Collaboration and Team Building

Collaboration and Team Building
Vio Business Series #1

INTRODUCTION

When it comes to your business in the virtual world (or the real world for that matter) are you feeling too busy or overwhelmed, and having limited results?

If so, you may want to consider that you are not taking advantage of the power of teamwork and duplication of your efforts.

The ability to make real profits in your business and get a large return on your investment comes from the ability to duplicate your efforts and to get compensated for those efforts. And where do you start to make sure your business is duplicatible?

OPTIMIZING YOUR BUSINESS MODEL

Before you begin your venture, you should analyze and evaluate the feasibility of your business. With the information you gather, through research and competitive comparisons, put together a business plan, or in the very least, map out your business model. Often, during this stage, one can determine that a business may not be worth getting into, OR even better, may see improvements that need to be made to have the company achieve profitability.

Study your business plan and identify your income streams, and profit margins. Determine if those profit streams can be duplicated, and if the profit margin will change as you duplicate. Once you know your business model is duplicatible, then you know your company has expansive profit potential.

The following VIO Business Partner can assist you in this area:

Complex K, Suite 2, 4 - Vanguard - Research and analysis services. Compile reports on businesses that are currently considering selling up, or liquidating within SL, and distribute those reports to potential investors. Market research and feasibility studies. - Contact Barnes Boa

TEAM BUILDING

Only with a team can enough coordinated effort be provided to get timely results on an expanded scale. But even with the obvious benefits, many people do not work as part of a team when they take on a new business. Why is that?

Roadblocks to Team Building

Most people with their own ideas, especially in their own areas of expertise have a hard time building a team. They may have the following concerns:

"No one can do it as well as I can."
"How can I really trust this person?"

People may have been disappointed or had their trust broken in the past, and they may be influenced by their past experiences in making decisions about their business. Remember, in looking back to the past too much, you will be slowed down and too cautious in your approach and be overtaken by people who are more natural forward thinkers and risk-takers. Before deciding to build your team, remember, that although other people may not have your knowledge or abilities, they may have abilities or even connections you may not know about that will add depth and dimension to your business.

Another roadblock is poor communication. Not being on the same page or having the same goals is the quickest way to being disapponted with your team effort, and losing faith and trust in them. Make sure you build in with your team, organized goal setting, (daily, weekly,quarterly) structures of communication, and a good chain of command.

Effective Team Building

1) Identify key positions in your business model
2) Evaluate team members and determine where their skill sets best fit in your business model
3) Provide clearly to team members their roles, and responsibilities, and give them an understanding on how they fit in with the rest of the team.
4) Make sure your team members have the proper training necessary to fulfill their tasks.
5) Provide clearly to team members what compensation and benefits they are working for.
6) Provide the structures and channels of communication to your team. Make sure they know how to use them and are committed to using them.
7) Have meetings/conference calls to set (weekly) goals and to evaluate progress.

COLLABORATION/PARTNERSHIPS

Another great resource to growing your business is working with other businesses to provide greater value for clients. This type of collaboration enhances the value of your business by association, and increases credibility. Being part of something larger than yourself often connects you with larger opportunities. Think about how your business can be a missing piece for a larger purpose, or think about how other pieces connected to yours can serve a bigger purpose.

How to build effective partnerships

1) Search for and work with businesses that are related and complementary to yours. You probably don't want to find a business partner that does exactly what you do. Find one in your industry that does something different.

2) Join business groups, and network.

3) Create clear roles and distinct separation of roles and responsibilities between your companies. Establish clear compensation models.

4) PUT ALL AGREEMENTS IN WRITING!

SUMMARY

Your business deserves the chance to flourish. Why restrain its potential with an overly slow, analytical, safe approach. Yes, we should do our due diligence, check for feasibility, create a business plan, analyze results, build teams, set goals, etc, etc... This is only slow and painful if we don't learn to let go. The magic happens in business when you allow the element of the unexpected and energies of other people to be a part of your game plan.

BACKGROUND

About The Speaker: Xander Newman has owned Virtual Innovative Opportunities (VIO) since April 2007, a virtual business community and incubator in Second Life. His expertise is bringing together businesses and resources in SL and RL. In the real world, Xander Newman has been an expert with Internet technologies since 1995, owning his own Internet development and SEO company. He also has a Bachelor's degree in Advertising from the University of Texas. Xander is trained in creating organizations and team-building, and by combining all of his skill set, he has been able to:

1) Co-found a publically-trading Internet auction company
2) Create two non-profit organizations, including the largest volunteer organization serving the needs of Hurricane Katrina survivors.
3) Create a documentary film
4) Become an advocate for the indigenous (tribal) people of the world, speaking in front of world leaders at the United Nations in May 2004.
5) Co-found a business consortium bringing companies to China for joint venture projects.

In his view, the secret to his successes in life come from making his goals about the benefit of others, and surrounding himself with a variety of talent and expertise.

For more information on this topic, feel free to contact me or any of the Vio Team in Second Life.

Xander Newman
Alexi Mizin
Kalvin jefferson
Slatestone McCall

©Copyright 2008 Virtual Innovative Opportunities. All rights reserved.