What Accountability Really Does!
A few years ago I had the privilege of sharing the stage and touring for 3 weeks with Robert Kiyosaki, the author of Rich Dad Poor Dad.
Did you know that in order to be a part of his team as a “rich dad advisor”, he requires all his advisors to meet in person a few times a year where Robert will facilitate a training to make sure they are serving their customers as best they can BUT THE MOST IMPORTANT PART of the event is that he requires that they all present their full business accounts, up-to-date balance sheets, and even bank balances. Sounds obvious that if you’re teaching wealth and business skills then of course, it goes without saying, that you better have some “wealth” and “business skills”.
Nowhere to hide!
The real secret to this process is the EXTREME TRANSPARENCY. Literally nowhere to hide. No excuses to hide behind. It’s a frightening and beautiful thing all at the same time and it drives more productivity than just about any “course” or “programme”.
I’m telling you right now that something similar should be a prerequisite to standing on stage at any chiropractic event if you’re teaching “practice growth”, wealth, or abundance IN ANY WAY… now that would up the standard. 🙂
Performance Requires Pressure
Any mastermind or group of winners inherently creates accountability and drives increased performance, that’s literally the power of being in a mastermind or consulting group.
As many of you know, we have 3 membership “tiers”. My Inner Circle level and Platinum high performers and “one on one”. The majority of my Platinum members are also “one one-on-one” customers and hence Platinum is essentially the “top-tier” consulting level. Platinum is very unique in that it simply comprises a maximum of 10 practice owners in a room for 2 days, 3 times a year. This is not to be confused with the inner circle membership level which also has 3 separate live in-person gatherings in a larger group format.
The structure is COMPLETELY different. No music, flashy lights, or PA systems. Simply a group of entrepreneurs, a boardroom table, and a flip chart. Most of the “magic” happens prior to anyone stepping into the room. Each member is required to submit a lengthy set of documents consisting of an executive summary of the last quarter, detailed profit and loss accounts, a balance sheet, and additional scorecards.
Each attendee is then required to make sure there are enough copies for each member of the group and then the entire event comprises a “hot seat” format where the prep packs are handed out and each member is given time to familiarise themselves with the data and therefore each practices performance. The good, bad, and ugly. Nowhere to hide.
It is the single most successful thing I’ve ever facilitated. The results are frankly astonishing!
Here are some headline results across the platinum groups:
- 84% had a record last quarter.
- 76% have had 4 consecutive record quarters
- 93% had a Record year.
- Platinum members have seen an AVERAGE of 67% practice growth since enrolling or being in the programme.
- We have had an average of 93% renewal rate, year on year for 4 years!
- The collective revenue of one group (9 practices) is close to 10 million pounds. (12 million dollars)
Where can you increase accountability in your practice?
Don’t be afraid to increase transparency using things like daily reports, scorecards, etc. Human nature is that left to our own devices we are simply terrible performers. Name a star athlete or performer who doesn’t embrace accountability, coaching, or transparency. It doesn’t exist.
The truth is that performances simply require pressure. By the way, I am part of the same type of masterminds, where I am required to present my figures, balance sheet, and executive summary to a group of entrepreneurs 4 times a year. I HATE IT. It’s a pain in the ass and the time to prep and get my shit together is substantial. Every bone in my body does not want to attend, but I would sooner cut my big toe off than stop going. It’s the reason we have grown my businesses by an average of 30%- 40% a year for the past 4 consecutive years.
A quick word of warning!
Nobody really “enjoys” accountability. It’s awkward and makes us ask questions about ourselves that frankly, we would rather not. Unfortunately, that’s the “tax” needed for success.
Two things to watch out for
1) FOR YOU
If you’re a practice owner and you either avoid these scenarios or when the going gets tough, jump out of the “heat” I would urge you to stick with it. Remember I am no different. I have the EXACT same emotions. As already mentioned I have many times wanted to “jump” from the coaching programme or uncomfortable accountability. I’ve resisted the urge many times and have been with one of my coaches for 8 years now and another going on 4 years. Not a single break, pause, or “jumping out of the pot”. I’ve wanted to many times, but I know that that level of transparency and accountability is required for great things to be achieved.
2) FOR YOUR TEAM
Nobody hates accountability more than B or C players. Don’t be surprised if some jump out of the “pot” when you turn up the heat. That’s normal. That’s why, in the hiring process it is so important for you to set that context BEFORE they join your team. Should they still choose to join you after knowing that the culture is one of transparency and measuring, then you’ve got a better chance of surrounding yourself with A players.
Hope that’s helpful
I’m rooting for ya!
Ry
