Benefits of a Peer Advisory Group for Small Business

Many small business owners have benefited from valuable relationship with a mentor or business coach at some point in their career. However, such opportunities are few and far between. As one’s leadership matures, it is important not to fall into the assumption that you must go it alone to be successful. That’s where peer advisory comes in.

In a peer advisory group (also known as masterminds), you have the opportunity to work together with other business leaders from a wide variety of fields. You can share ideas, brainstorm solutions to problems, and support each other through the power of “positive peer pressure.” That makes it easier to access new perspectives and informed opinions.

A well-run peer advisory group is organized so every participant is of a similar professional status. There are no competitors and no vendor-client relationships. Confidentiality rules protect you and your market – no one can sell their products or services to other members or use information that peers share against them.

This creates a unique environment of low risk and high reward. While you probably won’t come out of a peer advisory or mastermind group with a new joint venture partner, you can sharpen your own leadership skills more quickly than you would in virtually any other type of networking or industry organization.

How can a Peer Advisory Group help your Small Business?

Here are some of the top benefits of peer advisory for small business:

1. Get Support from Others Who Understand You

Even with family and friends, it is often the case that the entrepreneur’s journey is a lonely one. It is not always easy to find someone in your immediate circle who understands your goals, drive, and vision. With a pool of non-competing business owners to talk to, someone who gets it is never far away.

2. Sharpen Your Skills by Learning from Others

In a business peer advisory group, you get the chance to share your own expertise with others. As you teach others, you inevitably gain a better command of your own knowledge and skills. That may help you as you reach out to investors, potential business partners, and others who can further your plans. Of course, this is a two way street – you get to take in the expertise of every entrepreneur in the room.

3. Stop Spending Time Reinventing the Wheel

Many business owners face similar challenges. There may be best practices to follow, but you won’t always find them written in Harvard Business Review. Instead, you can share your potential solutions with others, some of whom may have been in your shoes. That accelerates your time to finding an answer that really works.

4. Get Unexpected Insights from Other Markets

Everyone understands that a cross-functional team can be a powerhouse. So why not cross-industry? No matter who you serve or what your offerings entail, you can learn something from the wider business community. From customer care to productive lifestyle habits, some things really are universal.

5. Gain Confidence and Improve Execution

Ultimately, your business benefits as you become a better leader. A peer advisory group gives small business owners access to the hard-earned toolkit of solutions that peers spend years developing. You’ll deepen your business instincts and acumen by learning what works – and there’s simply no replacement for that.

To get the most from a peer advisory group, it is crucial to choose the right one for you. While it’s not unusual for these groups to charge a membership fee, that fee must be backed up by value. In this case, that means a body of members who are committed to one another’s success both during and between official meetings.

It can be a long, lonely road the top for small business owners. With a peer advisory group, you can get there faster together.

If you’re interested in connecting with other entrepreneurs to work on issues related to what it means to be a man in society, check out Men & Meaning Mastermind and schedule an interview.