I’ve been working with CEOs, Presidents, and business owners for well over 20 years, and if I had one piece of advice for any business leader who is passionate about growing their business, it would be to consider joining a peer group. Here are some of the ways peer groups create value.
Making Better Decisions
Members of peer groups tend to make better decisions. As Ken Blanchard said: ‘None of us is as smart as all of us.’ When you can put the decisions you have to make in front of a group of people who really understand what it’s like to sit at the top of an organization, you’re going to have more conversations that create real value.
Feeling Less Isolated
Sometimes it can feel a little lonely at the top. Being in a peer group where the members have made a strong commitment to be available for each other can help mitigate the sense of feeling alone that occasionally creeps into a business leader’s consciousness. I recall a member who was blindsided and squeezed out of the company he had built. I pulled the group together the next evening and every member but one — who was out of the country — showed up. Together we developed a strategy that helped him get back into his business nine months later.
Creating Accountability
Many members tell me that one of the main reasons they stay in the group is that the group holds them accountable. Nowhere else in their lives is there anyone who can ‘hold their feet to the fire’ with respect to following through on commitments. Only in their peer group do they have a group of people who understand who they are, what they are trying to accomplish, and who will hold them accountable to keep reaching for their goals.