The goal of the Women Business Owners 3-part blog series for my blog was to bring a female perspective to the unique challenges faced by business owners. In Part 1, I researched the potential obstacles for women when undertaking business ownership that may contribute to the gradually narrowing disparity between the number of male vs. female entrepreneurs. The aim of Part 2 was to delve into the journey of successful business ownership in an interview with the owners of Bayview Sheppard RMT, who openly shared the ups and downs of their story with us. In a fitting conclusion, Part 3 of this series explores the value of mentorship in business and who better to give voice to this topic than the successful business owners themselves.
As mentioned in an earlier blog, the largest advantage of a peer advisory board is getting completely unbiased opinions from your business peers who act as a sounding board for your business concerns. Providing real life experience, your peers help you step back and think, are available to bounce ideas off of and keep your business on track.
Do they work? When many business owners think of a peer advisory group, they are a little skeptical as to whether or not they really work. All we have to do is look to the thousands of successful programs like Weight Watchers, or any 12-step program for the answer. The truth is they work because we not only crave the communal sharing and camaraderie, but we gain huge benefits from sharing mutual understanding and insights.
Sometimes entrepreneurs and small to mid-sized business owners feel they are “alone at the top” and find that meeting regularly with a peer advisory board, facilitated by their board’s facilitator, not only helps them to gain insights they otherwise wouldn’t have, but makes them more accountable and keeps them on track to meet their business goals.
Even if a business is large enough to have its own board of directors, many peer advisory boards can act as a sounding board where someone could present issues to a collection of business professionals and bright individuals for feedback before taking their concerns to a company’s board of directors.
Although there are many types of boards, a peer advisory board is something quite special because it allows business owners to unite and share common experiences. For example, all businesses have personnel, operations, finance, and marketing concerns. If one member on the board has had a recent personnel issue, they can share their experience as to how they handled it, discuss what types of infrastructure needs to be in place and even where they posted a job.
Staff is not going to challenge a business owner, and owners need to have their ideas and decisions questioned, a peer advisory board will challenge you to consider new approaches to tackle a problem that they too have experienced.
Do you feel you could benefit from a peer advisory board? If so, in what way do you think you could benefit? I look forward to hearing from you in the comments below.