Main Idea
In your business who are you accountable to? Do you have a board of directors, a management team, or a spouse that holds you accountable? Is your bank the only one who holds you accountable?
Expansion of Idea
Most small business owners are in business for themselves because they want freedom. And freedom is very good. However, most of us need some structure and deadlines to get things done. Our spouse is generally the wrong person to hold us accountable in this area of our lives.
One of the best business decisions that I have ever made was to start an advisory council that is composed of one of my team plus two outside directors. After my dad died several years ago, there was no one who would hold me accountable. I was making okay decisions but was not following through. This council has helped improve my decisions, brought outside input, and held me accountable for follow through. I am not quite as transparent as I would like to be, but I am a lot closer than before.
How far you go with this depends a little on the size and complexity of your business. However, almost everyone would benefit from increasing the level of accountability. And there is one other huge benefit from doing this. You are creating a culture at the top which will spread throughout your organization.
Areas to Look At
Personal accountability
Peer accountability
Management team
Board of Directors
Overall culture of accountability