Boost your success, join a peer group.

Boost Your Success: Join a Peer Group to Build a Stronger Business

I can’t support peer groups enough when running a business. Running a business is fun, but so challenging. There have been times when I felt as though I couldn’t breathe because of some urgent business problems But when I joined two different peer groups the business challenges became easier. Peer groups helped me to build a stronger business. An article First Published January 9, 2015, is quoted in the Journal of Management. The article, written by Pascal Molenberghs, Guy Prochilo, Niklas K. Steffens, Hannes Zacher, S. Alexander Haslam,  refers to fMRI studies, which show that modality-specific brain networks are activated differently when people process the very same categories. Bottom line, put a bunch of smart people in a room together and you will most likely develop better solutions to problems than if you tried to solve them alone.

Boost your success: Join a peer group. When smart people come together to discuss business challenges, several things typically happen:

1. In-depth Analysis:

   Smart individuals tend to bring deep insights and expertise to the table. They analyze the challenges from multiple angles to solve issues and build a stronger business. They consider various factors such as market conditions, technological advancements, and organizational capabilities. Everyone’s experiences are different, which helps to bring a variety of perspectives to the problem.

2. Creative Problem Solving:

   Joining a peer group can facilitate finding solutions to problems, and what business does not have problems. The ability to think critically and creatively allows them to generate innovative solutions. They might brainstorm unconventional ideas and explore new approaches that others might not have considered. Brainstorming is something I love. I’ve seen profound creativity come from brainstorming.

3. Robust Debate:

   Discussions among intelligent individuals often involve rigorous debate. They challenge assumptions, critique ideas constructively, and push each other to refine their thinking. This process helps in uncovering weaknesses in proposed solutions and strengthening the overall strategy. Of course, the participants must have an open mind. In my Vistage group, I am sure we solved all the world’s problems with a glass of wine after a great dinner.

4. Practical Strategies:

   Smart people are adept at translating complex ideas into actionable strategies. They focus on practicality and feasibility, ensuring that the solutions they propose are not only theoretically sound but also implementable within the business context. Being in the middle of a problem can stifle thinking, so an outsider may see a solution much more easily.

5. Learning and Growth:

6. Such discussions serve as learning opportunities for everyone involved. Each participant brings unique perspectives and experiences to the table, contributing to mutual growth and development. They learn from each other’s successes and failures, expanding their knowledge base in the process.

7. Decision Making:

   Ultimately, these discussions aim to arrive at informed decisions. Smart individuals weigh the pros and cons of different options, considering potential risks and rewards. They strive to make decisions that are well-founded and aligned with the long-term goals of the business.

Overall, when smart people collaborate to tackle business challenges, the result is often a blend of analytical rigor, creativity, practicality, and collective learning, leading to effective problem-solving and strategic decision-making.

Peer groups can be highly effective in various contexts, including business and personal development. Here are some reasons why peer groups can be effective: I found great results because of my participation in both Vistage and Women Presidents’ Organization. This is one reason I love being a chair for WPO today. I see so many great things happen during our meetings. What are some of the results? I find those who participate in peer groups are looking to build a stronger business.

1. Shared Learning and Knowledge Exchange:

2. Peer groups often consist of individuals with diverse backgrounds, experiences, and expertise. This diversity allows for rich discussions where members can share insights, lessons learned, and best practices. This collective knowledge exchange can lead to new perspectives and innovative solutions to challenges.

3. Support and Encouragement:

4. You can boost your ability to grow a stronger business by joining a peer group because they provide a supportive environment where members can openly discuss their challenges, seek advice, and receive constructive feedback. This support system can boost confidence, motivation, and resilience, especially during difficult times.

5. Accountability:

6. When you join a peer group, this encourages accountability. Members often set goals or commitments within the group and hold each other accountable for achieving them. This accountability can help individuals stay focused and disciplined in pursuing their objectives. I had the youngest member of my Vistage group lean over the table at me and say, “You mean to tell me that buying a building is the most important thing you must do to grow your business, and you haven’t done it yet?” Ouch. Yes, I bought a building that year. I was determined to avoid that embarrassing question again.

7. Personal and Professional Growth:

8. Interacting with peers who are at similar or higher levels of expertise can inspire personal and professional growth and help you grow a stronger business. Members can learn from each other’s successes and challenges, acquire new skills, and enhance their leadership abilities.

9. Validation and Perspective:

10. Peer groups offer a platform for validation of ideas and decisions. Members can gain valuable perspectives from others who understand their industry or field, helping them make more informed choices. Joining a peer group will help you find out how you can benefit your business by joining other smart business owners.

11. Sense of Belonging when Building a Stronger Business:

12. Being part of a peer group can alleviate feelings of isolation that professionals sometimes experience. It provides a sense of belonging to a community of peers who understand the unique challenges of their industry or profession which helps the business owner when striving to build a stronger business

However, the effectiveness of peer groups depends on several factors, such as the commitment of members, facilitation of discussions, diversity of perspectives, and alignment of goals. Successful peer groups often have clear objectives, structured meetings, and active participation from all members. I found my Vistage members to be much more dedicated to attending the meetings, which is disappointing for the WPO members. When you commit to being there to process other’s issues, the likelihood of others wanting to help you is so much greater.

In summary, boost your success. Join a peer group. To benefit your business success, peer groups can be highly effective for professional and personal development by fostering learning, support, accountability, growth, validation, and a sense of community among members. Go to Women Presidents Organization (women-presidents.com)

For more information, go to my contact page at OC Growth Advisors – Your Partner for Success in Growth