, in my experience in the business/finance world has always been that a team needs to have a clearly defined decision maker and that person needs to have the authority to make that decision. Last year I was on a strategy team for my work that was looking at our company’s compensation structure…we spent months mapping out a new path for the company to take, but in the end, none of us were given any authority to move forward and the entire project fizzled out into nothing. Pretty demoralizing to say the least.

  2. that comment above was from me…not sure why my name did not show up…

  3. Great example Brian.

    I have been on both ends of what you mentioned.

    Most recently, leading a team to revamp strategy, but then to find out systems weren’t in place for key decisions to be made. As a leader within that situation, you somehow have to salvage some of the work done and show its impact on the organization…but it can almost come across condescending when they are simply bite-sized revisions, versus the larger issues everyone feels.

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