It’s almost the end of the first term of school for our kids. As parents, we are eagerly awaiting the reports on their performance so far this year. The children know that what they have achieved will be documented and submitted to their parents, and they will be rewarded, praised or reprimanded accordingly. The knowledge that their results will be presented in a report has motivated the majority of kids to do the best they can do, so they can bring home reports they are proud of.
Nothing has changed since we were kids. Even as responsible and mature adults, business owners, employers, and leaders, we are still more driven and motivated when the results of our performance are reported to and assessed by others.
One of the reasons that so many small businesses fail is that the boss doesn’t have a boss. There is a great danger in being in a position where you answer to no one. Even CEOs of large listed companies need to report to shareholders and investors. This reporting structure provides the impetus to ensure that the company performs at its peak.
Whether you are held accountable for your performance and behaviour by your parents, boss, bank manager, shareholders, your spouse or another third party, the fear of failure in the eyes of others is what will keep you focused on your success. It’s simply embarrassing to report poor performance, so you do everything you can to avoid that scenario.
It, therefore, stands to reason that if you want to excel and achieve the best results you can achieve, you need to have someone to hold you accountable.
I am increasingly playing this role for more and more businesses. I call it the virtual chairman. The virtual chairman ensures the business owner has a sounding board and is held accountable to deliver on stated goals and objectives.
As virtual chairman, I provide an external perspective to:
- Review your financials, budgets and dashboard numbers
- Review your strategy
- Align your team with common goals
- Chair your meetings in a formal and structured format
- Review your board minutes
- Raise and facilitate the discussion of important issues
- Ask questions the rest of the team hasn’t thought of
- Focus on the business issues without emotion
- Play executive coach to team members in addressing behaviour issues
- Hold the executive team accountable to achieve the goals and targets
If you want to take your business to the next level, make the pressure of having to report on the “state of the business” to your virtual chairman the catalyst to make things happen.
It’s working for my clients. Give me a call and let’s discuss how it could work for you