The Importance Of Accountability In Business

Accountability is one the most understated aspects of business, and in the workplace in general. By having someone accountable to answer to, your chances of success are significantly higher. This is the case no matter what the task or challenge may be, whether it’s big or small. Humans are naturally social creatures. When accountability is added into the mix it provides an outlet of added value and importance.

According to a recent study by the Association for Talent Development, individuals have the following probabilities of completing a goal by taking these actions:

  • Having an idea or goal – 10% likely to complete the goal
  • Consciously deciding that you will do it – 25%
  • Deciding when you will do it – 40%
  • Planning how to do it – 50%
  • Committing to someone that you will do it – 65%
  • Having a specific accountability appointment with someone you’ve committed to – 95%

We break down the importance of having accountability in business, why transparency is key, and how Nordens can help inject accountability into your business ventures…

Why Is Accountability So Important In Business & In Life?

Accountability in business is vital. It helps to ensure employees, managers, and leaders are taking responsibility for their actions and decision-making. What this does is help to promote a culture of transparency and integrity. It can also improve overall performance and productivity. Furthermore, accountability can also help to prevent fraud and other unethical behaviour, safeguarding compliance with laws and regulations.

When viewing accountability from a coaching angle, the process is easier to grasp. Accountability establishes that both the coach and the student are taking full responsibility for the coaching process and its inevitable outcomes. From a coach perspective, accountability means being responsible for creating a safe and supportive environment. This means clear goals and expectations are set appropriately, whilst feedback and guidance are provided in retrospect.

For the student or coachee, accountability means being responsible for acting on the feedback and guidance provided. It also issues responsibility for the setting and working towards those goals. This in turn enables ownership of their own development. By having accountability in the coaching process, it helps to establish trust, clear communication, and a sense of shared purpose. The old saying, ‘a problem shared is a problem halved’ certainly rings true in these situations.

The student will then be more motivated to take ownership of their development, increasing the chances of a better outcome. It also aids the coach in measuring the progress of the coachee and adjust the coaching as necessary. Many people just assume accountability is solely beneficial for the student/coachee, yet this isn’t true. Ultimately, accountability is essential for maintaining the trust and confidence of customers, shareholders, and other stakeholders.

How Can Nordens Help?

At Nordens, we pride ourselves on enabling our clients to reach, and often exceed, their business and personal goals. Our dedicated Strategic Advisory department work with business owners in issuing accountability for them to hit the successes they desire. This is done in many ways, whether that be on a call, in person, or even in group settings where likeminded business owners share their views and insight. We’ll tailor our services around your preferences, helping you to exact responsibility and administer the liability needed for you to thrive.

We firmly believe that your goals have a higher probability of success if accountability and responsibility are implemented in a supportive and cohesive structure. We do this, and much, much more helping our clients reach the heights they want to.

If this sounds of interest, our Client Success manager, Zac Cannon, is very kindly offering a free hour-long consultation call to talk about accountability and other ways we can help you and your business. Book in a slot with him via the Calendly link here.

We hope this has outlined to you the importance of accountability in achieving your goals. If you’d like to know any further information on anything mentioned, or anything accounting related for that matter, please do not hesitate to get in contact with us at Nordens, where one of our trusted advisors would be happy talking you through your query.