There’s a common misconception that entrepreneurship and leadership are solo pursuits, but that’s not necessarily the case. Though being a business founder does place you at the top, making the final call on big decisions, you don’t need to do everything alone. While the early stages of a business might begin with your single idea and vision, sustainable business success rarely happens without help from others.
In fact, it’s often the case that the most effective, resilient and visionary leaders are those who surround themselves with a trusted group of peers. This doesn’t mean asking a friend or two for help, it means seeking executive support from peer advisory groups, and really taking on board what they have to say.
What is a Peer Advisory Board?
A peer advisory board is a group of non-competing leaders – including CEOs, founders, or senior executives – who meet regularly to discuss challenges, evaluate opportunities and offer executive support to one another. These aren’t traditional networking groups, they’re expertly managed groups providing board-level strategy to ensure that each meeting creates real, tangible value. There are no hidden agendas, no deals to be done, and nothing to sell. Peer advisory boards are all about straight talking, executive support, industry wisdom and mutual accountability. They’re there to help leaders make smarter, faster decisions.
Why Do Successful Leaders Need Peer Support?
A lot of executives hesitate to seek help, even when they really need it. Some believe it’s a sign of weakness, that asking others for help means they’re not capable of leading a business. Others feel there’s no one else who truly understands the weight of their decisions, that they’re the only person who’s going through what they’re going through. This can lead to loneliness and isolation, which doesn’t just impact your wellbeing and happiness as a leader, but also your ability to make accurate, swift decisions.
You might be overconfident or have blind spots that go unchecked, or you might find yourself dealing with emotional burnout from the pressure to always have the answers. There’s even a risk of missed opportunities because no one is challenging your assumptions. A peer advisory board helps by offering perspective, executive support and board-level strategy expertise.
The Value of Structured Peer Advisory and Executive Support
- Accurate Decision-Making – When you bring a strategic or operational challenge to your peer advisory board, you’re not just throwing out a problem and hoping for casual advice. You’re asking experienced leaders to dissect the issue, knowing that they have the expertise and experience to help. They draw parallels to their own experiences and offer alternative paths, which you might not have thought of otherwise. This level of analysis and diversity of thought can save you from costly mistakes and unlock new strategies.
- Accountability – In business, good intentions without any follow-through don’t drive a business forward. A peer advisory board holds you accountable. You make commitments in front of your group, and they expect progress. You can’t hide behind excuses, saying that you’re too busy or something else cropped up. Leaders thrive when they’re held to a high standard by people who genuinely want to see them grow. You’ll be motivated to work hard, make decisions and succeed, simply because your peers are expecting you to.
- Unfiltered Truth and Feedback – It’s hard to get unfiltered truth and accurate feedback within your own business, as people want to impress you. You’re the boss, and your team is likely to be hesitant to really say what they think. Employees may hesitate to challenge you. Investors might have their own agendas. Friends and family may not have the context to offer helpful input. But, your peer advisory board has no reason to sugarcoat things. They’ll tell you the truth, even if it’s hard to hear.
- Emotional Executive Support – Running a business can be emotionally draining. You deal with uncertainty, risk, self-doubt and pressure, and you don’t always have a safe space to process it. A peer advisory board gives you that space. It’s a confidential group where you can be vulnerable, process tough situations and hear about similar experiences from those who understand.
- Growth Without Guesswork – As a business scales, things get more complicated. You move from founder to CEO, and the skill set changes dramatically, often without warning. Peer advisory boards help you to navigate this transformation, ensuring you have what it takes to handle the change. You learn from those who’ve scaled before and avoid common pitfalls. There’s no need to go it alone when you have the collective wisdom of your group to help.
It’s easy to mistake entrepreneurship for a solo mission. After all, you likely started your business alone or with a small founding team. You built something from scratch, and you’re to thank for its success. But, being a leader doesn’t mean being isolated. In fact, the most effective business founders are the ones who actively build advisory boards around themselves. They pay attention to mentors and investors, but also peers who push them, challenge them and help them grow.
Embrace the Power of Peer Advisory Boards
A lot of business leaders seek out a peer board once a crisis, burnout or a stalled business strikes. But, you’ll get more out of your board if you integrate peer advisory as a proactive, ongoing part of your leadership strategy, putting everything into place before you’re faced with a disaster. This will help you to get ahead of your problems, not just react to them.
Whether you’re leading a company, navigating complexity or preparing for growth, surround yourself with a peer advisory board full of people who push you to do better, work harder, and succeed. Get in touch with The Directors Box to find out more.
