If not, you should be. Peer advisory boards are one of the best resources for business leaders seeking solutions for today’s economy. There's statistics that show a higher rate of growth for companies whose leaders use this resource. From the Entrepreneur Circle Blog:
Fast Company Magazine and Business.com sited several statistics regarding business owners who participate in a facilitated peer advisory board. 64% report an increase in bottom line profitability. 56% report an increase in top line sales. 60% report an increase in productivity. Other points that support the idea include: increased quality improvement, improved customer service, improved team work, and increased job satisfaction. The overall positive revenue impact of a peer advisory board can be from 19-43% of gross revenues.
Here are three intangible reasons you should find and join a peer advisory board.
1. Accountability. Peer-pressure works. We all want approval, recognition and praise from our peers. Its power is magnified as it is used to help us reach our goals. A peer advisory boards holds its members accountable for the commitments they make to reaching their goals. The members also help with solutions to reach those goals, as well.
2. Support Group. Peer advisory board members support each other. They support each other with their own solutions and resources, with sharing their own challenges (which in turn brings out more solutions and resources among their peers), with perspective, with creating a safe refuge where C-level execs can share vexing challenges, problems, setbacks in an open, trusting, confidential forum among their peers. And yes, with accountability, too.
3. Authenticity. Peer members keep each other...real. In a peer environment of trust and confidence, leaders can showcase their strengths and non-strengths. And members can help their peers remember them, pursue them and use them to reach their goals. Sometimes, it is as valuable to point out a strategy that does not ring true with a leader’s abilities.
These were shared by Steve MacGill, CEO and founder of Peersight Online, and Dr. James Norris, CEO and founder of KAART Business Solutions. They were recent guests on my BlogTalk Radio show. You can listen on-demand at this link.
Here’s a link to excerpted highlights from our conversation.
Disclaimer: I was a member of Peersight Online’s virtual peer advisory board service. I found tremendous results from my investment in those meetings.
* Virtual Peer Advisory Board. I highly recommend the format. It has all the benefits of a peer advisory board with the added benefit of its schedule and use of technology to save you time. Visit either of their sites, Peersight Online or KAART Business Solutions to find out how to become a member.
* The Alternative Board. The other option is a traditional peer advisory board. I recommend David Halpern’s TAB Boards. Tell him I said ‘hi’.
Main point: Find one. Become a member. Make use of the wisdom of your peers and they of yours.