Most of the small businesses struggle with the lack of accountability at the top level. The small business owner generally isn’t answerable to anyone above, and that’s where the lack of accountability drives in.
I have faced this on and off with myself. While a recent meeting with some peers and my coach, we hypothesized that having a body or board on the top of the small business owner would make the owners accountable for their roles and responsibilities.
In the larger companies, there is the board, and then there is an executive committee consisting of the CEO, CTO, CIO, COO, CFO that reports to the board. The same model can be used for smaller companies. This model would make the owners accountable and would also steer the companies in the right direction.
Even if the smaller company doesn’t build a formal board, they can appoint someone they would be answerable to.
What are your thoughts on this matter? Share your inputs in the comments section below.