Are You Ready to Take It From Your Peers?

What’s one of the biggest challenges of entrepreneurship? Isolation! Cliché or not, it’s lonely at the top.

As a small business owner, you don’t have access to a board of directors. Chances are, you have no one to brainstorm with or challenge your theories. Sure, you can bounce ideas off your employees, but don’t expect an objective response.

The problem is, operating in a vacuum can skew your decision making and limit your growth. If your goal is to take your business to the next level, you need a springboard. For many entrepreneurs, that springboard is a peer group.

Small business peer groups, or peer advisory boards, have been around for several decades, and their popularity keeps growing.

A peer group consists of about a dozen small business owners/executives in non-competing industries who meet regularly to pool information and lend support.

Led by a professional facilitator, the group addresses a new topic each month, such as ways to cut expenses or attract new customers. The facilitator’s job: tap into the group’s collective wisdom, so members leave armed with new strategies and solutions.

Many small business owners get so caught up in day-to-day activities, they forget their most important job: company visionary. Peer group discussions force them to step back and take the long view.  

In addition, members can pose business problems to the group and solicit solutions. Usually, someone else has already dealt with a similar challenge, so they benefit from each others’ experiences.

Peer groups also enforce accountability, which is especially important during tough times like now, when entrepreneurs often have to take unpleasant actions. 

If you fit the following description, then chances are you’ll find benefit in joining a peer group: 

·        The ability to give and receive constructive criticism.

·        The honestly required to admit mistakes and share successes.

·        A desire to step back from everyday activity.

·        A willingness to invest one morning a month in meetings.

·        An open mind and desire to learn. 

If this interests you, investigate local peer groups. Most will let you “sample” a meeting for free. Sometimes, you need to try a few to find the right fit.

If you are in Chicago or Phoenix, contact me at Ray@propres.comto attend a free meeting.

Comments

[Maria Keiser]

Ray another good article! We recently asked our clients to help us with a marketing piece. Below is a statement we got back. I think it sums up nicely what you are saying in the article.

"Expand your management staff by 800% in the monthly 3 hour Roundtable meeting (maximum 8 people). You will reap the benefits of a full management staff by sharing thoughts, ideas, insights and strategies with other highly qualified business owners without the high cost of extra salaries."

Peer advisory boards are one of the best ways a business owner can prosper. An apple a day keeps the doctor away, a Peer Advisory Board is the business owners APPLE.