By Jeanne Masseth

Best. Professional Advice. Ever. Mine came during a typical meeting with my mentor. Offering solid wisdom and industry tips are her hallmarks but this conversation was genius. I listened intently as she explained details of two peer advisory groups she launched years ago. These business advisors met formally to discuss opportunities, declare goals, and hold each other accountable for generating higher profits. I remember thinking, “WOW. I would jump at the chance to join this caliber of leaders!” Imagine my surprise when her next words were, “You should start a consulting peer advisory board to hold you accountable and challenge your thinking. Who would you invite?” (I admit, my first response was something like, “holy crap!”)

As scary as it sounded, that discussion pivoted my thinking about how business leaders develop. I’ve worked in learning and development for 20 years but this concept was… different and bold. Challenge accepted! Within a few months, colleagues and I formed our Peer Advisory Board. We carved ground rules, our mission, and published meeting dates through eternity, literally! We’ve never looked back. The development I’ve experienced though peer advisors has changed the trajectory of my business and catapulted my happiness.

What is a Peer Advisory Board?

Simply a group of peers who advise. Their purpose is to help members solve specific problems. Membership places you in monthly meetings with other experienced, high-caliber likeminded professionals. A trained facilitator typically guides board meetings. From dialoging specific business challenges, to offering feedback and best practices, peer boards tackle real issues happening now.

A Peer Advisory Board is a great fit if:

You want advice on a two-way street. When you’re involved with a peer advisory group, part of your purpose is to share your own expertise and experiences. Boards do a terrific job at getting people to the table to exchange ideas and work on issues – and it’s a good chance to nurture connections. A peer board can advise on issues like this as they come up. It’s like calling a friend and asking, “What do I do?”

Peer Advisory Board Value:

We learn faster and better from one another. Period. The goal is to bring out the group’s “genius”. Collaborative learning draws on insight and wisdom of each member, resulting in a mix of ideas that benefit everyone. Adult learning theory tells us adults prefer to define what and when to learn. (A concept called “just-in-time learning”).

An added bonus – there’s power in a public declaration of goals – and having to report back! Accountability is a huge motivational factor because no one wants to disappoint the team! Trust and honesty are paramount. Members commit to the structured process and to elevating one another. My fellow members have become trusted friends because we share challenges and celebrate successes together.

“Try never to be the smartest person in the room. And if you are, I suggest you invite smarter people…or find a different room.”  Michael Dell, founder and CEO of Dell, Inc.

• A willingness to be open and honest is essential

• Board effectiveness is dependent on member’s willingness to share. When people are open about discussing their failures, challenges, and other sensitive issues will the group benefits. “A-ha” learning experiences come about as a result of relationships forged within a bonded group. Bonding is the strongest when members have respect for each other, as well as the patience and understanding to really listen. Having fun together, sharing good laughs and stories are important!

Benefit to Peer Advisors outside your own industry  

Most leaders join professional organizations and attend conferences within their industries. Peer Advisory Boards differ because they include members from noncompeting industries. Members find there is no substitute for developing bonds with peers across industries.

Why join a Peer Advisory Board?

Peer advisory boards give members arm’s-length advice, knowledge and support that business leaders often can’t get from their team or traditional advisers. Unbiased advice is difficult to receive because, typically, anyone you’re talking to is connected to you somehow.

“It’s lonely at the top.” You’ve heard the cliché before; as a leader, you’ve felt it before.

To Learn More…

Legacy Talent Development is launching a new Peer Advisory Board. If you would like to be invited to attend as a guest, email jeanne@legacytalentdevelopment.com. Visit legacytalentdevelopment.com for more information.  

For more information on the value of Peer Advisors check out ‘The Power of a Peer 
Group: How come
 something so proven is not more pervasive, and what are we willing to do about it?’ by Mike Richardson or ‘How Peer Advisory Groups Inspire Leaders to Be Accountable’ by Beth Miller. The truth is no matter how successful you are, nothing can substitute for hanging out peers who know from experience what you are faced with. Peer Advisory Boards offer a ton of wisdom and support! Are you ready to look into membership?

Seth Godin’s blog article offers a perfect summary, “Your peer group are people with similar dreams, goals and world views. They are people who will push you in exchange for being pushed, who will raise the bar and tell you the truth. They’re not in your business but they are in your shoes. Finding a peer group and working with them, intentionally and on a regular schedule, might be the single biggest boost your career can experience”