Whether they like to admit it or not, modern CEOs often feel insecure or discouraged when taking on the numerous responsibilities that come with being at the top. Although there will always be decisions they need to make on their own, having a peer group where they can receive input, advice, and support from a variety of people with similar experience, can be extremely beneficial and offer new perspectives. If you’re a business owner, executive, or CEO who wants feedback on how to do a better job or wants support from like-minded individuals, joining CEO peer groups is the thing to do.
What are CEO Peer Groups?
CEO peer groups are typically made up of a group of around 6 to 18 people from similar, but differing backgrounds who meet consistently either weekly, biweekly or at another decided upon time. Groups that are most successful have a skilled group facilitator who helps the group deal with and communicate about important issues. Many peer groups will have successful professionals come as guest speakers, and offer an environment of learning and accountability.
Also known as executive peer groups, CEO peer groups get together to discuss how they can better manage their businesses and often their lives. A group is only successful when they all work together and participate as listeners and doers. Groups are made up of company presidents, general managers, and CEOs who work together as an informal board of trusted advisors to each other. It is a safe, confidential, and supportive peer group that can inspire innovation, provide one another with opportunities, challenge members, and tackle various issues members may face.
What Are the Benefits?
CEO peer groups serve as a relief for entrepreneurs and executives who may struggle with the loneliness that comes with being at the top. The benefits of a joining a group are endless. Peer groups are a safe place to discuss whatever trials members face. This can include general and/or specific business challenges, as well as personal challenges.
Peer groups can lead to increased accountability, result in a strong support network, provide access to professionals with complementary strengths, and improve one’s level of business expertise.
It is helpful to find groups with more diversity rather than less diversity. Branching into other industries helps participants think outside of their own worlds. The diversity of CEO peer groups brings a great balance because group members can build off of each other’s strengths and learn from each other’s weaknesses.
All different types of CEOs can benefit from peer advisory groups. CEO peer groups provide invaluable external perspectives that are as beneficial to a CEO from a large company leading hundreds of employees as they are to a startup entrepreneur leading only a handful of employees.