How to Manage Virtual Teams Like a Millionaire CEO
A virtual team for a virtual world. No doubt (if you’re reading this), you are a passionate entrepreneur looking for answers. In today’s world, how does a savvy business owner make the shift from the dollar for hours model? Even if you assemble a team, how do you make it work? What about budgets, expenses, overhead? If a virtual world means a virtual team, then how do you become an effective manager? Take the next step outside the box! Guaranteed, your next breakthrough does NOT lie in doing it all on your own. Managing virtual teams can be hard but we have the tips to help you succeed.
I have been where you are – stressed out, maxed out and not ready to tap out. I am here to give you the answers, sharing valuable insight from my playbook so you too can start managing virtual teams like a pro. Isn’t it time that you got out of your own way? The inner circle is calling you… so, if you want something, create it!
Managing Virtual Teams like a Pro
Reality Check: You can’t and you shouldn’t go it alone, and here’s why. If you want to stop playing the part of ‘your biggest critic’ and step into the leading role of Millionaire CEO, you need a team behind you. The kind of support that you seek to make your next business breakthrough requires talent, and that level of talent requires access. Managing virtual teams virtually solves both of these fundamental problems.
“To walk the walk of a Millionaire CEO, you have to Think BIGGER, Work SMARTER, and Be EFFECTIVE…In other words, TEAMWORK Makes the DREAM WORK”
What does that mean? I am asking you to broaden your reach and remove your own obstacles. Time (time zones, 9-to-5 hours, hourly pay) and space (geography, office space, everyday face-to-face) should not limit you, your business, or your team. To put it simply, you are the only one that can limit your potential. I encourage you to go virtual so you can remove the four walls and elevate your thinking outside the box. Why not build a space for your business that has no ceiling so you too can house a dream team?
There is a roadmap to navigating success when it comes to managing virtual teams. And, with 10 successful businesses and over three decades of experience as a successful CEO, I want to share it with you.
The Pro’s – 4 Benefits to Consider
Even if you could do it all, acting as your own founder, president, CEO, CFO, HR manager, and marketing guru, you shouldn’t. To maximize your potential for intrinsic reward, passionately doing what you love every day, and extrinsic reward, earning 7-figures and beyond, you need to redefine your team.
Whatever the size of your business, or how far along you are, the same principles apply. When in doubt, do not let the idea of managing virtual teams intimidate you. This model might be unfamiliar, but it can elevate your business to that next level, putting you on a higher trajectory for exponential growth and creating passive revenue streams. So, what are the benefits?
Be a Big Fish in a Big Pond.
As a business owner, managing a virtual team opens doors to a wider pool of talent. You are a vibrant, thriving entrepreneur! The lifestyle and creative work environment that you provide is a unique opportunity. Who wouldn’t want to jump on board?
With a virtual office and a virtual team in tow, you can remove limitations on the hiring process. You can recruit whatever talent best fits your business model and culture. Do it like the best of us, become a millionaire CEO that can hire local, national, or international. The team behind you as an entrepreneur should not be made up of those just willing to relocate, it should have a roster and full bench of the best of the best.
Span the Globe.
As the marketing rule goes, you cannot be everything to everyone. But, I would argue that you can be everywhere for every client. If you are targeting an expansive market, then managing a virtual team can be the answer to expansive coverage.
A virtual team boasts the potential to unlock 24-7 access to and support for your clients. And, guess what? It also benefits your dream team! Going virtual provides employees coast-to-coast with the ability to service your client base without requiring them to work after normal business hours.
Take Control of Cost.
Managing virtual teams lowers operating costs. A virtual office enables you as a business owner to take factors out of the overhead equation – rent costs, utility bills, office stations, and equipment – not to mention increasing your tax benefits!
Meanwhile, specific work is being slated and accomplished. The talent that makes up your virtual team is tailored to specific needs. For example, the work of a copywriter should be left to a freelance writer, not you as a business owner struggling to find the time. Matching talent with a specific work order just makes sense. It is efficient and effective. Take the guesswork out of the picture with defined projects, objectives, deadlines, and goals.
Find the perfect balance.
A sweet spot does exist when establishing a work-life balance. The trade-off for virtual team members is progressive benefits that replace the traditional benefits of a corporate environment. A millionaire CEO managing a virtual team can offer flexible hours, an adjustable schedule, a home office, and no commute. It benefits everyone!
The Con’s – 6 Obstacles that are Actually Benefits
Despite the benefits, implementing a new model of business means change and change means obstacles. That’s life and that’s business. But, I have something amazing to share with you. After working with thousands of entrepreneurs like you, I have seen it all. I can tell you that the key is a zest for success, the passion you infuse into your business, and maintaining that zest requires change and adaptation in order to take it to the next level.
Achieving a breakthrough and breaking through the next revenue ceiling asks a business owner to take on challenges. Remember: A challenge is what you make it. Make it an opportunity, answering with creative, innovative, and progressive solutions – like a pro Millionaire CEO. Managing a virtual team has its obstacles, but let’s talk about how those obstacles are actually benefits.
You need a Road Map.
With a virtual team, managing time billed versus actual time can be a challenge. The best way to turn a potential obstacle into a benefit is to create systems to navigate the process. You need a road map – a plan that lays out the road ahead and leads to an efficient and effective work environment.
The goal is to shorten the time needed to achieve the desired result. The best way for managing virtual teams is to set standards and define repeatable work systems. Conversation, collaboration, and (in general) answers are no longer down the hall or in the break room. If the systems and standards are in place, then the team is left with fewer questions and a gauge from which to measure their progress. Don’t forget: It is important to find a balance. Tailor this process to your business to reach maximum efficiency and the freedom for independent work.
Define your Expectations.
When managing a virtual team, you may wonder, ‘what if they drop the ball?’ Avoid the obstacle before it is even a problem. Prepare them for how you will evaluate their performance, defining desired results, deadlines, metrics, and communication.
In the virtual space, organic conversations are harder to come by, but you as a boss can and should still see how things are going with team members. Set aside the time to check-in. There is no better way to evaluate virtual team members’ progress. And, remember, adjustments are critical and expected when the remote setting is new for everyone involved.
Keep in Touch.
A new team member, let alone a new recruit to your virtual team, requires time and training to understand your brand. How do you accomplish that level of understanding? Managing your virtual team will call for you to lead through communication, proactively and effectively. The golden rule: Do not assume what information has already been provided and what has not. Here are some rules to lead by:
- Schedule Regular Meetings – Make it brief, at the same time, and on the same weekday
- Foster Transparency – Nurture togetherness with an open dialogue about goals and progress
- Cross Multiple Channels – Multiply your success with different methods for communicating different messages, whether urgent or day-to-day
Even in a virtual world, and managing a virtual team, nothing replaces face-to-face interaction. It is time to invest in the right technology to provide the right leadership. Team camaraderie does not just happen, and it does not happen overnight. I encourage you to infuse visual interaction into your communication with your virtual team. It will work wonders!
Choose technology that allows for video calls to connect with team members and manage your virtual team more effectively. Face-time allows for you to deliver clear instructions and detailed examples as well as open a forum for questions and discourse for outlining specifics. Trust me, if you take the time to go beyond email and chat boxes, you will actually target the final result you are looking for.
Create your Culture
The appeal of being part of or managing a virtual team is the freedom to participate in an amazing work culture. Yes, you are building from the ground up and that has its challenges. But, shaping your own parameters for the workspace is empowering! My suggestion? Consider these factors when building your right-fit culture for your dream team.
- Establish a Meritocracy – reward and recognize team members based on their skills; you get what you give, so stimulate productivity and quality work by highlighting merit where it is due.
- Create a Professional Environment – lead by example; conduct yourself professionally and promote a distraction-free work environment within your virtual ‘office.’
- Bring the Team Together – delineate communal time within your virtual space; set aside overlapping hours for the virtual team to be online together.
Find the Right People.
The right team member for your virtual team must not only be the right fit but the best fit for the job. Take the culture of your business and existing team into account. Not everyone is best suited for remote work. But, if you find someone that fits the personality of your team and meets the objectives of your company, then the rest will fall into place.
How do you determine the right fit? To start, make use of a professional personality test. There are quite a few assessments out there that can pinpoint how a person works within a team, communicates, goes about tasks, and functions within a particular work environment. Incorporate these strategies into your existing hiring process to pave the way.
The Bottom Line
Managing virtual teams is on the rise. According to a recent study, 83% of executives plan to increase the use of consultants or intermittent employees. It’s not a trend that will pass us by, it is the future. The data from Oxford Economics’ Workforce 2020 Study, released in 2014, which was collected from 2,700 business leaders and 2,700 employees in 27 countries across the world. The new horizon for us as entrepreneurs and business owners is approaching. When it does, who do you want on your team?
To be competitive in our strategic business plans and progressive in our approach, we need a dream team! A virtual world requires a virtual team. I encourage you to not go it alone. Instead, elevate your business and increase your revenue as a Millionaire CEO. You can manage a virtual team like a pro with the right road map.
Take on the Challenge
Are you ready? Become part of the inner circle. You will be in good company with business owners that are on the path to the Millionaire’s Club. Take the journey starting today!
- 1 – sign up to receive free knowledge from me
- 2 – Give me 90 minutes to put you on the path to earning passive income while doing what you love
- 3 – Build the business of your dreams!
Walk the walk with me, and you will have someone by your side as you shift to a jet-setting Business Mogul. So, whatever challenges you have before you, I assure you they can be overcome. The key is to stop making excuses and start taking action. Won’t you join me?
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Allison Maslan, CEO of Pinnacle Global Network, is the Wall Street Journal Best Selling Author of Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies starting out at age 19.
Now she and her team of CEO Mentors pay it forward by helping business owners scale their companies, fast-track their success, and create a more meaningful life. Pinnacle Global Network, a world leader in scaling companies and empowering business leaders has guided thousands of CEO's and Founders to success over the past decade. Allison’s been featured in Inc., Success, Fortune, Fast Company, and Forbes Magazines, is a regular contributor to Entrepreneur Magazine, and a featured expert on ABC, CBS, NBC, CNN, and Fox across the US. She is also the host and producer of The Scale or Fail Show podcast, and the Women Who Own it Podcast in partnership with WBENC, the largest certifier of women-owned businesses in North America.
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