Your People may be the only competitive advantage you have left.
If we are going to remain competitive in today’s increasingly complex world we need to start by asking ourselves, “What truly constitutes strategic competitive advantage?” While we could delve into textbook theories quoting Michael Porter, let’s focus on a simpler truth.
Strategy means nothing without execution.
No matter the strategy, your true competitive advantage lies in your people and their ability to execute as a team. You may have groundbreaking ideas and sought-after products, but it’s your team that brings them to life. Success hinges on a great team dedicated to your purpose and vision.
You might be nodding along or thinking, “No surprises here.” But knowing this doesn’t always translate into action.
Too often, we fall short in identifying, hiring, training, coaching, and retaining great talent. We take our people for granted or expect our best to carry the rest.
Do you truly have a cohesive team that works together towards shared goals or do you have a few “A” players carrying the load for the rest?
While we all acknowledge the need for a great team, few of us consistently put in the work to make it happen.
Ask yourself: “Would I enthusiastically rehire every member of my team?” The emphasis is on “enthusiastically” for a reason. It’s the ultimate gut check for any leader, and most can’t answer affirmatively.
Why is that? Complacency. We get lazy when things are going well.
What you might not realize is that a few key players are likely carrying the bulk of the work. They do it willingly, and quietly, for a while, but eventually, discontent creeps in.
Here lies the challenge.
Your top performers, your “A” players, can leave whenever they want, anytime they choose.
You’re managing a ticking time bomb without even knowing it.
Your business is vulnerable. So ,what can you do?
There are numerous ways to build a winning team, giving you the ultimate competitive edge in today’s world.
Some ideas to consider:
- Hire for culture and fit first: You can train for skills, but you can’t make someone align with your core values. Trust me, I’ve tried, it doesn’t work. Hire people that believe in your values, purpose and vision for the future.
- Make transparency, communication and constant coaching part of your culture: Yes, annual reviews have their place in business and are often a HR requirement, yet many of us save everything we should have shared (both praise and constructive criticism) regularly to a once per year review. It is fair to no one.
- Build a virtual bench: Have a list of people you are ready to “hire away.” Engage in the ultimate interview, aka watch potential candidates perform a similar role in their current day to day job, to identify potential future team members.
- Build a great work environment: It should be anchored in trust and accountability. Always assume people will make the right choices but be prepared to hold poor behavior or performance accountable quickly. Anything less, and your best team members will see a world that looks very unfair to them.
- Focus on fit, not convenience: Don’t settle when hiring. Create the right job description and wait for the right person. Never hire just for convenience or the need to fill a position at this moment in time. Wait for the person that fits.
- Be patient with honest mistakes: Treat people well when they make mistakes. We all make mistakes and your ability to have a level of patience and grace in these moments will build loyalty to you and your team.
I have so much more I’d love to share with you in this area.
What are your thoughts and what best practices do you use to gain the ultimate competitive advantage by building a great team? Please share.
Soar, don’t settle!