High Impact Leaders

This week is part 3 of a three-part series on how to build wealth. For the last couple of weeks, I have mentioned in the intro that recessions make more millionaires than economic booms. If you play your cards right in the next year or so, you can build a tremendous amount of wealth.

So, on this three-part series, I'm giving you a step-by-step approach to building wealth.

In week one, I explained the difference between income and wealth. And I also covered step one in the process which is to create a wealth mindset. If you want to be wealthy, you have to think differently than broke people.

Last week was step 2 which was how to increase your income and household profit. By the way, if your company is downsizing, make sure to listen to last week's episode. When companies begin to lay people off, it may be a golden opportunity to be able to increase your income.

This week, we cover the final step which is to get your money to work for you. You can't do this if you have maxed out your credit cards or if you are living beyond your means. However, when you understand this concept, you can generate wealth very, very quickly.

By the way, if you are enjoying the podcast, I'd like to ask a favor of you. Would you mind leaving me a review on your podcast app? The podcast content is absolutely free, and positive reviews on Apple Podcast and Spotify help us keep the show free. It only takes a couple of seconds, and I appreciate the feedback so much.

Show Notes: Doug Staneart Explains Wealth Strategies for Any Age (https://www.leadersinstitute.com/how-to-build-wealth-in-three-simples-steps-wealth-strategies-for-any-age/)

This week is part two of a three-part series on how to build wealth. Just look at the news, and you will hear over and over about the coming recession and the coming downturn in the economy.

What most people don't know, though, is that recessions make more millionaires than economic booms. If you play your cards right in the next year or so, you can build a tremendous amount of wealth.

So, on this three-part series, I'll give you a step-by-step approach to building wealth. 

Last week, I explained the difference between income and wealth. And I also covered step one in the process, which is to create a wealth mindset. If you want to be wealthy, you have to think differently than broke people. 

This week is step two, which is how to increase your income and household profit. 

Earlier, I mentioned that employers pay most people exactly what they are worth. When I say this, sometimes people will argue with me. “My boss doesn’t pay me enough!” or “I deserve way more salary than what I’m being paid.” My answer is always the same. If your services were worth more to the marketplace, you’d automatically be making more money. The good news is that you can immediately increase your income just by making your value to the marketplace higher.

In this episode, I show you the easiest ways to add additional income to your household and create good financial habits to increase wealth.

Show Notes:  How to Build Wealth (by Doug Staneart) (https://www.leadersinstitute.com/how-to-build-wealth-in-three-simples-steps-wealth-strategies-for-any-age/)

This week, I start a three-part series on how to build wealth. Just look at the news and you will hear over and over about the coming recession and the coming downturn in the economy.

What most people don't know, though, is that recessions make more millionaires than economic booms. If you play your cards right in the next year or so, you can build a tremendous amount of wealth.

So, in this three-part series, I'll give you a step-by-step approach to building wealth.

In this episode, I explain the difference between income and wealth. And I also cover step one in the process, which is to create a wealth mindset. If you want to be wealthy, you have to think differently than broke people.

By the way, if you are enjoying the podcast, I'd like to ask you a favor. Would you mind leaving me a review on your podcast app? The podcast content is absolutely free, and positive reviews on Apple Podcast and Spotify help us keep the show free. It only takes a couple of seconds, and I appreciate the feedback so much.

Show Notes: How to Build Wealth (https://www.leadersinstitute.com/how-to-build-wealth-in-three-simples-steps-wealth-strategies-for-any-age/)

This week, I'm going to give an overview of the four generations in the workplace. We often hear terms like Millenials, Gen X (Generation X), Gen Z (Generation Z,) and Babyboomers. But what exactly do these terms mean? How do the different generations like to communicate? And how do we as leaders create more of a team culture when different generations like to communicate differently?

In this episode, I break down the four generations -- Babyboomers, Generation X, Millenials, and Gen-Z. I'll tell you who these different people are, what they like, and how to better communicate with each of them.

We also cover a few different ways for each generation to better communicate with and use the strengths of each generation to create better teamwork.

Show Notes: How to Communicate with Different Generations in the Workplace (https://www.leadersinstitute.com/differences-between-generations-and-style-of-communication/)

This is part six of a six-part series on how to build highly effective teams. Last week, we covered step four which was seven ways to build synergy and cooperation from your team. And the week before last, I gave you seven ways to reduce conflict. And the week before that, we gave you seven ways to build trust. Each week, I've given you seven principles so that you focus on just a single one each day each week. This is designed to help you create new habits in the way that we build highly effective teams.

This week, we will focus on the final step, which is building highly effective leaders within your team. Keep in mind that these skills are a building process. If your team trusts you and trusts each other, there will be fewer conflicts. If your team is not in conflict with each other, then it is easier to get them to cooperate and collaborate. So, focus on the early steps in the process first, and the later steps will be much easier.

Show Notes: Highly Effective Teams Have Great Leaders at All Levels (https://www.leadersinstitute.com/building-leaders-from-within-the-7-best-ways-to-build-your-next-leaders/)

The fourth stage of team development is to build team cooperation and team collaboration. This is part five of a six-part series on how to develop highly effective teams. Just like previous stages of developing teamwork, this stage of leadership development is progressive. So, you will get the best results if you have already spent some time on steps one and two.

As a review, the first phase was to focus on your organization’s goals to create a shared vision for your team. When your team focuses on a common goal and sees the big picture, a collaborative environment will begin to form. The second step is to establish trust and effective communication within your team. Next, we showed you how to reduce conflicts among team members.

You will have a difficult time motivating your team if they don’t trust you or each other. In addition, you will also have a difficult time getting others to cooperate if there is a conflict. So first, make sure to spend some time building more of a team culture using the tips from the other two posts.

To Gain Team Cooperation, You First Have to Know Motivates Each Member of the Team.

If you have never read about Maslow’s Hierarchy of Needs, it is a fascinating study in psychology. Dr. Maslow theorized that we have five levels of needs. The needs range from physical needs like food and water to more altruistic needs. In this theory, we all are most concerned about the lowest level of needs until those needs are satisfied. For example, if a person is thirsty and dehydrated, he or she won’t have much concern for anything else.

Over the years, psychologists have argued about the levels in the hierarchy. The actual levels and order of each level aren’t as important to this discussion as the agreement that we have a hierarchy, though. As leaders, we have to know the hierarchy of our team members and what level they are currently at. For instance, one team member may have been entirely motivated by recognition and appreciation. However, if this person’s child gets sick, the priorities change in an instant.

The point is that the tips below are time-tested ways to build a cooperative team. If the trust is high and conflicts are low, these tips should work very effectively. So, if you find some members of your team to not be as cooperative, it might be that something has happened to move them to a lower level in Maslow’s Hierarchy.

Your goal as the leader of your group of employees is to build a cooperative workplace where staff members are consistently at the highest level of this hierarchy.

Show Notes: Highly Effective Teams Are Collaborative  (https://www.leadersinstitute.com/7-valuable-ways-to-build-a-cooperative-and-effective-team/)

This is part four of a six-part series on how to build highly effective teams. Last week, we covered step two which was to get build solid trust among your team members. This is the foundation of a fantastic team culture. If you implement last week's ideas, the remaining steps get much easier.

This week, we cover step three, which is to reduce conflict within your team. Actually, that is a little misleading because conflict can be good for a team. We will really be covering ways to reduce negative conflict and help you use positive conflict to grow.

Conflict resolution in the workplace can be challenging if the trust level is low or your team is under stress. In this episode, we cover seven turnkey strategies that you can use for conflict resolution in your workplace.

Resolve Conflicts and Create an Environment Where Disagreements Do Not Cause Personal Conflicts.

Conflicts are inevitable. However, the more we know about human nature, the better we will be at conflict management. In addition, when we understand human nature, we have a better chance of achieving a positive outcome for both parties. We know that different people have different priorities and different communication styles when dealing with others. In general, though, human beings have certain characteristics that are very similar. These similarities are true across gender, racial, and socio-economic lines as well. For instance, in general, the following statements are almost always true:

• People love to be agreed with.
• People hate to be disagreed with.
• We like other people who agree with them.
• We dislike other people who disagree with them.
• People who are good at resolving conflicts look for some point of agreement. Then, they use good people skills to get the other side to see a different point of view.

Understanding Human Nature Allows Us to Resolve Conflicts More Positively.

These statements are true among the entire human race. So, when we disagree with people, we are likely to raise resentment. As a result, it might be a good idea to strengthen our soft skills – what psychologists call emotional intelligence – when dealing with conflicts. Poor communication often leads to conflict. For instance, if we find ourselves in a tense situation, and we naturally want to raise our voice. The other party is likely to respond in kind. This will usually escalate the conflict quickly.

In situations where we have to interject disciplinary action, the first step is understanding human nature. We may think we are just having a constructive conversation. However, the person we are coaching will feel like the conversation is a personal attack. So, these strategies can help keep difficult conversations from developing into an interpersonal conflict.

Show Notes: Highly Effective Teams Deal with Conflict in a Positive Way Part 4 of 6
(https://www.leadersinstitute.com/7-turnkey-conflict-resolution-strategies-for-your-office-team/)

Team Trust is the most important step in building a highly effective team. Below, we cover 7 expert ways to build trust in your team. This is part three of a six-part series on the Five Characteristics of High-Performing Teams. In each of the sessions, we will cover one of the component steps to creating a team culture.

In the first part, we gave an overview of each of the five steps to creating a highly effective team. Then, last week, we covered the value of creating a great vision and mission for your company. Here is a review of this employee engagement process.

Five-Step Process to Build a Culture of Teamwork in Your Organization and Improve Team Success.

The five-step leadership development process is as follows.

1. Highly Effective Teams are Mission-Oriented.
2. Build Trust and Rapport with the People that You Want to Lead.
3. Resolve Conflicts and Create an Environment Where Disagreements Do Not Cause Personal Conflicts.
4. Gain Enthusiastic Cooperation from Your Team (Even When You Are Not Looking).
5. Build Confident Leadership Teams Around You.

Each of these steps is progressive. For instance, if we have a lack of trust within a group of individuals, we will likely have more conflicts. If we are in conflict with our team members, it will be difficult to gain cooperation. The point is that the better we do in the early stages, the easier it is to have success in the latter stages. In this session, we will focus on Step #2: The Seven Best Ways to Build Team Trust.

How to Build a Culture of Trust in Your Team. 7 Expert Ways to Build Team Trust.

Think about the relationships that you have with others as being a checking account. Each person that you interact with has an entirely different account. When we have positive interactions with a person, we make deposits into that account and improve our level of trust with that person.

However, when something negative occurs or there is a conflict, a withdrawal is made. So, if you want to build trust in a team, you as the leader have to make a tremendous number of deposits into the accounts of each team member. However, if you make withdrawals, you and your team are likely to have trust issues.

Below are seven key ways to build mutual trust within a team. We suggest that you spend a week focusing on a single principle every day. Don’t go to bed each day before you apply the principle for that day. By the end of the week, you should already begin to see significant changes in the rapport that you have with others.

By using these principles consistently, you will create open communication and improve workplace trust.

1. Avoid Criticizing Your Team.
2. Look at Things from the Other Person’s Point of View.
3. Smile More. (It Makes You More Approachable and Friendly.)
4. Make an Effort to Remember Names.
5. Avoid Placing the Burdens of Your Problems onto Your Team’s Shoulders.
6. Take Responsibility for Clear Communication.
7. Practice Good Listening Skills.

Show Notes: Highly Effective Teams Have a High Trust Level

Last week, I started a series on a five-step process to help you build highly effective teams. And step one was to get your team to be mission-oriented. So, this week, we will delve deeper into that subject and show you how to begin with the end in mind, so our team gets to the goal faster and easier. This is part two of a six-part series on how to build a more effective team. And on this episode, we cover how to create a vision and mission for your team and hold them accountable for accomplishing that team mission.

Great teams tend to be those that get pointed in the right direction early. Even when people are working on different aspects of a project, effective teams understand the end goal. They understand the mission.

A company’s mission, vision, and values statements are important to success. In fact, business consultants often start with the mission, vision, and values when working with new clients. They do this for a very simple reason. Creating (or updating) these statements can drive the organization in a new direction. You can use this Mission, Vision, and Values Template to create or update your corporate statements.

Many of us use the mission and vision interchangeably. However, the two statements are distinctly different. The Mission Statement focuses on where the organization is right now. In contrast, the Vision Statement creates a picture of the organization’s future.

The values of your organization, though, are probably more important than even the vision and mission. These values are the criteria that you use to make decisions within your organization.

If you wanted to take a trip in a car, the vision would be the destination. The mission would be the vehicle. Finally, the values would be the directions or the road map to get there. So, you can see that each of the three is important to get to the end goal. Without the destination, we have no way of knowing if we are moving toward our goal. In addition, without the right vehicle, the journey will be more challenging. Then, of course, without a map, your journey can have a lot of wasted effort.

Show Notes: Highly Effective Teams are Mission-Oriented (https://www.leadersinstitute.com/mission-vision-and-values-template-and-examples/)

This week, I'm going to start a six-part series on the characteristics of highly effective teams. I'll give you an overview of all five steps today. Then, in each of the next five episodes, we'll go into more depth about each of the steps. The goal is to give you practical tips and techniques that you can use each week to help you build a solid team within your organization, family, and community.

The power of highly effective teams lies in their capacity to perform at levels that are greater than the sum of their parts. Managers and leaders put a great deal of effort into assembling high-performing teams. These leaders also spend considerable resources to ensure those teams reach their potential.

Obviously, managers want to make improvements that lead to positive changes within the team. In fact, many leaders focus just on this part of the leadership process.

However, sometimes it is helpful to take a step back in order to recognize when a team is working effectively. Managers often overlook this important part of this process. The workings of a highly effective team are not always obvious or intuitive to everyone. We sometimes don’t recognize our team members when a team is doing well.

Show Notes: How to Build Highly Effective Teams in 5 Easy Steps (https://www.leadersinstitute.com/5-characteristics-highly-effective-teams/)