Behind every great business you’ll find a culture of accountability. Behind every great family you’ll find a culture of accountability.
Be Accountable for Results
Long-term business success requires the ability to consistently produce results. That means everyone in the organization understands the importance of being accountable. Their employment is based upon their ability to be accountable for results.
There’s a reason only 3 out of 10 family businesses successfully make it to the next generation. I think one of the most common pitfalls is related to accountability.
Too often by the time the second or third generation gets involved in the business they have either become too comfortable or too sloppy about being accountable. When the business and the family starts to get complacent about accountability, many times it can be the beginning of the end for the business.
Having had the opportunity to get to watch both successful and not successful family businesses, it’s clear a culture of accountability is a critical element to long-term success.
So where is your family business in regard to accountability?
Here’s a few questions for you and your family leaders to answer:
(Use a scale of 1 to 10 – 10 being extraordinary and 1 being terrible — how would you answer the following questions?)
How well do we fulfill on having a culture of accountability?
What is getting in the way about us not having a stronger culture of accountability?
What’s going to happen if we don’t make improvements on our accountability?
What are the 1 – 3 steps we should take as a family to improve our culture of accountability?
What training or resources could we bring to the table to improve our accountability?
Maybe your business and family has a great culture of accountability and if so congratulations!
If, like many other family businesses, your focus on accountability has slipped a bit or is suffering because of one or two bad apples. Perhaps even a family situation is impacting accountability. Sooner is better than later to address the issue.
Addressing the issue doesn’t necessarily mean you’ve got to fire the under-performing brother-in-law. It may mean that you start by revisiting the expectations for the position and employee. Begin some coaching, training or performance improvement techniques to help remedy the situation.
You’re not alone. Many second and third generation family businesses I have met struggle with creating a strong culture of accountability across the company and the family.
It’s not an insurmountable situation, but it is a situation that needs your attention. Be a leader and begin the dialogue and the new behaviors toward achieving a culture of accountability.
Play to your potential!
Pete Walsh is a demanding, courageous and playful Master Coach in Phoenix, Arizona. He is the founder of Peak Workout Business Coaching and the Family Business Performance Center. He can be reached at firstname.lastname@example.org.