What is a Peer Group?

Peer Groups

Peer groups provide our members with the perspective outside of individuals viewpoints. The ability to learn from others that have been through something similar enables faster the resolution of issues. And the quicker exploitation of opportunities.

Being part of a peer group significantly influences the ability to make quicker and smarter to decisions, maximising on opportunity, minimizing risk and fundamentally improving the bottom line.

Where does a small business owner turn to for help in making critical business decisions? The choices are many with the boom in services for small business. Help may come from this website, a book, your accountant, a mentor or consider the power of a peer advisory group.

A peer advisory group is a group of small business owners from diverse industries who get together on a monthly basis to solve problems, share best practices and offer each other peer support.

Benefits Of Peer Business Advisor Groups

  • Handle Personal Issues: Small business owners are limited in sharing personal issues. With a peer advisory group your peers are in the same situation and have a high degree of empathy.
  • Sounding Board: A peer group acts as an informal board of directors and an opportunity for real-world experience sharing.
  • Overcome Isolation: It can be a very lonely being the owner of a small, growing business. Your friends and family do not understand the issues you face. You cannot confide in your employees. However, every business owner in your peer group has the same sense of isolation and can offer support.
  • Improve Odds of Success: Business success takes vision and insight. Your peer group can help you turn your focus away from the day-to-day issues and look at the bigger picture that can have a major impact on your company.

The Power of Mastermind Sessions

The idea behind a Mastermind Session, is twofold. It allows a group of people – some of whom have an issue, some of whom are experts on that issue – to share their experiences and collate that information and understanding.

This is done in such as way as to allow whoever is in the hotseat to take advantage of that knowledge by taking it away and working on it, but also to be held account for how they are then going to solve their issue.

See what some of our previous Hot Seat occupants think about the Mastermind Sessions.