Teamwork is one of the most important elements behind a strong small business. Without a group of motivated, productive individuals working together, it will be much harder for the company to keep a financial plan on track and stay moving in the right direction.

With that said, it is vital to remember that great teams don't appear overnight. They have to be created from within the small business itself, using a combination of managerial tricks and teambuilding activities. For some, this means off-site meetings and expensive gatherings. However, it doesn't have to be this way,

Instead, here are three tips to build a great team without breaking the bank:

1. Focus on the new hires
Effective teambuilding can take place right within the office, at no extra cost. According to Inc. magazine, veteran staff members should take these rookies under their wings. Going out for a brief lunch or simply getting to know one another can be a great way to encourage friendship and collaboration. As a result, these people may be willing to work better together in the future. An added bonus might be increased morale, or more productivity.

2. Resolve conflict quickly
Problems in a small business can spread like wildfire. It doesn't take much to create additional issues, and that could very well throw a financial plan off track or cripple productivity. Inc. magazine explained that some firms use the human resources department – or other managers – to get in the middle of a dispute, but instead, it may be best to have the two involved parties meet directly. This way, they'll have to work together to solve their problems. As a result, they might come out on the other side with an improved understanding and a willingness to collaborate.

3. Always provide a challenge
The best employees want to be challenged. Nobody wants to come into work each day and perform the same mundane tasks over and over again. Instead, small business leaders should create situations where employees will have to rise up and go above and beyond, according to the U.S. Small Business Administration. Taking this step can promote teamwork, and it will create talent and provide employees an avenue to grow within the company. Otherwise, productivity may suffer and staff members may become less motivated to perform their duties.