Why Accountability is Crucial for Business Growth (and how to get it!)
I’m a big fan of making plans. And since we’re approaching the end of the quarter it’s a great time to look at what has happened in your business this quarter and re-evaluate your goals for the next 3 to 6 months.
But planning will only take you so far. To turn plans into reality you have to take action.
Step by step, one piece at a time, you can build the business of your dreams.
That’s why Consistent Action is one of the three key skills and systems we work on to accelerate business growth and improve profit. (See 3 Systems to Fast Track Business Growth and Boost Finances for more on all three systems!)
Consistent Action happens when you have three things in place:
Motivation: The will to start, and clarity about your purpose
Commitment: A public determination to act (often in the form of a well articulated plan); and
Accountability: The extent to which a person is answerable to someone (e.g., a supervisor, official review body, a group of peers) for their behavior, decisions, or judgments. (Thanks to the American Psychological Association for this official definition.)
So yeah, I’m a big fan of making plans.
But I also know that the best plans will come to nothing if they aren’t backed by a public commitment to the plan plus accountability for following-through and doing the work.
As owner/leader, you are that source of accountability for your team.
Who provides YOUR accountability?
Being your own boss is amazing in many respects, but if you don’t have a supervisor or official review body looking over your shoulder, you have to build your own support and accountability system.
What are the benefits of outside accountability to you as a business owner?
#1 Accountability encourages focus.
As you’re running the business day-to-day, there are a million and one things that distract you from bigger picture efforts with longer time horizons.
You have a lot on your plate, much of which feels urgent, so its hard to prioritize something that doesn’t have an immediate result.
But when you have someone in your corner — a coach, an accountability buddy, a small group of fellow business owners — you have another voice of encouragement to keep you on track...and occasionally kick you in the pants when you need it. :)
Simply put: if you know you’ll have to show-up and share your results with someone (or a group of people) that are supporting your success, you’re more likely to focus on those commitments. This is not a judgement about work ethic or ability; this is a fact from behavioral science.
#2 Accountability gives you a sounding board.
Again, as a business owner, you have a LOT on your plate at any given time, and these responsibilities come with a multitude of decisions to make. If everything is constantly changing, that means that you’re frequently facing decisions and options that you’ve never had to make before.
Yes, learning, growing and researching on your own is possible.
But having a group of people with different experience and expertise to draw on gives you a place to turn when you need to talk things through or bounce ideas off of someone. This can be a group of other business owners, a coach, or a mentor. The more diverse group of people you can bounce ideas with, the richer your decision-making process will be.
You aren’t running your business in a bubble, and you don’t need to make decisions in a bubble either. This is one reason why having outside perspectives are invaluable!
#3 Accountability helps you feel less alone.
Introverted or not, as a human, you aren’t meant to do life solo.
Maybe you have an incredible family or support system in your personal life, but chances are those people don’t understand the ins, outs, ups, and downs of running a business. Plus, constantly mixing your business and your personal life can get messy, and you deserve to be able to step away and enjoy your personal connections.
It helps to have other business owners to talk to who get where you are coming from or who have been where you are now to make you feel less alone in your professional life.
How does Accountability fuel business growth?
Put simply: Accountability encourages you to action, and that’s where growth comes from.
After you’ve achieved focus, bounced your ideas off of someone, and realized you’re not alone, you also need someone to nudge (or push!) you to take action on the goals you’re striving for!
As I said before, you can read every book on running a small business that your library has to offer or take every course that pops up in your Facebook ads, but if you don’t use the information you’re gaining to take steps forward, you will never achieve the business growth you desire.
Taking action — especially new action — can be overwhelming, but when you recognize you aren’t the only one doing it or that other people have your back, it is definitely easier to keep moving forward on your plans and commitments.
Accountability helps you bust through indecision and imposter syndrome to the momentum you truly crave!
Where can you find this magical accountability for entrepreneurs seeking business growth?
I’m glad you asked! Because it’s right here!
I am about to launch a new round of my CFO Advisor group program for women business owners and I’d love for you to join our crew of incredible owners seeking to increase their profits AND to make a powerful impact in this world.
If you’re ready to get the skills and systems you need to quickly adapt and grow your business along with the amazing support and accountability you need along the way, this is the place for you!
Check out the details and apply to join here: CFO Advisor Program