3 Strategies to Create Team Ownership of the Business

Your leadership is key to building a collaborative team who takes ownership of the business.  Yes, you, the owner/Financial Advisor, are the “secret sauce” who gives your team the Vision, Dream, and Goals necessary to build your business.  Your Team is critical to the success of your business.  And, you are critical to the feeling, drive, and motivation of your team.

Today I would like share 3 strategies on how you enhance and create team ownership of the business, allow every member of your Team to feel engaged and energized, and, in general, allow the Team to run the business as if they were each owners of the company.  

Strategy #1

Share and track your goals with the team.  You have written your goals for the year:  Premium or 1st Year Commission; New AUM; New 401K Clients; New Clients and any other revenue streams you may be tracking.  These goals should be broken down into monthly and quarterly tracks.  They should be visible to every team member and discussed in every team meeting. 

WHY? Now you are all playing one game to win.  The entire team is now working to hit these goals as opposed to finishing their tasks at their desk.  It unites the team and allows every team member to “take ownership” of the goals and the results. 

During the past 10 years I have asked team members how they define “success in their work.”  The majority state they are successful when all their tasks are finished by the end of every day.  Conversely, when I ask the Financial Advisor to define “success in his/her work,” they state they are successful when they hit their goals. 

These are two different definitions of success.

The Financial Advisor and his/her team are playing different games.  These team members were disconnected to the goals and did not know them.  How can they take “ownership” of the business when they do not know the goals? 

Financial Advisors have told me they are tired of “pushing the rock up the hill alone.”  They are tired to being the “only person on the team who has urgency to open and close cases.”  All this starts to change when the entire team has one definition of success:  HIT THE GOALS EVERY MONTH AND QUARTER.

Strategy #2

Every team member needs to understand how they contribute to hitting the goals.  Too many team members view hitting the goals as the sole responsibility of the Financial Advisor.  They view his/her job as selling:  opening and closing business. 

Too many team members fail to understand how their role contributes to hitting the goals.  How does the team member who is responsible for underwriting contribute to winning?  The team member who is doing investment money in motion?  Case Prep? Client Review Meetings? 

Each person has a significant role in winning the game every month and every quarter and every year.  Both the Financial Advisor and his/her team must understand how each role contributes to winning.

Strategy #3

The Scoreboard should be visible in the office for every person to view.  This Scoreboard should show every revenue stream and track if the team is “winning or losing” for the month and/or quarter.  This Scoreboard should be the first item on the Weekly Team Meeting agenda.  WHY? As a leader you will lead and focus your team. 

If you want the team to start to take “ownership” of the business then they must first understand the goals of the business, and then track the team’s progress towards the goals.  This strategy will stop them from defining success as finishing their tasks at the end of the day.  They will start to connect their tasks to a bigger game…winning.  Now they will understand how their role and tasks contribute to the success of the business.  Team members have expressed how they are happier and more motivated after the team implemented the Bullard Game Plan that sets up the Scoreboards and explains how they contribute.  They are more motivated and work now becomes a game which is fun.

A Private Invitation for You

The Bullard Turn-Key Movement mission is to help both Financial Advisors/Reps and their Team “live the dream” so they can make a bigger impact on the world.  If you would like to schedule a Business Accelerator Meeting with Andrea to help your team “take ownership of the business” please click the link below: 

Posted in

Andrea Bullard