8 Ways to Promote Teamwork in your Senior Leadership Team

Jul 17, 2023

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Working toward the eight-figure exit is challenging under normal circumstances. However, attempting to drive real and lasting growth is nearly impossible when your senior management team is operating under a silo mentality. When your team is siloed, it can cost you valuable time and resources as you work toward your objectives. So, what can you do to break down the silos that stand in your way, as an RIA?

In this episode, I discuss the hazards a silo mentality presents to your firm. I also outline eight ways you can tear down the informational and collaborative barriers within your firm. As you work toward your eight-figure exit, ensuring that your organization's leadership is united toward the same vision is imperative. However, don't check out just because you're not a financial advisor. This information could be applied to any business! This week on The Financially Simple Podcast:

(2:33) What is the Silo Mentality?
(3:26) The Issues That Create a Siloed Management Team & Their Consequences
(6:39) Cross-Functional Projects
(8:30) Team-Building Exercises
(9:12) Collaborative Decision-Making
(9:54) Incorporate Shared Goals & Incentives
(10:47) Cultivate a Culture of Open Communication
(12:30) Knowledge Sharing Events
(12:41) Continuous Improvement & Required Reading
(14:06) Remind Your Senior Management That Their Team Mirrors Their Behavior

Our Favorite Quotes: "Silo builds the wall in people's minds and creates the barriers in organizations' hearts." Pearl Zhu About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).

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