Peer Advisory groups like Vistage, EO, CEO Focus, The Alternative Board, etc. can be a very good way to get support. They highlight a couple of member issues each month. And you typically get a once per month one-on-one time with the facilitator.
What makes them good? Many eyes on the same problem can be helpful. While I think peer advisory is great for some business owners or CEOs, there can be a few drawbacks.
1) Comfort – Voicing sensitive issues in front of a big group of people isn’t for everyone. Some may worry about confidentiality, or others simply prefer to work directly with one person.
2) Scheduling – Meet at the same time every month? It could be that your business requires you to travel a lot. Or if you simply don’t want to be tied down to a set time every month. Whatever it is, this option isn’t ideal for you.
3) Group Size – We know that optimal group size is between 5-9 individuals whether we talk about business or Navy SEAL teams. Many of these groups are much larger which may help the business model for the facilitator. It could be good for networking, but as this Wharton article suggests, it’s not the ideal size for problem solving.
4) Efficiency – Group size has another drawback – it can take several months for your issues to come around the rotation for the group to work on. When you work one-on-one with a coach, you work on your biggest issue immediately. You don’t have to put important topics on the back burner while you wait for your turn.
5) Fit – These groups tend to attract Specialist/Builder types. (don’t know your “Entrepreneurial DNA?” Click here) These types of leaders tend to be more analytical–they’re all about systems. The way they run their businesses is very meticulous. For those leaders with a more creative or sales background, you may have a very different set of issues. It may be difficult for you to relate other group members because their leadership style is so different.
6) The Price Tag – There are plenty of great coaches out there whose monthly fees are much lower than peer advisory or round table groups. “You miss out on the great speakers,” you may say. Here’s my question for you: what types of speakers would invest the time to speak to peer advisory groups? You guessed it: the ones who have something to sell to you – otherwise, it wouldn’t be worth their time. You’d be better off going to see great speakers on your own dime with the money you save working one-on-one with a coach.
While you may miss out on some networking and camaraderie that comes from working in groups, finding the right coach to work with one-on-one negates almost all of the downsides listed above. Need not to mention the connection of confiding in one person rather than talking about sensitive issues in front of a large group.
Take your time in the search to find the right coach, and he/she can act as a true catalyst between where you are and where you want to be.
p.s. – Don’t have a coach yet? Book a free trial session and we’ll see if we’re a fit for working together.
Paul Strobl, MBA, CPC
Owner of Confide Coaching, LLC
Paul is a Master Life Coach for GenX and GenY executives and business owners. Originally from Houston, Texas, he has been location independent for most of his adult life. He currently resides in the Rhodope Mountains of Bulgaria near the Greek border with his brilliant wife, 13-year-old stepson (officially adopted in 2021!) and a Posavac Hound rescue.
