Does Team Building Represent a Sound Investment for your Business?

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For small businesses and startups, one of the biggest challenges revolves around funding.

This is particularly true in the current economic climate, where more than half of SMEs in the UK are struggling to secure the funding that they need to achieve growth.

With this in mind, SMEs need to give careful consideration to how they spend their capital, particularly in relation to the split between strategic and non-strategic costs.

As a result of this, it may be argued that expenses such as team building are something for small and independent firms. In this post, we'll consider the potential benefits of team building, and ask whether or not it represents a sound investment for firms?

The Benefits of Team Building

Theoretically, the potential advantages of team building are numerous in their sum. The most obvious of these is its ability to improve the quality and frequency of communication that takes place between employees, primarily by narrowing the gap between entry level staff members and their superiors.

This is because effective team building events remove employees from the workplace and immerse them in a new and exciting environment, and one that creates common themes that bind every attendee together.

Through this, existing workplace relationships are revised and reimagined, opening up new lines of communication and topics of conversation in the process.

Through the use of specific games and interaction techniques (such as the innovative blindfold game), team building events can also delve beyond the basic expression of thoughts and actively drive meaningful conversations. This way, bold opinions and ideas are born, without people feeling as though their input will be ignored or judged harshly.

Similarly, effective team building also encourages collaboration between colleagues, which in turn lays the foundation for greater productivity and more fruitful workplace relationships. Once you've broken the social and status-led barriers that separate employees at work, you can explore new ways to work together and drive far greater levels of efficiency.

Even on a fundamental level, driving interaction and collaboration between your staff members helps to create deeper relationships and in some instances friendships, and this can only help to cultivate a happier and more productive working environment.

According to statistics, happier employees are 12% more productive on average, so you can imagine the cumulative impact that this can have within teams and workplaces as a whole.

Cost vs. ROI – Does Team Building Represent a Sound Investment?

At this stage, it's easy to understand the benefits of team building and the potential ROI that such an investment can provide. Still, the human and fiscal gains associated with effective team building must be measured against the cost of creating and hosting events, as you strive to ensure that this practice is financially viable for your firm.

To understand this in greater detail, you need to perform a rough cost calculation for your event and the logistics of enabling your employees to attend. Then, you should identify a number of individual costs that can be significantly reduced, without compromising on the quality of the event or its potential ROI.

Selecting a local venue can be beneficial, for example, as this enables staff members to make their own way without incurring heavy costs. If this is not an option, you should consider investing in modes of group transportation that can reduce your overall cost. Chartering whole aeroplanes for your staff members can be deceptively cheap when travelling abroad, for example,with service providers such as Chapman-freeborn offering competitively priced deals for bulk packages.

This type of consideration can go a long way, particularly if you want to reduce the cost of team building and fully realise its ROI for your firm.

The Last Word

When determining whether or not team building represents a sound investment for your SME, much will depend on your budget, the nature of the event you're planning and your ability to reduce the underlying cost base.

In general terms, however, there's no doubt that team building can be extremely beneficial to your SME when it is done well, and undertaken with the human and financial needs of your business at the forefront of your mind.

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