The 7 Benefits of CEO Peer Groups
Whether you are running a business or you’re the CEO of a company, it can often feel lonely at the top. But it doesn’t have to be that way. There are many organizations that run CEO peer groups to help leaders by providing them with support, guidance and advice.
I asked who chairs three such groups for Vistage Worldwide, why business leaders should join a CEO peer group. Here are seven benefits to being part of a CEO peer group:
1. They can teach you how to scale.
One of the toughest parts of running a successful business is learning how to scale. Mismanaging growth causes many businesses to fail. Within the groups, there are always people who have been through that process and who can guide you on what to do, and more important, what not to do, which will significantly improve your chances of scaling successfully.
2. They help with blind spots.
We all have blind spots, but when you’re running a company, it can be difficult to see what these are. In peer groups, you get honest feedback and tough love that helps you see the areas where you need to improve — not only in business but also as a leader.
3. They hold you accountable.
Accountability is one of the major keys to being successful, and within the groups, the CEOs act as accountability partners. They not only offer advice and support, but they also check up and call each other out on how they are doing with their proposed plans.
4. They offer personal support.
I’ve gone through a divorce while trying to grow a business. It’s hard not to bring your personal problems to the office, which can have an affect on your business. These peer groups can provide an outlet and the support to help you through these tough times.
5. They offer access to resources.
The stronger our networks, the bigger the pool of resources that are available to us. When you network monthly with a group of eight to 16 CEOs, you not have access to them but potentially their resources. The more resources that we have available, the more options we have when looking to address problems.
6. They can be a sounding board for ideas.
The best idea is a well-tested idea, that has been examined and challenged from all angles. The more we can test our ideas before we look to implement them, the stronger we can make them, or understand that it might not be the right thing to do, which could save us from costly mistakes.
7. They help you learn from the success and failures of others.
When you’re part of a mastermind group, even if the issues being discussed were raised by someone else, you can always learn from them. The challenges that others face may not be the challenge you face today, but at some point, it may pop up in your business. Being aware of how these things start and knowing how to deal with them will help tremendously. It’s good that we can learn from our mistakes, but it’s great if we can learn from the mistakes/challenges of others. The same is true for successes.
In Think and Grow Rich by Napolean Hill, one of the things that is clear is the power of masterminds groups. Anyone who is serious about his or her business should join one.