Who can executives turn to when they have need to brainstorm solutions to issues? Who can give them support when difficult decisions need to be made? How can executives learn from other executives? In this blog, we answer the most common questions about peer advisory groups.
What are peer advisory groups and what are the benefits?
Peer advisory groups solve the inaccessibility of expertise for executives. They are composed of executives of similar status (e.g, CEO, owner), but come from unrelated industries. These groups allow for executives to learn from each other, sound off issues, and get unbiased solutions and views on how to make decisions. It is important to note that peer advisory groups are not a means to sell your products or services. The primary goal of a peer advisory group is to help you strategically grow your business and grow your leadership.
Are networking groups similar to peer advisory groups?
Both networking groups and peer advisory groups are important, but the primary goal of each is different. Networking groups are to grow your business – you are giving and getting referrals. In contrast, peer advisory groups allow executives to support each other, problem solve, and share ideas.
Should I join a peer-advisory group?
Leadership is hard – and doing it by yourself can make it harder. If you are looking for support and trusted advice on your tough issues, a peer advisory group can definitely be beneficial. While there are many benefits to peer advisory groups, the time investment may be seen as a disadvantage. If you cannot invest the proper amount of time to a peer advisory group, consider waiting until a more convenient time.
Which peer advisory group should I join?
If these groups are of interest to you, meet with the chair of the advisory group. Moreover, go to a group meeting. Peer advisory groups are not a one-size-fits all – ensure that it is a good fit.
Some peer advisory groups include: Vistage, Young Presidents Club, The Alternative Board, and Entrepreneurs’ Organization. You can also consider creating your own peer advisory group with other executives.
Can ‘peer advisory groups’ be created internally?
Internal peer advisory groups can definitely be used as a tool within your organization. It can be beneficial across departments and teams. For example, it can be of particular use to understand and learn how managers across team and/or departments communicate with their team, how they set goals, and how they manage their talent.
What do you think? Would you implement peer advisory groups in your organization?
For more details, check out our podcast on the power of peer advisory groups.