Nonprofits and many large companies have a board of directors. These board members are expected to bring diverse perspectives and represent the interests of the stockholders and the stakeholders. The board of directors is there to hold the organization accountable, develop annual budgets, arrange compensation for the executive management team and set out policies & procedures. These directors are accountability partners of the business.
Just like nonprofits and publicly traded companies have a board to hold them accountable and carry out the mission of the company/organization, small businesses need accountability partners as well.
This will look different for every business depending on the size and growth patterns of the organization. If your accountability partner is an accountant/bookkeeper, make sure that they are not just focusing on the past from a financial perspective. Staying on plan and reaching our business goals requires us to look into the future comparing past performance to our budget and staying on track. Other business owners may join masterminds to hold them accountable and help with strategic planning. Masterminds are great but they are unlikely to dive into the numbers and specifics of your company.
Accountability partners are advisors and individuals with an interest in your success. They may be financial partners, business consultants or other business owners. They should help you to carry out the vision and mission of your company. They may also help you establish business goals and budgets as well as hold you accountable throughout the year. These individuals may also help with strategic planning, M&A and succession planning. We all need accountability partners as they play an essential role in the success of our businesses and our everyday lives!
To learn more about LonaRock, LLC and our business finance consulting services, please visit our website at www.lonarock.com or contact us directly at 234-217-9033. We look forward to helping you reach your financial goals and helping you obtain the best possible financing for your company.