Why End Of Financial Year is a great time for team building

End Of Financial Year (EOFY) is a busy and important time for all businesses in Australia for many and varied reasons.

The obvious one is the finalisation of financial accounts for the year. However EOFY may also be a peak time for performance analysis, strategic planning and retail sales.

Whatever your reason, the months from May to August will be important for your business and may bring additional demand upon it.

That is why EOFY is a great time for team building!

As a specialist in this area, we have identified two ‘stand out’ objectives for companies undertaking team building activities during this EOFY period.

1.       To invigorate your team in advance of a peak business period over EOFY

2.       To reward your team for its results and contribution over the past financial year

Let’s have a look at both objectives…

1.      Invigorate your team

Prior to your EOFY peak period in your business, you will want your team performing at their optimum to drive last-minute sales and results, to think creatively and strategically, and to focus on finalising the financials for the year.

A tailored team building event is ideal in May and June in Australia to freshen up your group, have some fun together before an intense period, and, through an ‘outside the square’ way, get them working in unison.

If a focus for your business is on strategic planning in this period, team building programs can also provide a different and novel approach for setting your goals, strategies and creative plans for the year ahead.

Team building programs to invigorate your team are largely built around having fun. However fun is combined with other key outcomes in your team building program such as team communication, strategic thinking, problem solving, creative planning amongst many others.

You watch the effect having fun can have on your team to open their minds, think creatively and communicate with each other more effectively.

2.      Reward your team

So you set your business goals around EOFY? Has your team been working hard for the past 12 months to reach both business and individual performance targets?

EOFY may be a time then for celebration, for reward and importantly for acknowledgment of your team!

A tailored team building event can be a fun, social and impactful way of rewarding and acknowledging your team in June or July.

Once again a core component of these team building programs is fun. Other outcomes that team building can deliver as a ‘reward event’ are acknowledgment, a greater understanding and perspective on each other, and a contribution to your community.

I will elaborate further on ‘contribution to your community’ shortly, however what team building as a reward can also produce is a motivated and happy team ready for the next 12 months.

Contribution to your community…

An impactful way to reward your team through a team building program is to ‘give back’ to the community.

It’s an ideal way to align with your Corporate Social Responsibility (CSR) strategy, unify your team and do something that makes a difference for others less fortunate.

These CSR-focused team building programs can be tailored for any organisation and will not only be fun for your team but will greatly impact someone else.

Often the greatest reward is the gift of giving and a CSR team building program may be the perfect way to reward your team for its contribution over the past year.

If you have your own charity or community organisation that you support, a team building event can be designed to support them.

Now you have pondered the reasons why EOFY is a great time for team building. Just consider what your business may like to achieve – to invigorate your staff or to reward your staff.

Team building will be a good way to achieve both in as little as 30 minutes for an energiser or as long as a full day.

Dwain Richardson, Managing Director, Corporate Challenge Events

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