It’s not always easy to get together with other business leaders, not when you’re all working in different industries and have a seemingly endless list of things to do on a day-to-day basis. After all, running a successful business is time-consuming. But, that doesn’t mean you don’t need help every so often, or just someone to soundboard ideas off. This is where a peer advisory group comes in. Whether you’re facing a business growth hurdle that you can’t see a way around, or you’re struggling to change your business model, a peer advisory group can help.
What’s a Peer Advisory Group?
A peer advisory group is a forum that brings business leaders together – usually from different industries, so there’s no competitiveness between businesses – to share insights, encourage innovative thinking, and solve business challenges together. Regardless of how experienced you are as a business leader, there’s always something new to learn, and a peer advisory group is the perfect place.
Peer advisory groups are slightly different to support groups or networking events, as they focus on trustworthy, impactful meetings where all business leaders in attendance are both students and teachers, with something to teach and something to learn. They’re not solely there to meet other leaders on a personal level, or to get help for a one-time business issue. There’s a lot of flexibility in regards to how peer advisory groups are managed, but they tend to focus on a mixture of mutually beneficial discussions, sharing information, and problem-solving.
Who Joins Peer Advisory Groups?
Members of peer advisory groups are usually CEOs, founders, business owners and senior executives with significant decision-making authority. These people all share a commitment to personal and professional growth, and a desire to learn from others who are in similar roles.
These groups are curated to avoid competitive conflicts, ensuring members can speak freely without compromising business interests or benefiting a competitor.
The Benefits of Peer Advisory Groups for Business Strategy
There are a number of advantages that come with joining a peer advisory group, which is why it’s something a growing number of business leaders are doing.
- Improved Decision-Making – At the heart of every peer advisory group is the idea that no one has all the answers, but together, solutions can be found. When you bring a strategic challenge to a peer advisory group – whether that’s helping enter a new market or succession planning, or something completely different – you’re not pitching to people with a vested interest in the outcome. You’re getting objective feedback that’s based on experience, from those who have faced similar problems. You come away with a broader understanding of the issue, more strategic options to consider, and a clearer sense of the risks and rewards involved.
- Experience You Can Actually Use – Unlike theoretical advice or one-size-fits-all solutions, peer advisory groups offer insights from business leaders who have real-world experience to pull from. This is practical, tried-and-tested help, rather than guesswork. When a member shares how they navigated a problem, they’re giving you a roadmap to follow. They’ll tell you what worked, what didn’t, and what they’d do differently, which you can apply directly to your own business.
- Boosted Strategic Thinking – Over time, peer advisory groups cultivate a deeper strategic understanding of a business. Regularly engaging with peers from different industries helps you see patterns, connect the dots, and recognise market shifts. You’ll be exposed to business models, leadership styles and technologies you might not encounter on your own. Plus, by helping your peers think through their challenges, you boost your own critical thinking abilities, becoming a better business leader in the process. Peer advisory groups enable you to constantly learn, evolve and apply new insights to your own business.
- Confidential Support and a Trusted Community – One of the biggest challenges of leadership is loneliness, as there are few people at the top of your own business. The higher you climb, the fewer people you can speak to openly. Your team looks to you for answers and guidance, and they expect you to perform. This, paired with the fact that friends and family don’t tend to fully understand the weight of your decisions, can lead to you not having anyone to rely on. Peer advisory groups provide a confidential space where you can be vulnerable, without fear of judgment or political consequences. You can talk about uncertainty, failure, doubt, and even personal challenges that affect your leadership.
- Speedy Personal and Business Growth – By consistently participating in a peer advisory group, you can make improvements not only to how you run your businesses, but in how you lead. You become more self-aware, confident, and aligned with your values, helping you to drive your business forward. As your leadership evolves, so does your business. It will become more focused and resilient, and your business strategies will become more proactive and adaptable. It’s a lot easier to build a strong business if you have a strong leader at the helm.
The challenges business leaders face are often too complex to tackle alone, but peer advisory groups can help. They offer a powerful way to elevate your thinking, improve your business decision-making, and grow alongside other leaders, those who understand what it means to grow a business. That’s where The Directors Box comes in. At The Directors Box, we bring together accomplished leaders in a carefully curated network designed to unlock growth, improve strategy, and create a lasting impact. If you’re to gain a competitive edge that only peer connection can provide, The Directors Box should be your next strategic move.
