February 27


How Peer Accountability Helps You Achieve Business Goals Faster

By Andrew Martin

February 27, 2024

peer accountability

Every business owner has goals he or she wants to achieve. These goals give you direction for your company, helping you focus on what’s truly important and guiding your strategic decisions.

But as we all know, setting goals is just the first step. The real challenge lies in actually executing and staying committed to these objectives while dealing with the daily grind and unforeseen obstacles that come with running a business.

But what if I told you there was a proven way you could give yourself an 85-95% chance of reaching the goals you set?

It might sound too good to be true, but multiple studies have found that you can drastically increase your chances of reaching any goal you set with peer accountability. As someone who runs peer advisory boards, I’ve seen time and time again how being accountable to a group of peers can make all the difference.

The Power of Peer Accountability

Peer accountability is all about committing to your goals in front of a group of peers who hold you responsible for achieving them.

Having a group of peers you’re accountable to gives you a sounding board, offering advice, support, and sometimes the necessary push to keep you moving forward.

The concept of having an accountability partner is something a lot of us might initially balk at.

The term “accountability” can sometimes carry a bit of a negative connotation, making us feel like we’re being forced to do something, rather than doing so of our own free will.

It can also sometimes hurt our egos, making us feel like we’re not capable of managing our own tasks or that we need supervision to stay on track.

But I’ve found that by thinking about it as a tool for empowerment rather than enforcement, peer accountability becomes an incredibly powerful ally.

It’s about committing to someone whose opinion we value and not wanting to let them down, which in turn strengthens our resolve to meet our goals.

It’s harder to justify breaking a commitment to someone you respect.

If you’ve promised to accomplish something by a certain time, you’re more likely to follow through to avoid disappointing them.

It’s a little sad to admit, but we’re often more willing to break promises to ourselves than to others.

That’s why accountability partners are so helpful in remaining committed to our goals.

Why It Works

  • Increased Motivation: Knowing that you’ll have to report on your progress is a surefire way to get motivated to take action. The desire to share successes, rather than excuses, can push you to focus more intently on your goals.
  • Improved Problem-Solving: When you encounter obstacles, a peer group can offer solutions or strategies you might not have considered. This collaborative approach to problem-solving can clear the path toward your goals more efficiently.
  • Stronger Commitment: Making a public commitment to your peer group increases your sense of responsibility to follow through which in turn leads to higher levels of performance and perseverance.
  • Emotional Support: Running a business can be incredibly isolating. Peer accountability provides emotional support and encouragement, which is crucial during challenging times.
  • Learning from Others: Seeing your peers achieve their goals can be incredibly inspiring. Not only that, learning from their successes and failures provides invaluable insights that can inform your own strategies.

How to Access Peer Accountability Partners

If you’re sold on the idea that peer accountability can help you reach your business goals, the next logical step is to figure out how to get some trustworthy accountability partners.

Who you choose to surround yourself with here really matters. Your accountability partners should be individuals who not only share your commitment to growth but also bring diverse perspectives and experiences to the table.

Look for people who are honest, reliable, and, ideally, at the same level as or a few steps ahead of you in their own business journey.

This can help ensure the feedback and advice you receive are both valuable and actionable.

It’s also important to make sure you have regularly scheduled meetings with these partners, as consistency is key to maintaining accountability. These meetings need to be frequent enough to keep you on track and focused on your goals.

In peer advisory groups like Six Figure Dinners, this structure is built into the model, with regular meetings that provide not just accountability but also a platform for sharing successes, challenges, and insights.

This setup not only helps in keeping each member accountable but also enriches the collective learning experience, as each member brings something unique to the table.

Ultimately, the goal is to create a supportive network that encourages continuous improvement and helps you navigate the complexities of business ownership.

By carefully selecting your accountability partners and committing to regular interactions, you’re putting yourself in the best possible situation for achieving your business objectives.

Unlock the Power of Peer Accountability

If you’re ready to tap into the benefits of peer accountability for reaching your business goals, Six Figure Dinners is here for you.

Our peer advisory board offers a unique blend of support, insight, and accountability, designed to help you overcome obstacles and reach your most important goals. By joining Six Figure Dinners, you’ll gain access to a community of like-minded entrepreneurs who are as committed to your success as they are to their own.

Click here to learn more and join us as a guest at an upcoming event.

Andrew Martin

Andrew is Founder and CEO of Six Figure Dinners. He's also a co-owner of JARA Ventures, a venture capital firm that invests in and operates businesses across various industries, including financial services, recruiting, digital media, and real estate. Prior to this, he owned and managed 11 Menchie's Frozen Yogurt locations and a Menchie's Food Truck, which he sold in 2014. Andrew's other investments mainly target small to mid-sized consumer industries.

He earned his MBA from UCLA Anderson School of Management, specializing in Brand Management. Before pursuing his MBA, Andrew led a sales territory at The TREX Company in Boise, ID. Throughout his career, he has volunteered in various capacities, such as offering pro bono mediation services and assisting underprivileged families in improving their living situations.

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