Pub. 9 2018 Issue 4

www.wvbankers.org 14 West Virginia Banker S trategic planning by the board of directors is a fundamental prac- tice of good corporate govern- ance. But, management team planning is equally important. If board strategic planning takes a view from 30,000 feet, management planning takes a view from 10,000 feet. Managers regularly meet to work on specific projects, brainstorm ideas or gather information. In most cases meetings focus on narrow or short-term goals. It is rare for management meet- ings to focus on a high-level view of the organization. Engaging your management team in high-level planning activities can bring a host of benefits. But most importantly, it contributes to the development of the four C’s of a healthy and effective management team. The Four C’s Of Healthy and Effective Management Teams: Healthy and effective management teams display strengths in four elements: culture, communication, coordination and continuity. Due to constantly changing circumstances, all organizations struggle to maintain strength in these interrelated elements. Culture Culture is unique to each organization, sometimes to each department. It can be a force for good, rallying manage- ment and staff around a shared set of positive values. Or, it can create road blocks to achieving desired results. Management teams struggling with culture often express that they want a different culture that is more responsive to customers, more sales oriented, more comfortable with change, or more in line with the stated values of the organization. Healthy management teams create and sustain cultural values that are consist- ent with the stated values of the organ- ization, help to redefine the culture as conditions change, and inspire others to join the culture. Communication Effective communication is critical to team success. Communication chan- nels develop formally and informally. As the organization changes, the communi- cation channels need to change as well. Management teams struggling with communication issues will express that we do not communicate with one another, we are not achieving consistent performance across the organization, we are not delivering a consistent mes- sage, and that we need more solutions from our middle managers. Healthy management teams have open lines of communication across depart- ments and disciplines. In addition, attention is constantly paid to ensuring that managers are kept in the loop. Coordination Coordination is marshalling the efforts of individuals and groups to create value that those individuals and groups could not achieve separately. Maintain- ing optimal coordination in a rapidly changing environment is a constant challenge. Management teams struggling with co- ordination will comment that we seem to have frequent conflicts, we are strug- gling to increase efficiency, our teams operate in silos, and that we need to pursue a common goal. Healthy management teams coordi- nate their efforts to most efficiently achieve the organization’s overall objectives. Often managers are competing for scarce resources that put them in conflict with one another. Planning Can Improve The Health of Your Management Team