Some sports coaches spend years putting together a winning team. Business teams don’t have that kind of time to be successful, so it’s important to consider what goes into making a successful team. Here are five essential elements of a successful team:

Shared Goals and Rewards

The goals of your business team must be clearly specified and shared with the team. To make people committed to those goals, you need to let them share in milestones and rewards. Build engagement by distributing responsibility.

Defined Roles

Business teams that clearly specify what each member is responsible for will be more effective than teams without clear roles. Members get frustrated when they don’t know who is responsible for what or when team members are working over each other.


Effective business teams trust each other. Leaders have to trust members that tasks will be accomplished. Without trust, members may begin to protect their position instead of focusing on the goals of the team.


It seems obvious, but communication is a key element for effective business teams. The leader has to keep the team informed, but the team has to communicate among themselves. Fortunately, there are plenty of tools that can help keep everyone informed of major decisions.


Team members need to be committed to the goals of the team. Personal agendas have to put on the sidelines for the good of the team. But when team members know their own responsibilities and have communication, it helps them be more committed to end goals.

Leaders Have to Be Engaged

You can have all the elements of a good team, but it takes a good leader to bring everyone and everything together to really push toward success. Good leaders don’t micromanage or boss everyone around; they listen to team members and trust.

If you’re looking for financing options to take your next team project to the next level, contact the financial specialists with Bear River Financial.