Posted on: 05/06/2024
How do you know that your business is headed in the right direction and doing what it needs to do? This is a critical question for every concerned business leader. The answer is gauging accountability in your workplace and how successful you are in implementing it.
There are various ways to achieve accountability, such as setting goals, tracking progress, providing feedback, and more, so your employees feel responsible. Let’s discuss how to demonstrate financial accountability in the workplace and help your business reach its true potential.
Discover your Accountability Score and increase the probability of smashing your GOALS and Getting Sh!t Done!
The baseline of financial accountability is taking ownership of your work and fulfilling your responsibilities. You must go the extra mile to ensure the assigned tasks are completed on time and follow the correct protocols and standards. However, taking responsibility doesn’t just mean starting a task and ending it after a certain period – it’s a complex process that involves the following steps:
For instance, if you’ve been asked to craft a sales report, your job isn’t just compiling data. You must also analyse trends, identify areas of improvement, and provide valuable insights for strategic decision-making.
Trust is at the core of any business relationship. When assigned a task, following through and ensuring completion depicts reliability and financial accountability. Usually, it involves the following:
For example, if you are a business leader who heads meetings, it’s critical to come prepared, facilitate a productive discussion, agree on some action points, and follow them afterwards.
Open and honest communication is an indispensable part of financial accountability. When completing a project, it’s crucial to share updates on the progress and candidly express the hurdles you’re facing. It shows that you’re actively working on a problem and actually want to resolve it.
Similarly, it’s important to prevent problems from escalating. Whenever you encounter a roadblock, discussing it with your team and collaborating on solutions is crucial. It builds credibility among your team and shows you’re committed to the best possible outcomes for the organisation.
Making mistakes is part of complex corporate tasks; how you respond to them matters. Owning mistakes, admitting shortcomings, and actively seeking to improve your approach signals a commitment to financial accountability. However, it doesn’t mean uselessly dwelling on the error with remorse: it involves analysing the overall situation, what went wrong, and implementing solutions that ensure a similar situation doesn’t occur again.
For example, you missed a crucial detail in the last executive meeting. The right thing to do is acknowledge your mistake, identify the missed information, and ensure it doesn’t happen again.
A true leader is actually a successful collaborator who is receptive to feedback. For instance, an employee might suggest changes to your current marketing strategy to improve your outreach. If you’re an accountable and receptive leader, you’ll listen to it patiently, try to understand it, and then determine whether it can benefit your organisation.
Business leaders who don’t tolerate feedback neither benefit their careers nor the organisation. That’s because they never have an outsider’s perspective of where they could be wrong. As a result, they’re unlikely to improve and build upon constructive feedback.
Every company is bound by specific external laws and regulations to ensure everyone follows ethical business practices. Similarly, internal controls and procedures are equally crucial for maintaining a productive and conducive work environment. An accountable workforce follows all the laws, regulations, and policies that apply to their trade.
For instance, your company might have to follow environmental or data privacy regulations like the GDPR. Therefore, every employee should abide by the laws and regulations to ensure the organisation has no legal or financial consequences.
Aspect | Description |
Taking Responsibility | You take responsibility for your decisions and complete your tasks on time without sacrificing quality. |
Fulfilling Commitments | You follow through with your commitments and keep all the stakeholders informed while completing a task. |
Communicating Effectively | You’re an honest communicator who discusses their hurdles with the team to overcome them. |
Learning from Mistakes | You learn from your mistakes by analysing what went wrong and doing things differently. |
Taking Feedback | You’re open to honest feedback from the team to improve your understanding. |
Abiding By the Procedures | You follow all the laws and regulations governing your company and the assigned tasks. |
While financial accountability is undoubtedly critical, you must also focus on showing it correctly. Certain actions, such as listening to honest feedback, learning from mistakes, taking responsibility, and more, depict your commitment to accountability.
That’s only possible when you have quality accountability training from a capable mentor. I’ll provide industry-leading accountability training to help you navigate the modern workplace and economy like never before. As a business leader, it’s your job to ensure financial accountability in your workplace, and I’ll make sure you understand the ins and outs of it.
So, contact me, and let us get to work right away.
Darren Finkelstein, The Accountability Guy®, is the founder of TICK THOSE BOXES, a specialised accountability coaching practice. Darren is a formidable international accountability coach, business advisor, mentor, and author/speaker, fostering development and measurable results in entrepreneurship, leadership, and accountability. Darren’s tale is one of perseverance, self-reinvention, and resilience.
With compelling execution, Darren has empowered high-achieving individuals and teams from Australia and New Zealand to Latin America, Europe, Asia, the UK, and the US to embrace accountability; after all, it is your superpower.
Darren’s one-on-one and group coaching programs are based on his bestselling business book, “The Accountability Advantage – Play your best game” and the latest, release “NO’ – Building a life of choice without obligation”.
Darren has an impressive background in business, having held the role of “Manager of Commercial Markets” at Apple Australia during the Steve Jobs revolution.
He enthusiastically “walks the talk,” having also successfully sold and exited his lifestyle businesses, which served as the impetus for establishing his coaching and mentoring business.
Join Darren on this transformative quest to accomplish the remarkable.
Read Darren’s full bio here:
https://tickthoseboxes.com.au/about/
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