When a start-up is in it's infancy, collaborating between departments is quite easy - as generally the departments are just one person and there is almost a friends & family like culture.

When a start-up grows, it becomes harder.  However with all businesses, collaboration is essential for completing projects, hitting goals and company growth.

As a Finance Director or aspiring CFO, fostering a culture of teamwork and collaborative decision-making can enhance your team's productivity and innovation.

Here are five leadership habits that promote team collaboration, along with strategies to encourage cross-departmental teamwork and avoid common mistakes.

1. Foster Open Communication

Effective communication is the cornerstone of team collaboration - and the leader needs to take ownership of this communication.

As a leader, it's your job to create an environment where team members feel comfortable sharing their ideas, feedback, and concerns.

Strategies:

• Regular Check-ins: Schedule regular one-on-one and team meetings to discuss progress, address issues, and share updates.
• Open Door Policy: Encourage an open-door policy where team members can approach you with their ideas and concerns at any time.
• Transparent Communication: Ensure that important information is communicated clearly and promptly to all team members.

Avoid:

• Information Hoarding: Keeping information to yourself or only sharing it with a select few can create distrust and hinder collaboration.

2. Encourage Cross-Departmental Projects

Cross-departmental collaboration can lead to innovative solutions and a more cohesive team. By encouraging projects that involve multiple departments, you can break down silos and promote a culture of teamwork.

Strategies:

• Interdisciplinary Teams: Create project teams with members from different departments to work on specific initiatives.
• Collaborative Tools: Use collaboration tools like project management software and communication platforms to facilitate teamwork.  Sometimes just a well crafted Googlesheet will do.
• Joint Goals: Set common goals for cross-departmental projects to ensure everyone is working towards the same objectives.  It's good to have pre-agreed deadlines, so things aren't forgotten.  Get everyone's buy in early, so you don't avoid a clash in workload.

Avoid:

• Departmental Isolation: Allowing departments to work in isolation can lead to duplication of efforts and missed opportunities for collaboration.

3. Lead by Example

As a leader, your actions set the tone for your team's behaviour. Demonstrate collaborative leadership by actively participating in team projects and showing a willingness to work across departments.

Strategies:

• Participate in Team Activities: Join team meetings, brainstorming sessions, and collaborative projects to show your commitment to teamwork.
• Show Appreciation: Recognise and celebrate collaborative efforts and successes within your team.
• Be Approachable: Make yourself accessible to all team members and encourage open dialogue.

Avoid:

• Micromanagement: Overseeing every detail can stifle creativity and make team members feel undervalued.

4. Develop Collaborative Decision-Making Processes

Involve your team in the decision-making process to harness diverse perspectives and foster a sense of ownership and accountability.

Strategies:

• Inclusive Meetings: Ensure that team meetings are inclusive and that everyone's voice is heard.
• Consensus Building: Strive for consensus in decision-making to ensure that all team members are on board with the final decision.
• Feedback Loops: Implement feedback loops where team members can provide input and suggestions on decisions and processes.

Avoid:

• Top-Down Decision-Making: Making decisions without consulting your team can lead to disengagement and resistance.

5. Invest in Team Development

Continuous learning and development are vital for maintaining a high-performing team. Provide opportunities for your team to develop their skills and build strong collaborative relationships.

Strategies:

• Training Programs: Offer training programs that focus on team-building, communication, and leadership skills.  For example, our Upgrade your Management accounts mini-course could be a great first step for a Finance Manager looking to work cross-departments and start building leadership and strategic skills.
• Mentorship: Implement a mentorship program where experienced team members can guide and support newer or less experienced colleagues.
• Team-Building Activities: Organise regular team-building activities to strengthen relationships and foster a collaborative spirit.

Avoid:

• Neglecting Development: Failing to invest in your team's development can lead to stagnation and decreased motivation.

Promoting team collaboration requires intentional leadership habits and strategies. By fostering open communication, encouraging cross-departmental projects, leading by example, developing collaborative decision-making processes, and investing in team development, you can create a culture of teamwork and innovation.

Links:

If you want to make your finance career progress easier & faster, follow the steps via our Framework below:

1. Sign up to our next workshop.
2. Work with me in the Financial Leadership Foundations course  that includes monthly Q&A sessions where we can discuss all of your questions and how to apply your learnings to your current role. 
3. Download the Upgrade your Management accounts course to showcase your skills as a finance leader to the Founder, leadership team and the Board.