Why Join A Peer Advisory Board?Posted: November 8, 2016
Forbes published an article on the importance of peer advisory boards, “10 Reasons To Join A Peer Group.” While I thoroughly enjoyed the read, I noticed the author overlooked a few key benefits that I’ve been lucky to witness firsthand as a facilitator. As a business advisor, I take pride in facilitating a peer advisory board that has proven results for my members. The peer boards help business owners reach new heights and succeed in ways they never imagined.
Peer advisory boards led by trained facilitators embody the power of collaboration, accountability, and perspective. A deep bond can be created and a business asset is formed that business owners crave and are hard pressed to find in any other forum. I’d like to share with you my list of top 7 reasons many business owners join a peer advisory board:
One of the greatest benefits of joining a peer advisory board is the exposure you’ll receive to other small business owners much like yourself. Entrepreneurship is unlike any other job, which means the challenges you face on a daily basis are just as unique. As a member of a peer advisory board, you’re able to share ideas with people in similar situations. As a result, the business ideas you’ll be provided with won’t just be erroneous but tried and true.
As the owner of a business, there aren’t many people you have to report to other than perhaps a Board of Directors or other shareholders. When you’re part of a peer advisory board, however, your fellow business owners will often hold you accountable for the executive decisions you’ve elected to make. Many peer groups meet once a month and they often expect some form of progress each month.
We’ve all had ideas that we considered to be foolproof, but as we’ve come to know in business, not every idea is feasible. In becoming a member of a peer advisory board, you’ll receive constructive criticism from the board regarding your potential business decisions. This allows you to fill in any gaps that you may have overlooked.
With competition at an all time high, it’s difficult to know whom you can share your ideas with. With peer advisory boards, anything that is discussed is confidential among members, so you’ll receive reassurance in knowing that you can freely discuss your business decisions without compromising trade secrets.
As previously mentioned, you’ll surround yourself with like-minded entrepreneurs as a member of a peer advisory board. What this means is that you’ll witness them experience successes and/or setbacks, just as they’ll witness the same for you. Either way, you’ll challenge one another to learn from your mistakes, grow, and ultimately succeed.
A common benefit I hear from board members is that a peer advisory board allows them to focus on developing their business rather than working in the business. Don’t get me wrong, one of the best qualities of a business owner is someone who knows the ins and outs of their product or service, but when it boils down to growth, strategic decision-making is a necessity.
As the saying goes, “it’s lonely at the top.” But it doesn’t have to be. Your fellow board members are there to support you through your journey, and many if not all are experiencing, have experienced, or will experience the trials and tribulations you are facing as a business owner. They are as much of a support group as they are anything else.
Have you ever considered joining a peer advisory board? What would be your top reason for joining?