In our continuing series about the biggest mistakes we see from business owners, The Alexander Group takes a look at the failure of some business owners to hold themselves accountable. There are ways to escape those personal, protective bubbles to help ensure the owner makes the smartest decisions possible—reaching beyond the expertise of only themselves.

The Perks of “Being Your Own Boss”

One of the most enjoyable aspects of becoming “The Boss” is knowing that as the business owner you won’t have to answer to anybody ever again. In fact, there are plenty of people who start out on their own primarily because they no longer want to serve bosses they don’t like.

With any new business comes the exciting reality for owners that they will get to run their own show. They have complete freedom to make their own decisions. Nobody is looking over their shoulder or telling them what to do. They are allowed to manage their time and resources exactly the way they see fit, and a certain euphoria often comes with that. Especially in the beginning, there are few more comforting feelings for a new business owner than knowing they are in charge.

How a Lack of Accountability Negatively Impacts Businesses

The problem with this is that once a person has become their own boss, they no longer are accountable to anybody. Unfortunately, this means that their business could succeed or fail based on their own skills and knowledge and literally nobody else’s. Whether or not the business fails or succeeds falls squarely on the owner’s shoulders, and that’s a lot of pressure for someone to carry.

Who Can Hold “The Boss” Accountable?

Seeking advice from employees is not always the best bet, since very often those employees will say whatever the boss wants to hear in an effort to keep them happy. What business owners really need is someone to ask the truly tough questions and hold the owner accountable for the decisions they make that could impact the business significantly.

The solution to this dilemma is to consider a business coach and a peer board. The Alexander Group Business Coaching is one option to help business owners find outside advice, support, and partnership in ways that in-house staff simply cannot. We act, effectively, a “think tank” designed to provide support for small business owners. The board includes other small business owners, presidents, CEOs and other managing partners who meet once a month to provide a confidential, non-competitive environment to discuss issues and opportunities they are experiencing in their businesses.

In other words, The Alexander Group provides the accountability that so many business owners need and require. If you would like more information about expanding accountability outside of your own head, contact someone at The Alexander Group, and we’ll help your business get the expert advice and professional support it needs.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.