Peer Advisory Groups Help Small Businesses Achieve Superior Results
Steering a business is sort of like riding a bike. Every hill and corner will slow you down, and no matter what, if you want to reach your destination, you're going to have to pedal through puddles, hot days and flat-out storms. The work is exhausting and lonely, but energizing as well.
With the help of peer advisory groups, you can become stronger and more profitable that much faster, without the anxiety that often accompanies isolated decision-making.
What are Business Peer Advisory Groups?
Small business peer advisory groups provide a wealth of business tips to aspiring entrepreneurs and experienced business owners alike. They offer advice on business development strategies -- generally and specifically to your business, leadership skills, strategic management, financial management and more.
A group's purpose is always to form a small, supportive group of business owners who can advise each other in a way that relatives, friends and competitors can't. Members encourage, critique, coach, and call it like it is – all from the voice of experience.
Sometimes peer advisory groups come together because individual members already know each other. Sometimes unacquainted entrepreneurs seek each other out, and sometimes facilitators organize them.
Group Members
If you're thinking of joining a peer group, you might be worried about giving competitors information about your business and business tactics. And it's true, no matter which group you join, the other members will expect you to give as much as you get. However, most organizations make sure that competitors from the same market are assigned to different groups, and all peer advisory groups have an expectation of confidentiality.
Discussion topics typically concern business growth, financial analysis, leadership skills, strategic management and business tips and advice of all kinds.
What to Expect
Some peer advisory groups meet in person, and others meet online. They may meet once a week, biweekly or once a month. They usually consist of a small group of people, often six to 12 members per group. The members may take turns leading meetings or a representative from the sponsoring organization may lead meetings.
Some peer groups have specialties. They all emphasize an open exchange of information based on trust so that members increase their knowledge – and their prosperity. Specialties include groups for distinct populations -- CEOs only, for example.
In CEO groups, members from across trade lines and markets give each other valuable executive guidance, no matter which business field the members are in. Membership fees can range from a modest monthly fee to $1,000 or more per month. Groups that meet primarily online may cost less.
Some high-caliber groups, such as CEO groups, may require more of a time commitment than other groups do. In any group, a membership or subscription fee may give you access to additional fee-based performance coaching or to a periodic meeting with your own business mentor.
Benefits of Peer Advisory Group Membership
- Quality mentoring from people who have been there and done that.
- A chance to stretch your knowledge and help others.
- The company of peers with similar interests and success levels.
- Exposure to ideas other than your own; a window for you to see outside your box.
- The energy and innovation that comes from collaborative problem-solving.
- The time and money you save by not reinventing the wheel.
- A constructive sounding board for the issues you run into.
- Valuable time and cost efficiency when groups meet and share online.
- No-hassle online meetings.
- Ocassional travel to larger meetings and interesting conferences.
- Relief from the loneliness of ownership.
- The resolve to keep going.
Your business may well prove to be your life's biggest accomplishment – but probably not without some fear, a bit of heartbreak and plenty of worry along the way. By joining a peer advisory group, when a sudden brake threatens to throw you over the top of the bike, when you don't know how you're going to pedal faster and harder, instead of having to wing it, you have somewhere to turn for advice and support.