As business leaders, we all know it can be “lonely at the top”. This is one of the key reasons that so many entrepreneurs seek out a peer advisory group – an organisation whose main purpose is to create an environment for non competitive business leaders to share ideas, solve challenges, and lend support to one another.
From a big picture perspective, peer groups are typically fellow business owners from non competing companies who are facing shared challenges. They can typically provide objective advice and perspectives in ways that employees and customers simply can’t. As a TAB facilitator and coach for over 20 years, my board members often tell me that The Alternative Board helps them stay accountable to their goals.
But not all peer advisory groups are the same. I encourage you to consider what you’re looking for in terms of focus, time commitment, monthly fees, and what you want to get out of being a member before investing your time and energy in trying out different types. I have taken the liberty of outlining the key aspects of some of the main peer advisory groups you may come across.
Why Peer Advisory Groups Matter
Overcoming Isolation:
Many entrepreneurs face a sense of isolation in their leadership roles. With the constant pressure of decision making and strategic challenges, having a supportive network of peers who understand the unique burdens of leadership can be a game changer.
Access to Diverse Perspectives:
Since the members come from various industries and backgrounds, peer advisory groups provide a wealth of diverse insights. These fresh viewpoints can be invaluable when tackling problems that might otherwise seem insurmountable when approached alone.
Accountability and Execution:
One of the most significant advantages is the built in accountability. By sharing goals and receiving feedback, business owners are more likely to follow through with their strategies. In many cases, this accountability directly translates into improved performance and growth.
What to Consider When Choosing a Peer Advisory Group
While the benefits of an advisory board are numerous, not all peer advisory groups are alike. It’s essential to evaluate factors such as focus, time commitment, cost, and desired outcomes to ensure you select the right fit for your needs. Different groups may specialise in various industries or business sizes, and they might require varying levels of engagement—from short, monthly meetings to more intensive sessions—while their fee structures and the specific benefits they offer can also differ. By taking a comprehensive look at these aspects, you can choose a group that not only aligns with your business goals and schedule but also provides the right balance of support, accountability, and strategic insight.
- Focus and Relevance:
Ensure the group’s focus aligns with your business stage, industry, or particular challenges. For instance, The Alternative Board’s emphasis on small and midsize companies makes it particularly relevant if you’re navigating the complexities of growing a business without the extensive resources of larger corporations. - Time Commitment:
Evaluate your schedule and determine if you can commit to monthly meetings and coaching sessions. The structure of The Alternative Board, for example, requires a four hour block during a workday, which might be a critical factor for your decision. - Cost vs. Benefit:
Analyse the monthly fees in light of the potential benefits. With The Alternative Board’s ranging dues, consider whether the insights, accountability, and network offered will justify the investment in terms of business growth and personal development. - Desired Outcomes:
Reflect on what you want to gain from the experience—be it strategic advice, emotional support, or actionable steps to overcome specific business hurdles. A clear understanding of your objectives can help you choose the advisory group that will best serve your goals.
An Inside Look at The Alternative Board
Target Audience:
The Alternative Board is designed specifically for owners of small and midsize companies. Its focus is to address challenges unique to this segment of the market, making it a tailored resource for business owners who might otherwise struggle with issues typically faced by larger organisations.
Group Composition and Structure:
- Board Size: Each TAB board is comprised of 6 to 10 business owners.
- Facilitation: A seasoned facilitator with at least 10 years of management experience leads each board. Importantly, this facilitator is not an outsider; they are the owner of a The Alternative Board franchise in a specific geographical area, which means they bring both professional expertise and firsthand business experience to the table.
- Global Network: The Alternative Board’s structure connects local boards to a worldwide network of franchise owners, giving members access to a broad spectrum of ideas, strategies, and resources.
Meeting Format and Commitment:
- Regular Meetings: The Alternative Board groups meet once a month for a four hour session. During these meetings, each member presents current challenges and opportunities, inviting constructive feedback and diverse perspectives from the group.
- One on One Coaching: In addition to the group sessions, members benefit from a one hour monthly coaching session with The Alternative Board facilitator. This personalised coaching is where the detailed action plans and execution strategies often take shape.
- Flexibility in Membership: Membership dues typically range between $600 and $900 per month. Although the commitment is as short as 30 days, many members find significant value and continue their involvement for five years or more.
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Peer advisory groups like The Alternative Board offer more than just advice—they provide a community of like minded business leaders who understand the unique challenges of entrepreneurship. By creating an environment that encourages open communication, accountability, and the sharing of diverse ideas, these groups can transform the isolation of leadership into a dynamic support network. When considering such an investment, weigh the focus, commitment, cost, and potential benefits to find the group that aligns with your strategic vision and personal leadership style.
Embracing this model can be a powerful way to not only tackle business challenges but also to foster long term growth, both personally and professionally.