Professional teams often refer to themselves as families. In reality, they are more like sports teams.
- The Greatest Team in History
- The Challenge of Collaboration in Fund Services
- What Every Team Can Learn from the Chicago Bulls
- Wrapping Up
We fight for each other, push each other to be better, have high expectations, play to each other’s strengths, and show the humility to let others shine. It’s not just about individual performance; it’s about how well we collaborate and support one another.
The Greatest Team in History
The greatest team in the history of teams is undoubtedly the '96 Bulls—though if you insist on inserting your own team here, I suppose the lessons still apply. A key reason the Bulls are the greatest team in history is thanks to collaboration. They spoke the same language. And I’m not talking English or Spanish; I’m talking about ethos, tactics, strategy, etc.
The Bulls demonstrated that effective teamwork hinges on a common language transcending spoken word. This deep understanding allowed them to anticipate each other’s moves, leading to fluid, seamless execution on the court. Their collaboration was a key factor in winning back-to-back-to-back championships, solidifying their legacy in basketball.
The Challenge of Collaboration in Fund Services
Fund services teams are famously vast, often with hundreds of individuals with diverse roles and responsibilities. Achieving effective collaboration in such large groups is difficult. Communication can easily break down with so many voices involved, leading to misunderstandings and misaligned priorities. Team members may feel isolated, unsure of how their contributions fit into the larger mission.
Additionally, varying expertise and backgrounds can create silos, making it challenging to leverage each person’s strengths effectively. As roles expand and responsibilities increase, ensuring everyone is on the same page becomes increasingly complex. Without a strong, unified vision, the essence of teamwork can diminish, reducing the group to a collection of individuals rather than a cohesive unit working toward a common goal.
What Every Team Can Learn from the Chicago Bulls
To overcome these challenges, we can look at what made the Bulls so successful. Here are some key factors that contributed to their greatness and how we can translate those lessons to fund services and administration teams. We’ve broken it down into a “starting five”:
A Shared Vision
The Bulls had a clear mission: winning championships. Every player understood their role, from MJ’s scoring to Scottie Pippen’s playmaking. However, a shared vision is only a shared vision if it's shared by everyone.
Fund services and administration teams should similarly establish a clear mission, whether that means delivering accurate financial reports or ensuring regulatory compliance. When every team member aligns with shared objectives, it fosters motivation and a sense of purpose, enhancing individual performance and overall team effectiveness.
Communication Beyond Words
The Bulls excelled in communication, but not in the traditional sense. You only need to watch one episode of The Last Dance to see that their strength wasn't talking; it came from rigorous training, a clear strategy from Phil Jackson, and a system designed to play to their strengths. This foundation allowed for seamless passing and quick adjustments during games.
Fund services teams can learn from this playbook by creating a collaborative environment where everyone understands the processes and systems. For instance, adopting a unified technology platform allows team members to communicate in a shared "language" that encompasses specific features, terminology, and methods. Standardizing methodologies or workflows enhances communication, enabling teams to align more effectively and make well-informed decisions.
Trust and Accountability
Each player of the Bulls trusted their teammates to fulfill their roles, confident that everyone had each other’s backs. This level of trust is vital in any successful team, and especially in fund services, where precision and reliability are paramount.
Fund services professionals should prioritize building trust and holding one another accountable for their responsibilities. When team members have confidence that their colleagues will deliver accurate results, it fosters a collaborative environment where risks can be taken, creativity can thrive, and innovative solutions can emerge, ultimately enhancing overall service delivery.
Leveraging Individual Strengths
The Bulls really knew how to play to each other's strengths. Michael Jordan was the go-to scorer, Scottie Pippen handled the playmaking, and Dennis Rodman was the defensive powerhouse. Fund administration teams can take a page from this playbook by recognizing and leveraging the individual strengths of each team member.
Now, balance and equality in a team aren't about splitting every task evenly; it’s more about assigning responsibilities based on what each person does best. The Bulls nailed this, and one great example is Steve Kerr. Remember Game 5 of the 1997 NBA Finals against the Utah Jazz?
Kerr hit that game-winning shot, proving he could shine under pressure. And cementing his importance to the team.
Fund administration teams can learn a lot from this approach. It’s all about identifying what each team member brings to the table—whether it’s strong analytical skills, attention to detail, or a talent for client relationships. When everyone understands their unique role and feels valued, it creates a sense of ownership and motivation.
Just like the Bulls thrived by making the most of each player’s talents, fund teams can achieve amazing results by fostering an environment where everyone is empowered to make a difference.
Camaraderie
This was a tough call, but we narrowed it down to adaptability, leadership, and camaraderie. The first two are perfect for your 6th and 7th men, bringing that extra edge off the bench when the team needs it most.
The Bulls built strong relationships off the court, which translated into their performance on it. Take Rodman—he was the definition of a maverick. During the 1998 season, Rodman took an impromptu midseason trip to Vegas right in the middle of their championship run. The reason? He needed to blow off steam. While most teams would see this as a problem, the Bulls handled it differently. Michael Jordan himself went to Vegas to bring Rodman back, and the team didn’t judge him—they accepted his unique (to say the least) wants and needs and just got back to work.
We're not saying fund services teams need to be this understanding or flexible, but you've got to admire the camaraderie here. When team members support each other through challenges and understand one another’s quirks, it fosters a positive, productive environment. Caring for each other beyond just the task at hand boosts collaboration and morale, leading to better outcomes all around.
P.S. Don’t forget to celebrate those wins; the Bulls certainly didn’t!
Wrapping Up
The legendary Chicago Bulls were more than just a collection of talented players; they were a cohesive unit that thrived on collaboration, trust, and a shared vision.
All teams, especially complex teams like fund services and administration, can take invaluable lessons from their approach, understanding that success hinges not just on individual contributions but on how well everyone works together toward a common goal. These teams can elevate their performance and achieve remarkable results by fostering effective communication, leveraging individual strengths, and cultivating a supportive environment.
So, let's channel our inner Bulls, embrace collaboration, and go after those championship-level results again, and again, and again!
