As a business leader, are you giving the true value to good connections? Who do you turn to for advice when problems in your company arise? Do you use specific resources, like peers, to help you make the right decision for your business growth?
An expanded network is one of the most effective ways of growing in a corporate environment. Diverse perspectives from a trusted professional or an advisory group have an enormous potential to enlighten difficult situations and create the right strategies.
What Is a Peer Advisory Board?
You might have heard of peer advisory boards. But do you know what they are?
If you haven’t yet participated or aren’t familiar with them but are interested in getting more information, this post is all you need.
Keep reading to learn the importance of a good connection. And learn why some of the most successful companies in the world are members of peer advisory boards.
We’ve gathered the most common questions we receive about peer advisory boards. Below are FAQs to help you learn about this handy tool to:
- Obtain diverse business insights and techniques to improve your organization
- Drive your performance
- Bring you positive ROI
After all, sometimes, all a business needs to succeed is the right advice.
What’s a Peer Advisory Board?
It’s a members-only, private advisory group made up of successful business leaders and CEOs.
These leaders get together to:
- Discuss their most pressing issues
- Gather useful insights
- Juxtapose relatable situations
- Offer pragmatic solutions
- Share unique opportunities through meetings held each month
Strategic and complimentary partnerships are born through these peer groups, as leaders and business owners connect and access resources that will help increase value and reach their goals.
Because the members are always from non-competing industries, the only agenda is to help each other succeed. Therefore, they provide the right advice and strategy to improve the performance and outcomes of their businesses and their lives.
Who Uses a Peer Advisory Board?
Business owners, leaders, executives, CEOs who want to overcome challenges and grow their business by learning from other leaders’ experiences.
Through expert advisory, insights, and unbiased feedback from other business owners, consultancy, and the exchange of ideas, members are more capable of:
- Creating strategies
- Making decisions
- Taking actions to guide their companies to where they envision them
Why Do You Need an Advisory Board?
Because your company could use some impartial, intelligent, and honest advice from non-competitive business leaders. Members help stimulate thinking and find solutions to deep professional and personal issues. Challenging thinking results in rewarding accomplishments.
By thinking through the dynamics of a challenge, the debate usually pushes away assumptions to dig deep into the roots of the issues. This way, members get good, diverse, and strategical answers or the right piece of advice to feel more confident to act and grow their businesses.
What Is Vistage?
Far beyond a simple professional networking platform, Vistage is the world’s largest CEO coaching and peer advisory organization for bringing groups of CEOs and business leaders together.
It offers its members the opportunity to be surrounded by successful business minds from different industries in a non-competitive environment, by the promotion of monthly meetings for:
- Exchanging advice
- Sharing fears
- Getting one-on-one business coaching with a chair of CEOs
An expert Vistage Chair guides the meetings and is:
- A supportive leader
- Committed to the success of group members
Our founder and CEO of Azul Corporate Advisory, Mr. John Suvanto, is a Vistage CEO Chair himself. In addition, he has experience facilitating and coaching a confidential peer advisory group of 16-18 business leaders from non-competing industries.
What Happens in a Peer Advisory Group?
The meetings are monthly to offer members continuity and accountability. The focus of each meeting is a different topic concerning the corporate world, with support texts and materials that will be read and discussed by the members to:
- Expand horizons
- Share knowledge
- Exchange perspectives and insights
Members then share professional and personal challenges to find solutions and opportunities to grow. They also give updates on what they have accomplished in the last month, since the last meeting.
And, everyone in the group has a chance to listen, ask, and suggest strategies or offer advice. This way, ideas and answers start to flow, and they create solutions together.
Additionally, members don’t get to vote on policies, as this is not a board of directors but a board of advisory. This way, they can accept or reject what others suggest.
What Is One-to-One Coaching?
They are private monthly sections between an individual member and their Chair. Further, this is an excellent opportunity to get expert advice and to explore customized solutions to your specific challenges.
Moreover, the group designed these sections as mentoring tools to help identify your:
- Main issues
Together with your coach, you will work to create strategies and solve them.
What Are Top Benefits of Being a Peer Advisory Member?
- It makes your life easier in a way that helps you make better decisions personally and professionally.
- Also, it connects you with other business leaders who share some of your fears and may offer just the right advice on dealing with your own issues.
- Finally, it adds value to your life and your business as you get insights, expertise, knowledge, and support from others.
Are There Other Resources for Vistage Members?
Yes. Members have access to conferences, meetings, and network events with other members, such as the Open Days across the country.
They also have access to:
- An online community
- A vast library
Ready to Scale-up Your Business?
You learned about peer advisory groups and the immeasurable benefits of your business’s right connection and advice. Now, you can unravel the path to success by leveraging our expertise and well-established contacts to get introduced to your advisory group.
Schedule your complimentary consultation with Azul Corporate Advisory today. But, most importantly, call us today to experience increased value and sustainable growth.