Running a successful business is all about return on investment (ROI) because, without it, a business wouldn’t last. Often, we hear of CEOs and founders thinking of brilliant new ideas to bring more revenue into a business. Team building is an important aspect of any business and it must be taken seriously because, without employees, you have no company.
What needs to be understood from the beginning is that measuring the ROI for a team building event can be tricky as it’s not linked to financial performance or output. However, the long-term benefits of team building events will have a positive impact on your company, even though it may take a bit more time.
Before you rush off to plan the event of the year, make sure you are clear about your objectives. Increased profitability and team building may seem on opposite ends of the spectrum, but the two go hand-in-hand.
Team building events hold a specific purpose and one that you must address early in the planning process. Ask yourself what the reason is for holding a team event – do you want to increase profitability, are your employees unhappy or do you have a high staff turnover? When the morale of your employees is low it will negatively impact your profitability. Once you have established the cause of your problem, finding a solution is the next step.
Maintaining a good company culture is vital to increased profitability, however, with unmotivated employees, you won’t succeed in achieving ROI. Regular team building enforces a positive company culture among employees as they are given the chance to mingle, relax and have a good time outside of the office. Keep in mind that if you spend too much money on a team event or too little, the outcome will not be satisfactory.
Once you have established your objectives for the team building event you can start planning the actual event. Always keep in mind your reasons for holding a team building event and be aware that you may not see results straight away. Patience is a virtue.
It is essential to plan a team event that suits the interests of your employees – planning an event that is solely based on what the business wants will have a negative outcome. Try incorporate the interests of the team so that everyone can participate. Some team members may like adventurous activities while others would prefer to relax and bond with fellow team members.
A smart employer can link the benefits between team building and ROI and understand the benefits – they may not be instant, but nothing worthwhile happens overnight.