Being a successful CEO or business owner is challenging enough when you have a capable support team of executives and fellow employees.
But when the business landscape is continuously in flux, that support isn’t always enough. Many business leaders still feel the almost inevitable sense of isolation that comes from being at the top.
That’s why mastermind groups (also known as peer groups or advisory boards) have proven so helpful. Rather than attempting to do everything on their own, CEOs and business owners meet in a small group of peers, with every member dedicated to helping other members gain the right perspective and strategy for growth.
There’s also the critically important element of accountability—peers holding one another’s “feet to the fire,” to make the changes needed to keep the business thriving.
Typically, mastermind groups involve monthly meetings taking place either in-person or online. Members discuss their challenges and gain valuable advice and guidance. Every member is encouraged to set bold objectives and get the support necessary to achieve these goals.
A mastermind or peer advisory board also serves as a trusted space in which to receive unbiased feedback on topics like finances, marketing, sales, personnel, or a new product launch.
Here’s a quick listing of seven key benefits you’ll enjoy as a member of a mastermind or peer advisory group:
- The companionship of your peers
- Fresh ideas and perspectives with which to view your business
- Familiarity with pressing business challenges (and knowledge gained from not repeating mistakes others have made)
- Candid, focused discussions held in a confidential setting
- Valuable intellectual resources and references
- Networking opportunities
- Inspiration gained from understanding how others seized opportunities and overcame challenges
The people offering advice and expertise have no bias or agenda other than helping you work through your issues. These members aren’t in competition with your company, nor do they have any financial stake in your future. Instead, there’s an environment of helpful peer coaching based on reason and experience—not tainted by favouritism or fear of retribution.
As noted, it can be lonely at the top, and business owner advisory boards offer that additional perk of being a support group for business leaders. Traditionally, C-suite executives and business owners feel more comfortable around people who share their passion and understand the unique challenges of being an entrepreneur.
Networking isn’t the focus of these group meetings, but members have been known to benefit in secondary ways such as finding partners for new ventures, exchanging prospective sales leads, and possibly sending additional business to one another through mutually beneficial alliances.
The certified executive business coaches who facilitate TAB board meetings are among the most successful business advisors in the world. What makes The Alternative Board’s system unique is a combination of facilitated peer advice sessions as well as private one-on-one consultations between each business owner and their TAB advisor. This additional coaching strengthens the individual plans outlined in the mastermind group setting.
Find out more about how membership in TAB can provide you with real-world solutions for every small business challenge.