Accountability is a word resounded in many corporate board rooms, office cubicles, or, more likely today, team Zoom meetings.
One Residential Assisted Living Academy student, Malou, is using her networking resources as a former student to gain continued support.
As a result, Malou has been gaining accelerated success.
Accountability has become a core value of many businesses, charitable organizations, universities and colleges, and sports teams.
America seems enamored with accountability, but is it taken as seriously as the term demands?
Entrepreneurs must mirror Malou and be willing to hear where they have veered wrong, could have done more, or how efficiency should have been exercised.
Accountability is not punitive, but rather honest, constructive criticism that bolsters performance.
Accountability partners are vital for any entrepreneur.
There must be someone who can be of counsel, advise on measures to be taken, or be a sounding board for new ideas and frustrations.
An accountability partner is also keen on getting an entrepreneur to see reality.
Many entrepreneurs are too close to the business to see its objective performance – this is especially the case with new entrepreneurs and their new companies. An accountability partner has a way of removing the ideological vision and helping the entrepreneur see the reality.
Experts at the Residential Assisted Living Academy supported Malou as her accountability partners.
As a result, Malou was able to see where things were falling short or doing well.
Students of the Residential Assisted Living Academy work with accountability partners. It is essential to their development and the success of the assisted living homes they operate. Many have found their accountability partners to be more critical than a banker or private investor.
They are not remiss in thinking so, as an accountability partner can make the difference in the entrepreneur’s success or failure.
WHAT IS THE ROLE OF AN ACCOUNTABILITY PARTNER?
Similar but not identical, accountability partners differ from mentors significantly.
Mentors are more experienced.
A mentor tends to be someone beyond the entrepreneur, someone tenured or well versed in the industry. Entrepreneurs solicit mentors because of the respect the entrepreneur carries for the mentor.
Accountability partners tend to be peers. These people are in the fight with you. They are not beyond the entrepreneur’s purview, experience, and often within a few years in terms of age.
While the latter is not necessary, accountability partners tend to be people with whom the entrepreneur associates professionally and personally.
Accountability partners support the entrepreneur by:
- Keeping the entrepreneur on track.
- Reminding the entrepreneur of established goals.
- Helping the entrepreneur celebrate milestones.
- Gentle but firm rebuke when the entrepreneur slacks in pursuit of goals.
- Helping the entrepreneur reset after a loss.
- Reminding the entrepreneur of their “Why.”
The most successful business professionals have accountability partners. Entrepreneurs must choose someone who compliments their personality and understands what motivates them.
At first, some considered such a person unnecessary as most entrepreneurs prefer to answer no one other than themselves.
However, a few months in business teaches all entrepreneurs that the mission is better undertaken when someone is present or available for consultation and remembrance.
Owners of residential assisted living homes must remember that success is more than profitability.
Success is the establishment and operation of a high-quality assisted living home. It is the resident’s happiness, comfort, and engagement that must be achieved at all times.
WHAT ARE THE BENEFITS OF AN ACCOUNTABILITY PARTNER?
What’s the point of the following two sayings for the entrepreneur? While many entrepreneurs prefer solitude, too much of it renders ineffective execution. Even wolves recognize this. While an Alpha wolf prefers to be a lone wolf, he realizes that the hunt goes much better with the company.
- Have you ever heard the adage, “No man is an island”?
- How about “It is not good for man to be alone”?
As an entrepreneur, the mark of leadership is your ability to get more done through others. If you must do everything, your scope will be restricted, and burnout assured. An accountability partner can help you remember this and aid in the creation or adjustment of goals.
To leverage an accountability partner best, consider:
- How and what will the evaluation process consist of?
- What is an acceptable reaction when you forego the chosen path?
- What level of ownership will you take for the actions you commit?
- What will be the compensatory measure or task? When an entrepreneur derails, some sort of compensatory action is necessary to prevent further or future derailment.
Accountability partners are with the entrepreneur every step of the way. They are present or consulted with strategy, goal setting, milestone creation, even human resource management.
The benefits of accountability partners are as vast as they are profound. Accountability expands beyond professionalism and takes hold in one’s personal life.
Many entrepreneurs comment that their entire lives are improved with accountability partners at work, home, or the gym.
When accountability becomes a way of life, the benefits are immense. Here is a shortlist of what you can expect.
- Improved Performance: Entrepreneurs working with accountability partners work better and harder. When an entrepreneur understands someone is watching or interested in the performance of their business, innately, this drives the entrepreneur. Research has even shown that entrepreneurs who make goals publicly known have more than a 60% chance of succeeding. However, those with accountability partners have over a 90% chance of succeeding. Why? It’s personal. Remember, no man is an island, so having someone on that island with you reminding you of your plan to build a boat works.
- Focus: Accountability partners typically have scheduled meetings with the entrepreneur. By nature, entrepreneurs do not like to disappoint; therefore, those with accountability partners tend to stay on track. They tend to be more productive because they want to get a good report. Sound elementary? Elementary it may be, but it works. However, when things do not go well, accountability partners help entrepreneurs who may very well be overwhelmed by reordering tasks, setting more milestones, ensuring the goal is S.M.A.R.T. (Strategic, Measurable, Attainable, Realistic, Timely).
- Time Management: Accountability partners are great for time management. They help the entrepreneur reach goals by establishing fixed public deadlines. These dates do not move. They are stringent to evaluate performance and understand the business and the entrepreneur better. Was goal attainment achieved as scheduled? If not, why?
- Centered: Accountability partners enable entrepreneurs to stay grounded. Success has a way of mystifying life for entrepreneurs, and accountability partners demystify and keep the entrepreneur mindful of their “Why.” Accountability partners also paint a realistic picture for the entrepreneur, lest they become too optimistic or pessimistic.
- Perspective: Small problems are best handled when small. If left unattended, they morph into colossal travesties. Accountability partners help entrepreneurs identify issues when they are still small, so they do not suffer because of neglect.
HOW TO CHOOSE YOUR ACCOUNTABILITY PARTNER
The choice is yours, choose wisely. Entrepreneurs must choose someone who compliments their personality and understands what motivates them.
Your accountability partner needs to “get you;” as in deeply understand what drives you. The accountability partner must be able to breakthrough to the entrepreneur readily.
When choosing an accountability partner, consider:
- Select someone with incredible self-discipline.
- Select someone who can challenge you adequately, compelling you to do more and be more.
- Choose an objective person, not a friend or family member who is invested in you emotionally.
- Do you want to impress this person? If so, choose them.
- Find someone interested in your goals, plans and who does not mind taking time to counsel with you about them regularly.
- Work with someone who does not mind lifting your spirits, especially during tough times. Every entrepreneur needs a cheerleader. Pom-poms are not required, but certainly, a chant or two is nice.
Many entrepreneurs, to their doom and dismay, forgo accountability. They expect it for others but reject it for themselves.
Countless businesses suffer or even close because of a lack of accountability – this need not be your experience.
The Residential Assisted Living Academy is an incredible organization.
Experts at the academy help entrepreneurs learn the industry within a 3-day intense course.
Malou is one of our students that shares her experience with one of our organization’s accountability partners.
This relationship is organic and propels Malou to new heights while keeping her grounded and ever remindful of her “big why.”
Contact the Residential Assisted Living Academy today and begin your accountable journey to purpose and profitability one home at a time.