At The Alternative Board, we are committed to continual improvement. For nearly five years, we have worked closely with a team of independent researchers led by organisational behaviour expert Dr Roman Terekhin. Their work examines a wide range of peer advisory boards to better understand what makes them effective and how they can deliver even greater value for business owners. The findings provide evidence based support for the TAB model and help enhance the experience of our members. Some of this research is very recent and yet to be formally published, placing The Alternative Board at the forefront of practical knowledge about peer advisory boards. We are grateful to our members and facilitators who have participated in these studies and shared their experiences so openly.
Given the critical role peer boards play for business owners and their businesses, relying solely on gut instinct or isolated success stories is not enough. That is why The Alternative Board is grounded in evidence based insights that reflect best practice drawn from thousands of business owners across multiple peer board organisations globally. This research informed approach allows us to deliver relevant and consistent support to business owners, regardless of industry or stage of business. Below is a summary of key findings from research into peer advisory boards for business owners.
Do peer boards help business owners?
Across multiple studies, researchers compared the support business owners received from peer boards with that from other professional or leadership groups available to them. Peer boards were shown to be significantly more effective in supporting leadership development and learning. They also delivered a clear improvement in overall wellbeing, which is critical given the pressure and isolation many business owners experience.
This makes sense. Peers who have been in your shoes offer a unique source of insight and problem solving. They understand the realities of ownership and leadership, can share relevant experience, and provide grounded advice. Just as importantly, they offer emotional support and help reduce the sense of loneliness that often comes with leading a business. Many business owners report that no other group, including their leadership team or family, truly understands their challenges in the same way. Long term, trust based relationships supported by a skilled facilitator allow members to work through complex issues, even when there is no obvious solution.
Do peer boards impact business development and the bottom line?
While many members do form valuable commercial connections through their group, research shows the greatest business impact comes from:
- Avoiding losses through a collective approach to problem solving within the board
- Improving risk preparedness by learning from peers and actively exploring one another’s businesses
- Identifying and acting on emerging opportunities, as peer boards help members spot possibilities, shape strategies, and move forward confidently with growth initiatives
Why do business owners join peer boards?
Interestingly, most business owners join peer boards with little understanding of how they work. Many expect simple networking or help with immediate challenges. While peer boards are highly effective at supporting members through current issues, research shows their real strength lies in tackling deeper strategic challenges. These include avoiding stagnation, responding to market shifts, entering new markets, or scaling the business significantly.
This depth comes from a carefully constructed group of peers who share similar leadership responsibility but bring diverse experience and perspectives. Members are genuinely invested in helping one another succeed, which is a defining feature of effective peer boards.
Are peer boards still helpful when facing new or unfamiliar challenges?
Research shows that peer boards become particularly valuable during periods of disruption or crisis. Rapidly changing economic conditions, regulatory shifts, or unexpected events introduce challenges that no single business owner has all the answers to. Coming together with peers facing similar uncertainty, sharing up to date insights, and working collectively through problems enables members not only to survive but often to find opportunity.
Many business owners have described their peer board as a lifeline during the COVID 19 period and through subsequent economic and policy changes in Australia. Boards helped members adapt quickly, identify new opportunities, and in many cases emerge stronger than before.
What makes peer boards effective?
Research identified several critical characteristics of high performing peer boards.
1. Optimal group composition
Effective boards are not simply a collection of business owners. Groups are deliberately formed to include members with complementary skills and backgrounds, allowing fresh perspectives and new ideas to emerge. At the same time, members hold similar levels of responsibility, ensuring they truly understand one another’s challenges. This balance of similar but different is essential.
2. Longevity of the group
While members gain value from the very first meetings, research shows it typically takes six to twenty four months to build deep trust and understanding. These long term relationships strengthen engagement, mutual support, and the willingness to challenge one another constructively.
3. Professional facilitation
Although peers provide the primary expertise, professional facilitation significantly increases the effectiveness of the group. A skilled facilitator helps manage different personalities, ensures balanced participation, and maintains a safe and productive environment, even during difficult conversations. Facilitators also help build group emotional intelligence, a powerful but often unfamiliar concept for many business owners, and a proven contributor to peer board effectiveness.
In the members’ own words
Peer board is a space where you can be honest
(Confidential, judgement free, emotionally safe)
- “It is a safe space with a group of very self aware individuals.”
- “Feedback from the group is open and honest. It is fair and never personal. It creates a safe environment where we can seek answers without fear of criticism.”
- “My peer group allows me to have confidential conversations about both professional and personal challenges with people I trust.”
- “Candid conversation from a diverse group on topics you would never discuss with staff.”
- “The non disclosure agreement creates a strong sense of security and allows leaders to be open and vulnerable.”
- “Transparency is key. We get to the point quickly.”
A circle of support and shared energy
(Not just practical help but emotional support)
- “The encouragement I receive helps me push through tough times and draw energy from others.”
- “A supportive environment where my role is to help others succeed.”
- “We treat each other with genuine support and empathy.”
- “Running a business can pull you in many directions. You do not have to do it alone.”
Access to real insight, not just advice
(Diverse input, tailored feedback, fresh perspective)
- “It gives me access to insight I cannot get from my team, family, or friends.”
- “I value the unbiased perspectives on people and business issues.”
- “The best feedback is thoughtful and aligned with who I am and how I run my business.”
- “Having a trusted group to turn to for advice is invaluable.”
- “The group challenges my thinking and helps me make better decisions.”
Structure, challenge, and follow through
(Accountability that drives action)
- “It forces me to plan for business development and share my vision with honest feedback.”
- “The accountability helps me make progress on what matters.”
- “I appreciate being called out when I do not follow through on commitments.”
The big decisions have been on your shoulders. Until now.
Grounded in research, The Alternative Board carefully places each member into a group of six to eight non competing business owners whose skills and experience complement one another. Each board follows proven best practice to maximise outcomes for every member.
The Alternative Board also places strong emphasis on preparing and supporting facilitators. Research led by Dr Terekhin has highlighted the critical role facilitators play and identified the most effective interventions to ensure peers support one another while gaining added value from professional guidance. Drawing on this research, The Alternative Board has developed an evidence based framework for peer board facilitation.
Whether you are navigating a turning point or simply want to grow your business with greater clarity and support, The Alternative Board provides both the space and the structure to lead with confidence. This is not just experience. It is proven.