Can being held accountable benefit every business owner?

Being a business owner can seem like a lonely place as you are often the decision maker. If you think about most large businesses, decisions are made via committee. This committee approach takes in a lot of stakeholders at different levels of an organisation and the decision can be made at a branch, regional or even national level.

In contrast, when decisions are made within small/medium-sized businesses, they are often made by 1 or 2 key individuals with the ultimate decision being left to the business owner. This in itself can be a drain on a modern day business owner who is trying to juggle multiple priorities.

With so many things to think about, staying accountable can seem like the last thing on a business owners mind. However, accountability can be really effective in helping any business owner take their business to the next level.

In this week's blog, we wanted to focus on the idea of accountability and explore whether being held accountable can benefit every business owner?

What is accountability?
Now, one of the biggest reasons why people decide to start their own business is to have the freedom and flexibility to operate their business on their own terms. Furthermore, having the ability to structure your day and take time off when required are key motivators for anyone exploring the idea of running their own business.

Therefore, it can seem counter-intuitive to talk about accountability. However, accountability is all about putting in the right mechanisms to exceed your potential. For example, as a business owner, it can sometimes feel as though you are drifting as you get absorbed with the day to day activities. This is especially true after a few weeks of running a business when most business owners look for a strategic direction.

Accountability actually helps business owners stay on track and focused to achieve key targets or milestones. It acts as a reference or check point to ensure the business owner and his or her business is performing as it should be.

The very nature of accountability means it can be in many forms, both written and verbal, as well as in person or online. With the current global situation, accountability is more important than ever before as businesses look to pivot and adjust to the new normal.

When it comes to accountability, this can be something as simple as having someone to answer to when you set deadlines. For example, if you are looking to complete a key task by next week, what happens if you don’t meet this deadline? Are there any penalties or repercussions? Being held accountable can ensure that you have the drive and commitment to complete mission critical tasks on a timely basis.

As business owners, we are often held accountable by our customers or clients. If we don’t complete projects or deliver a stellar customer experience, the consequences can be felt in the profitability of the business.

In contrast, when it comes to internal tasks such as being more productive or developing a new product/service this can often be delayed because there is no accountability. That’s why being held accountable, especially internally within an organisation, can yield positive results for any business owner.

Selecting an accountability partner
There is no exact science or method behind selecting an accountability partner other than it should be someone that will actually hold you responsible. For many businesses, the strategic vision is often the result of the business owner who propels the organisation forward. Being held accountable through the use of an accountability partner is a well-developed way to ensure success.

One of the best examples of an accountability partner is actually a business coach. This is often someone who is experienced and understands the unique challenges facing modern day business owners. A good coach is not there to do the work for you. Rather, he or she is there to guide you on the tasks you need to do in order to succeed and then holds you responsible for achieving these.

If you think about the world of employment, your accountability partner is often your line manager or supervisor who ensures you complete your set tasks within your agreed timelines. When you transition into being your own boss, that natural accountability is removed from the equation and therefore it’s important to fill that role with someone you trust.

Another example of an accountability partner could be a friend or loved one that is detached from the day to day running of the business. This ensures that your accountability partner can take a step back and focus your direction on vital aspects of your business. Above all else, an accountability partner should make you realise the importance of completing certain tasks and the initiative you need to take on a continual basis.

Benefits of being held accountable
There are numerous benefits of being held accountable. For example, it helps every business progress and move forward. Being in business can seem lonely but being held accountable can give you the motivation and organisation to tick off mission critical tasks in a timely manner.

Secondly, being held accountable by someone else can actually help you utilise your accountability partner as a sounding board. This is especially true for new business owners who can appreciate the guidance provided by a business coach for example, who can help them overcome certain challenges.

Next, you can actually learn from your past mistakes or experiences by being held accountable. For instance, it allows you to develop certain key skills such as time management and organisation skills that you can deploy into every part of your business.

When you are held accountable, it can give you a new perspective on every aspect of your business. For example, it helps you to question why you are doing things a certain way but also gives you the confidence to try new things that can have a positive impact upon your business.

The final benefit of being held accountable is it actually helps you and your business move forward. Excuses and reasons often get in the way when we are trying to achieve certain goals. However, when you are held accountable it really focuses your mind and gives you a renewed sense of purpose to build the business that you deserve in the short, medium and long term.

Summary
As we have seen throughout this week's blog, being held accountable can benefit every business owner. Selecting the right accountability partner can ensure that as a modern day business owner, you are maximising the potential of your business.

Here at iOB Business, we recognise the importance of being accountable as a business owner. It is for this reason that we have teamed up with a professional business coach and deliver twice a month ‘Business Growth Sessions’ to ensure our partners are developing their Digital Agencies with our continuous support and guidance.

To find out more about how you can launch a successful Digital Agency and help local businesses please contact a member of our team today.

Until next time, take care.