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4 Common Misconceptions About Peer Advisory Boards

Business people sitting in boardroom and working together at new strategy plan. Group of leader and businesspeople in a meeting at office. Senior executive with his team working in a conference room.

 

When you need advice or suggestions on a vacation getaway you are planning or your next car, to whom do you turn? Family or friends are your first choice, right? Why? You probably know they’ve tried different options and you value their opinions. Why not do the same when it comes to business decisions? You have some reservations; I get it. Several myths are surrounding these groups. Let’s take a closer look and dispel a few.

 

 

 

 

#1. Only struggling businesses need help

Hmmm, not so fast.

Of course, a group of peers can – and will – help with struggles your business might be facing. More importantly, peers want to share their experiences with other business owners. When well assembled, these boards include members with backgrounds and expertise running successful companies.

Large, publicly listed corporations have a Board of Directors. Do they only meet when the company is struggling? No! They meet regularly, plan and offer guidance on the strategic direction of the company. Peer advisory groups bring this approach to smaller, privately held companies.

A business owner who understands the value of collective wisdom and sees the potential in their own company are an excellent fit for a group of peers.

 

#2. I‘ve been doing this for years. I can run my business without someone telling me how to do it.

It sounds so cliche, and very often I hear members say, “you don’t know what you don’t know.”

It’s hard to argue with that. Let’s take it a step further. Chances are you have seen a lot, and it’s the opportunity to get some external perspective and new ideas that can help you look at your business in a different, fresh light.

Besides, owning your business can feel a bit lonely. As we like to say at TAB, “it’s lonely at the top.” A peer advisory group is a safe space where you can discuss your business openly and receive honest, candid feedback you might not get anywhere else.

 

#3. Aren’t peer boards and networking groups the same?

The short answer is no. And let’s be clear on why they are not.

The main reason business leaders joining peer advisory groups is because they want to lead their companies more strategically. These groups foster meaningful relationships that deepen over time, that turn into a group of trusted advisors with in-depth knowledge of each other’s business.

In an article titled, The Art of Asking for Advice, Richard Branson wrote. “When you need to make hard decisions, being able to discuss your ideas with entrepreneurs and business leaders who have solved similar problems can make all the difference.”

Your peers and fellow board members want to see you be successful and help you achieve your goals. They have the knowledge and experience to get you there. You will not find this anywhere else.

 

#4. No one from a different industry can’t help me; my business is unique.

I love this one! Let’s take a closer look.

What are some of the challenges you face in your business? Is it finding the right talent? Retaining them once you were able to find them? Financing? How to effectively market your services or products? It turns out regardless of industry, 75% of business face the same challenges.

More likely than not, the members on your peer advisory board have faced the same issues and can help you navigate the challenges you have. Tap into that knowledge and let that propel you to success!

I am passionate about helping business owners succeed and could talk for hours about the value a peer advisory group can deliver. I would much rather know what you think. Who do you rely on as a sounding board today? Why do you believe that it is better than having your peer board? If you currently have a peer board, what is the value you receive from it? Please drop me a line. I’d love to hear from you.