Positive peer pressure plays an essential role in growing business leaders. This is why many executives and entrepreneurs are finding solace in peer advisory groups. Peer advisory groups are organizations aimed at creating an environment that encourages sharing ideas, solving problems and supporting one another among non-competitive leaders in the business world. They are useful because the participants face similar challenges while in the professional roles they hold, and for this reason, they can offer perspectives and objective advice that customers and employees can’t provide. Also, they can assist you in high-level strategy as they will guide you to innovate. They can also make you accountable for your objectives.
Why Join A Peer Advisory Group?
One, there is invaluable information to be gleaned from peer groups. These groups are different from business groups or networking groups. In these groups, you hold a similar professional status, but you’re from unrelated industries. This means there is a vast pool of information that you can benefit from.
Two, there is confidentiality. There are confidentiality rules in place that restrict members from using information gotten from the group to achieve a competitive advantage over another member or to try and sell services or products to other members.
Three, being a part of a peer advisory group is an investment in one’s professional growth- arguably an essential investment in investing in your business. The investment, of course, pays off as you grow into a better leader.
Some business leaders may show an interest in peer groups but lose interest because of the exorbitant membership fees. However, the high fees are somehow warranted. However, the thing is, peer groups will only be useful if you are keen to attend all the meetings, commit to helping your peers and opening up to your concerns and problems in your business.
Some well-known peer advisory groups that you can join include Vistage, Young Presidents’ Organization, Entrepreneurs’ Organization and Young Entrepreneurs’ Council.
Starting Your Own Peer Group?
Due to the high membership fees, you may opt to start your peer group. Here are some rules that you should follow:
Ensure the group comprises of non-organizational peers only. There shouldn’t be cases of competing peers, conflicts of interest or client/vendor relationships.
Ensure there’s a commitment in the group. That’s the only way to realize progress.
Enforce confidentiality. What’s discussed in the meetings should never leave the room.
Find an experienced moderator to guide group sessions and ensure efficiency and productivity.
To grow as a business leader, getting into a peer advisory group will provide you with the opportunity to grow and learn.