Benefits of a CEO peer group
How do members benefit?
1. Owning a business isn’t easy. You have probably felt like you were making decisions in a vacuum?
2. Have you ever wished you had someone to talk to that “got it?”
3. Have you ever discussed important business issues with employees only to regret it later?
If you answered “Yes” to any of these questions then consider a CEO peer group. These mastermind type groups allow business owners to band together to solve common business issues.
If you find a good group, it should a) act as a sounding board or informal board of advisors, b) hold you accountable to your goals, c) allow access to other’s experiences and best practices, and d) be fun.
What is a CEO group?
CEO Groups are company presidents, general managers and CEOs who work together as an informal board of advisors. Typically, they meet monthly and work on business issues confronting our members. The group acts as a board of trusted advisors to each other. Group members benefit in a variety of ways:
- Increased accountability
- A sounding board of business owners to bounce ideas off of
- A strong support network
- Access to professionals with complimentary strengths
- Improved delegation skills
- Better balance between work and home life
- Increased profitability due to using best practices from other industries
- Improved level of business expertise
What types of businesses belong?
Every variety of business. Service, manufacturing, sales organizations, minority-run businesses, female-run businesses. It is this diversity that adds to the value.
Shouldn’t I want a group with people in my industry?
No! Your industry has inbred thinking. What it takes to break things loose is ideas from people who don’t know all the “unwritten rules” of your industry. We have seen it over and over, all the great ideas are from the people far outside your industry.
Aren’t the groups full of people who are struggling?
Absolutely not! Every business has the occasional crisis. However, typical group members are the successful CEOs who want to be even more successful. Groups are full of bright, driven men and women. For instance, in one specific market example, a group consists of three MBAs, a PhD., an attorney/MBA, two Ernst and Young Entrepreneur of the Year Finalists, a Statewide Blue Chip Award Winner, and a publicly traded company (NASDAQ).
Have you participated in a CEO Peer Group or Shared Advisory Board?
- 33% No.
- 19% No, I have only done those Chamber of Commerce-type meetings.
- 33% Yes, I currently participate.
- 14% Yes, but I no longer participate.
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