I am passionate about the power of peer groups. As business owners, we can’t know everything. The ability to be around other very smart people is key to business growth.
Important for your peer group
Two factors are important in that last sentence. 1) Are you interested in growing the business? Some business owners want the business to stay “as is”. My opinion about being stagnant? If you are not growing, you are dying. From my experience, that saying is true. Another important factor in your peer group experience? 2) The room of smart people must truly be smart people. I attended a developing peer group where the chair allowed one person to dominate the conversation consistently. Mr. Talker detracted from the peer group experience. You don’t get the advantage of a room full of smart people.
You want growth
One of my clients says, “new level and new devil”, which is true about a business ratcheting up by millions or more. The people who participate in your peer group should be at your level or above. Or the person must have some business knowledge to help add to the group. My Vistage group had business owners who had revenue at, in some instances, more than 5 times my revenue. However, I was good at business basics you’d find in larger businesses, including budgeting, meeting discipline, and SOP development, which entrepreneurs struggle with.
Peer group members
Business owners who want to grow need resources and insight into issues they must conquer to get to the next level. Most participants in peer groups do so because of their desire to grow. The conversations must be around issues related to growth, people, processes, and strategies. The peer group members must be smart, which is different from the ones who think they know everything. Watch for the warning signs, no growth with excuse after excuse for lack of growth. In some cases, lack of growth is understandable, but not if suggestions made by the group are ignored by the business owner.
https://studio.youtube.com/video/DCL_vv5v3qM
Join a Peer Group
If you want to grow the business, give yourself a chance by getting into a room with other smart people. Of course, there are other ways to grow, a great business consultant, financing, or business acquisition. All of the recommendations, other than joining a peer group, can be enhanced by being in the room with other smart people, your peer group.
See Women Presidents Organization
Meet with Marla Noel to learn more about WPO in Orange County
