Do you often feel like you are the only one in your business that cares? The only one who is working hard to make “things” happen in your company? The only one who is making all the sacrifices? Are you too busy fighting fires in your business, that you never have time to work on your business? Have you been doing the same thing, over-and-over again, expecting different results?
If you answered “yes” to one or more of these questions, you are not alone. Many if not most business executives I meet and begin to work with express similar concerns. The toll often results in a lack of focus, health-damaging stress, strained relationships, and under-performing companies. Being a leader is hard and it is often lonely on top, but it doesn’t have to be.
I would like to introduce you to executive peer boards, otherwise known as executive mastermind groups. While executive peer boards may still be relatively new to a few people, the concept has been around since Alexander the Great with his own group of advisers. More recently, Napoleon Hill introduced the concept to modern times with his book, Think and Grow Rich, almost 80 years ago and there has been one offshoot or another ever since.
What is an Executive Peer Board?
You have heard the saying, “Two heads are better than one.” Imagine four to six other business owners ready and willing to help you work on your business. An executive peer board allows you to focus on the different issues, opportunities or challenges you face leading a successful business by leveraging between 2-300 years of experience sitting around the table each month to find solutions to your problems and clarify your thinking. A peer board becomes a safe place to admit that you don’t have all the answers. A place where you can listen to other executives who have already dealt with a similar issue that you’re faced with, by asking them, “How can I…?”
Since many business problems are personal problems in disguise, peer boards often focus on personal issues as they relate to the business and ensure that you are taking care of number one. This confidential and collaborative group of non-competing executives holds you accountable and helps you to grow both, personally and professionally.
Finally, the chair of the executive peer board facilitates the meeting to help keep everyone on track, ensures that no one person monopolizes the conversation, and in between the meetings, works with each executive strategically with their business.
At the end of the day, bad business decisions are measured by the number of zeros at the end of that dollar figure. If you’re looking for a place where you will know others care just as much about your business as you do, want to make fewer bad decision, and don’t want to be lonely at the top anymore, a peer board might be right for you.
If you have any questions about this article, or how we can help you with your business strategy, contact us today!