Being a trusted business advisor is more than having all the answers (or thinking you do) – it’s about connecting with other leaders and continually expanding your own knowledge base with outside perspectives. I’ve found that peer groups offer a great opportunity to make the connections that can help you grow your business.

I’m not going to do a shameless plug for any peer group because there are so many good ones out there. But here are my thoughts in brief about what I’ve learned about how it’s benefited me.


What are peer groups?

The peer group I’m referring to is a small group that meets for a few hours and talks about issues and hot topics. Generally everyone in the room has time to talk about issues in their business. There is usually a facilitator that runs the meeting and your group dives in to help address your issues. Your group should have an understanding that everything is confidential. EVERYTHING. Good groups have everyone attending and talking during the meetings.


How often do they meet?

Usually it’s once a month for a few hours and there is a nominal fee attached to it. Your business and your personal life will be better as long as you participate and your peer group participates. These people are going through or have faced similar challenges, and can help you figure things out before it affects your work or home-life.


Who should be there?

All business owners need them. Successful people should surround themselves with other successful people. Peer groups are exactly that. Individuals trying to get better results from outside trusted advisors.


What do you get out of it?

I think everyone in a leadership position needs them for a simple reason: you’re not as smart as you think you are. You need different opinions from everywhere. Everyone is coming at you from their perspective, right or wrong. You need independent ideas from an outside board of directors. You can vent to them. You can bounce around ideas about your partners. You’re ultimately working on your business, and not in your business.

I’m a firm believer in peer groups as long as you have a good, diverse group of individuals and everyone’s egos are left at the door. When good people meet good people, great things happen. If you want to grow your business, look into a peer group around you.


Disclaimer: All content provided in this article is for informational purposes only, and is subject to change. Contact a DS+B professional before using or acting on any information provided in this article