The Power of Peer Groups to Grow Your Business

The one thing that the pandemic reinforced is the value of peers.  We need interaction with other people.  There are times when we need their support, and to get some motivation.  We also know the value we receive when we give support and recognition. Our peers not only support us, they support the growth of our businesses in multiple ways.

Joining a Peer Group, sometimes called a Mastermind Group, gives you your very own Board of Advisors.  Together, each person can grow and improve their effectiveness.

It’s Lonely at the Top

Most businesses owners do not have someone to bounce ideas off of, particularly if it is a sensitive subject.  You cannot go to the employee who is not performing and ask them how to handle the situation. Your family really doesn’t want to hear about it, and while the dog is a great listener, he doesn’t offer great advice. You need a trustworthy sounding board.

A peer group of fellow business owners have a keen understanding that you may not find among your typical advisors.  They face similar challenges, whether it is with team members, cash flow, or insurance.  They instantly expand your network.

A peer group also expands your knowledge.  Your peers will help identify areas of where you need to grow, personally, professionally, and for your business.  They draw on their experience to recommend how to build strength to realize that growth. 

A Different Point of View

Sometimes, we need to hear an outsider’s perspective. Your peers can offer unbiased opinions and offer insights outside of your point of view.  They force us to look at the forest beyond the tree that is right in front of us. 

Each person comes from a different background and experience, which enriches all members of the group. With a diverse group, there are multiple opportunities to learn from each other.  The marketing expert can freely ask questions of the finance person, and vice versa.  In a growing business where people where multiple hats, having an expert resource has tremendous value.

Accountability Partners

A business owner has an endless To-Do list.  Who holds you accountable to file your taxes, renew your business license, and submit that RFP? We all set goals with great intentions.  We are far more likely to achieve those goals when someone other than ourselves holds us accountable.

When we hold someone else accountable for their actions it often forces us to reflect on our own behaviors.  I can’t comfortably tell my peer how to manage their cash flow when I am notoriously short on cash myself.  It may take another member of the group to teach us how they overcame that particular challenge.

Finding the Right Fit

There are a few guidelines for a peer group to be successful.  The group should be relatively small and include a range of experience, expertise, and personalities.  There needs to be a high level of trust and respect for all members.  Discussions are always to remain confidential and within the group.         

To make it easy to get started, join the ActionCOACH Membership program.  You will be matched with other business owners who have businesses and teams of similar size to yours.  The guidelines, documents and training to make your meetings efficient and effective are provided. Our program includes workshops and meetings with your own Board of Advisors.

The best way to know if this is a good solution for you is to attend one of our Member Days. For a free guest pass, please go to Membership – ActionCOACH Bluegrass.

Author: Sandy Merritt, Business Coach in Louisville, KY

The Power of Peer Groups to Grow Your Business