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Importance Of Team Work In Business
Many management gurus, institutes and schools, preach the importance of teamwork in
business. This is not just any random management policy, but the essence lies in the
saying, 'unity is strength.' The following article emphasizes on the need and importance
of teamwork in business organizations.
Teamwork can be simply defined, "as a state of unity achieved within a group of people
working for a specific economic benefit." The phenomenon of teamwork in business is
basically used to define the coordination and cooperation, between the members of a
partnership that form a business or a joint venture or a private limited company. There are
several, genuine advantages of preserving a team spirit, in such organizations, so as to
ensure optimized output. There are several firms and companies, around the world, that
operate as business groups and have a very well-defined set of rules and regulations, so as
maintain the team spirit and ensure teamwork in their operations. Following are some of
the advantages that would help you to understand the importance of teamwork in
business.
Advantages of Teamwork in Business
There are numerous advantages of teamwork in business. Some of the genuine
advantages of teamwork have been discussed below.
Division of Work:
Teamwork ensures that there is an equal and fair distribution of work within the
organization. A fair work distribution ensures that every person or every working unit,
executes any task at hand, with the best possible efficiency. The division of work, also,
ensures that the work is done on time and deadlines are not extended.
Reduction of Risk:
when the task at hand is executed with the maximum possible efficiency, there is a
reduction in risk. The best advantage of teamwork in business is that the burden of failure
is borne by all the members of the team and it does not fall on the shoulders of just one
person.
Subordination of Personal Interest to Organizational Interest:
one of the biggest advantages of teamwork is that personal interest is subordinate to
organizational interest. This ensures that all the team members put in the maximum
possible efforts into their work, thereby ensuring a high quality and timely output.
You must have noticed that the list of advantages points out to two basic facts that work
when distributed reduces one person's workload and a reduced amount of work ensures
optimization and efficiency. The following points emphasize the importance of teamwork
in business. With the help of team work you complete the work on time and produce high
quality output product. Team work also increases the goodwill and reputation of a
business.
In today's world, the importance of teamwork in business is always felt because of
demand for efficiency and timely execution or work. It is, thus, very important for any
business organization to work, not as a group of people with different motives and
objectives, but as a group of people with one motive and objective, and a soul that
reflects the image of success!
By; Bilal Amin
Reg No: BB093038
Mohammad Ali Jinnah University (Islamabad)