Being a business owner can be lonely at times.
This is especially true for accountancy practices with a sole owner or just one partner.
If you are the only owner of your business with nobody else to answer to then it can be a lonely place to be, as you don’t have anyone to bounce ideas off, talk through situations and prop each other up when things get tough.
I bet you know the feeling. It’s certainly one I’ve experienced before.
Another thing you miss out on if you’re a sole owner or partner in your practice is that there’s no one there to hold you accountable.
Without an equal in business, there’s nobody who is checking in with you regularly to make sure you’ve done what you said you’re going to do or achieved what you set out to achieve.
(Although I must point out I’ve spoken to a number of multi-partner firms where each partner operates by themselves, pulling in different directions and offering no accountability)
Accountability can be an incredibly powerful tool when used correctly and it could be the thing that takes you and your accountancy practice to the next level of success.
Could it be the missing piece to the puzzle for you?
Could having someone to hold you accountable be the difference that helps you get your business to where you’ve always wanted it to be and create the life you’ve always wanted?
For me, I’ve always sought our mentors and coaches to help me improve in my life and in my business. If there’s someone out there who can help me up my game, then I want to know about them and connect with them.
I truly believe that talking things through with other people, working through ideas, hearing other people’s viewpoints and getting advice and tips is priceless.
You can’t see the wood for the trees, you need an outside perspective sometimes.
It’s all too easy to get caught up in your own head, thinking thoughts you always think and trying to do things in the same way you’ve always done. So, just hearing someone else’s way of thinking or process for doing something can shake everything up for you.
It can lead to making changes in your business, changes in the way you approach problems and changes in many other different aspects of life.
Many more business owners are now seeing the benefit of accountability and of having someone who will help hold you responsible for the things you’re aiming to achieve.
There are three incredibly famous billionaires who credit having a mentor and someone to hold them accountable as being a game changer in their businesses. Richard Branson, founder of the Virgin Group, Bill Gates, founder of Microsoft and Mark Zuckerberg founder of Facebook all credit much of their success to their mentors.
And, if it works for them, then it’s good enough for us too!
So, what types of accountability are out there:
1. An accountability partner
An accountability partner is when you have a mutual agreement with someone that you’ll each hold each other accountable and responsible for reaching your goals and targets.
This person can be a peer at work (i.e. another partner at your practice or another practice owner whom you know and trust) and you both agree to be there for each other when required.
You should aim to have frequent (weekly or bi-weekly) catch ups to ensure you’re keeping on track with your goals and to talk through any issues or problems that are getting in your way.
A mentor is different from an accountability partner in that it’s not a mutual accountability agreement. Instead, a mentor is usually someone senior who has experienced the things that you’re going through right now. For example, if you’re a single practice owner, this might be someone who owns several successful practices already.
A mentor will be there for you to share their knowledge and experience with you, whilst also ensuring you’re accountable for doing the things you’ve said you’re going to do.
An experienced mentor can have an extremely valuable impact on your personal and business development.
Whether you have a mentor for just a year, or find someone who can be there for you in an ongoing capacity, you’ll find it can drastically increase the chance of your business succeeding.
3. A coach
A business coach will ensure you’re accountable for reaching your targets and goals as they work through the different issues you might be facing within your business.
They’ll talk through the best ways to tackle problems, how to plan for success and what you can do to improve within your business, all whilst ensuring you are accountable for your own journey.
4. Accountability groups
Accountability groups can also be an incredibly powerful tool.
One great thing about accountability groups is that there are multiple members, so you benefit from the viewpoints and perspectives of several different people, instead of just one.
This is something that I’ve seen to be extremely successful in my mastermind and coaching programme. It works as one big accountability group with the added accountability coming in the form of coaching from me.
This means people are able to form bonds with each other and hold each other accountable for their actions and work, as well as having the bond of accountability with me as their coach too.
You can find out more about my programme and the success stories of my clients here. Could you be the next one?
So, could accountability be the big difference in your business this year? Would you consider getting an accountability partner, coach or mentor? Or do you already have one and have found it to be useful in your business?