Fostering collaboration and teamwork within senior management teams is essential for success in any business. This is especially true in the RIA space where withholding information between departments could be a costly mistake. The silo mentality can hinder communication, slow innovation, and lead to a fragmented company culture. In this entry, I will look at some of the causes and consequences of siloed management. Additionally, I’ll provide 8 effective strategies to foster teamwork and collaboration within your senior management team. Follow Along With The Financially Simple Podcast! 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 […]
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