Often underestimated at first, knowing that you have committed to your group members that you will have something completed by the next meeting tends to focus one on getting it done.
A group of peers, who will call you on your performance, will add to your accountability to get things done.
Everyone can benefit from having someone respected hold your feet to the fire. It can be even more profound when a dozen people collectively motivate you.
Trust is the foundation of every group. What is discussed during a peer group meeting stays within the group. A peer group provides a safe place, where the member can be themselves, and work through topics that he or she is unable to discuss with others directly related to their business.
The group meeting is a safe place to share and test your ideas, get feedback or guidance on critical decisions, and work through issues you are not clear how to otherwise solve or discuss.
Within in a peer group, it is common to have well over 100 years of collective, real-world, business experience. With this kind of experience, discussions are rich in variety and depth and raise the quality of the conversation.
The variety in experience makes it difficult for biases to form. The objectivity allows all members to remain fact-based and for each member to receive feedback and recommendations that have been vetted through rigorous peer review.
As the “boss”, it is difficult to get truthful, unfiltered answers from others. In a peer group, your fellow members are not dependent on another for anything beyond involvement in the group. When you ask for direct feedback, you get it.
The peer group has no problem pointing out the blind spots for you and helping you move forward quickly.
Making decisions without knowing the final outcome is difficult. A peer group will provide you with an opportunity to think through possible scenarios in advance and test the mettle of your planned action prior to implementing.
Your peer group is an outstanding idea engine, built upon the unique experiences of the other members, and a forum where outstanding outcomes will be developed.
You get the chance to gain real world experience from experienced risk takers.
A peer group brings with it the ability to focus a large group of accomplished, experienced, executives on a specific challenge.
The outcome is a depth of thought capable of delivering greater focus and solutions than any individual can bring alone. When you bring a challenge or opportunity to the peer group, you are unleashing a process that will deliver a significant change and depth of thinking to the topic.
By zooming in on issues, the peer group provides a level of detail required for problem resolving to occur.
Your peer group brings the insight and awareness of a dozen businesses and executives to the benefit of you. This collective know-how provides insight you will not be able to get any other way. A fresh set of eyes can bring new ideas to an old situation.
Pushing yourself beyond traditional competitors or what your industry is doing allows you to see and get exposed to what you may not know. The more you know and are aware of the better equipped you will be able to see external threats to your business, or take advantage of opportunities, in advance. Thereby, giving you a competitive advantage.
Your peer group has the ability to go deep and wide on many topics. The experiences, know-how, and insights from the variety of businesses and leaders at the table makes this possible.
Each meeting your peer group members come prepared with the tools and know-how to explore ideas and search for solutions to problems for the benefit of all involved.
Your peer group gives you the opportunity to view your business from the outside world.
By meeting regularly with you peer group, it allows you to return to your business with greater energy, perspective, confidence, and focus to move forward.
It is not uncommon to return to your organization, spend time with your staff, and share the ideas and next actions you received to help you improve your business.
As the CEO or owner of your business, the buck stops with you. Daily, you are faced with difficult and critical decisions. Your peer group provides you with a forum to receive guidance, advice, and critical thinking around these decisions.
Leaning on the collective wisdom and experience of your group allows you to get a complete picture and set of facts from which to make your decisions, thereby reducing your decision risk.
Often, it is what your peer group advises you “not to do”, vs. "what to do"", that can prove most valuable.