Peer advisory groups have been around for hundreds of years with a bunch of different names, but are only now gaining the popularity that they have always deserved.
There are many reasons for this, but the main one is that they work and the business world is at a juncture where utilizing these groups is a great way to grow and improve business more effectively than traditional methods like consultancy or training.
Now is the perfect time for peer advisory groups to become the norm for small and large businesses alike because of the expanding marketplace, globalization and the bad economies all over the world. The opportunity for rapid expansion and development is now more evident than ever before, making these groups the ideal solution.
The old business model involving internal training of employees is becoming obsolete as companies have started to expand to new markets that require fresh ideas. The peer advisory model creates a process that helps a company improve continuously instead of stagnating and letting the competition pass them by.
Below are some of the reasons a peer advisory group might be worth looking into for your company or business.
A peer group is led by a professional facilitator who functions as a mediator between business owners, COOs, CEOs, and more in businesses that do not compete with each other. Every month they meet to discuss new topics, such as cutting expenses or growth strategies. It's easy for your ideas to become stale if you have no one new to bounce ideas off of, so a peer advisory group gives you this opportunity.
As a business owner it's very easy to get caught up in the mundane activities it takes to run a business. The problem is that as the owner you need to constantly be coming up with new and revolutionary ideas to help make your business grow. It is also a great way to figure out how to fix any issues you might be having. Having an outside person to ask about problems is often better than consulting employees who are programmed to agree with anything you have to say.
Changing Dynamics in Large Companies:
Since the economy continues to struggle, many large companies are attempting to cut costs and accomplish the same things with less employees and a smaller bankroll. This means the wasteful executive development model is slowly being phased out. The old ways need to be replaced by a new strategy, and peer advisory groups are the best way to do this. As more and more companies realize that training isn't producing identifiable rewards in the form of profit, turning to their peers for ideas and motivation will become more commonplace.
Perfect for Smaller Businesses of Today:
While peer advisory groups have always been a great option for large multinational corporations, more and more small businesses are branching out into international areas and using technology they might not understand. Using peer groups is a lot more cost effective than using consultants or expensive training to deal with these issues. Small businesses are no longer only local businesses, so a global company obviously requires global solutions.
Great during a Bad Economy:
A peer advisory group is an excellent idea if you're looking to grow your business when times are good, but it can be even better when times are tough as they are today.
Making cuts and laying off employees can be difficult, especially without pressure. A peer group ensures that you follow through with these tough decisions, expecting a follow-up report at the next meeting.
Peer advisory groups are not free, but they are much less expensive than other options and have a much better ROI.
High-priced consultants can cost a lot of money and so does going out of business.
Peers in other related industries that are willing to help, give advice, and honestly tell you what you are doing right and wrong can be an invaluable source of information that could mean the difference between success and failure in today's changing marketplace.
If your business hasn't looked into the benefits of a professionally facilitated peer advisory group, then it might just be time to check out your options.
TeamNimbus of North Carolina. Contact Bill Davis for more information on how to start or join a Peer Advisory Group.