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 Join a peer-advisory group Entrepreneurs don’t have to work in a vacuum of managerial experience. Membership in a peer-advisory group gives you access to entrepreneurs who’ve been there, done that and want to help you succeed |
     
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As an entrepreneur, you thrive on the control that comes with being your own boss. But at the same time, it can be lonely at the top. How do you resolve that tension? Many entrepreneurs benefit from participation in peer-advisory groups. Typically, peer-advisory organizations (see a sampling at the end of this story) unite small groups of non-competing CEOs for confidential monthly discussions of their business challenges. With the help of a trained facilitator—often a seasoned chief executive—and a highly structured format, the business leaders share their strategic and tactical successes and obstacles, giving them opportunities to learn from others who’ve had similar experiences. Some peer-advisory organizations also offer annual retreats, one-on-ones, online forums, guest speakers and access to consultant databases. But most members join for the monthly peer discussions. Executives are usually grouped by the dozen and matched by revenue. To avoid seating direct competitors at the same table, the groups are never arranged by industry. The format of the peer discussions depends on the organization, but all offer CEOs the opportunity to discuss specific situations and debate solutions, solicit unbiased feedback and hold each other accountable for following through. Some meetings also include a presentation by an outside expert. For all their benefits, however, CEO peer groups aren’t a one-way ride to nirvana. First, you have to pay annual fees in the thousands of dollars, a potential barrier for smaller firms. If your wallet is big enough, your ego shouldn’t be. Constructive criticism is the name of the game; you have to take it as well as you can give it. Next is the issue of trust. Although some organizations require members to sign non-disclosure agreements, opening up still can be difficult for some business owners. There’s also the question of time. Monthly meetings, which sometimes require prep time, run from three hours to a full day, plus travel time; there can also be one-on-one meetings and annual retreats. Regular attendance is necessary if your peers are to take you seriously, and when they do, watch out: a culture of accountability permeates peer groups, so you’re expected to follow through on your plans. That said, CEOs who truly commit themselves to their monthly peer group meetings are almost never disappointed with the results. Want to learn more? Contact a peer-advisory group operating in your local area. Here’s a sampling of some of the largest: Entrepreneurs’ Organization (EO) Presidents of Entrepreneurial Organizations (PEO) Women Presidents’ Organization (WPO) TEC The Executive Committee Young Presidents’ Organization (YPO) Virtus Inc. NEXT WEEK: Building a banking relationship |
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