What Is a Peer Advisory Board and How Does It Work?

What Is a Peer Advisory Board?
September 15, 2021

There is no need for you to be all alone at the top. Joining a peer advisory board could be the perfect answer to your unique situation!

According to Colleen Ferray, in her book The Power of Many will always exceed the Power of One:

1. More and more business leaders are joining advisory boards.

They have become popular throughout the world. This is because they benefit business leaders and business professionals through shared knowledge.

2. Like-minded peers share experiences and expertise.

These are from an objective point of view. This could prove to be a win-win situation for all involved.

3. Everyone participating in a peer group shares information in a confidential environment.

Therefore, all relevant attendees are subjected to confidentiality agreements. In addition, most peer boards have between 6 and 8 independent leaders who a trusted advisor and facilitator oversee.

4. The meetings take place monthly and run from between 3 and 4 hours.

Each member is given an opportunity to unpack issues. The other members put forward ideas. Finally, collaborative solutions to issues that arise are suggested. The job of the facilitator is to ensure the smooth running of the meeting.

Why Joining an Advisory Board is a Good Idea!

Most SMEs do not look for advice from anyone when faced with challenges. That could be the reason why so many small businesses fail within their first 18 months. Smart solutions to business challenges are key.

Peer advisory boards are there to give a helping hand! They give advice with no hidden agendas. But, oftentimes, the feedback you get from family, friends, or employees is far too subjective tainted.

Thinking Big by Surrounding Yourself With the Right People Is Key

Surround yourself with a group of successful people. Think big by being in the company of diverse individuals with an assortment of big thinkers with a wide range of experience will result in creative solutions. These are answers to a range of challenges you might be facing.

Nothing Beats the Benefits of Belonging to a Peer Advisory Board

Many entrepreneurs and business leaders have found success through the collective knowledge of peer advisory groups. Nothing beats pressure from peers to keep you relevant! The main purpose of peer advisory boards is to support one another in a non-competitive environment.

Similar challenges are faced by like-minded professionals are solved at a high level. The idea of a peer group is not a complicated one—executives facing similar challenges in a professional environment offer one another advice.

A fresh perspective is tackled objectively. This will help peer members grow. Peer advisory boards help you remain accountable to your goals. The right support can help you reach new levels in business.

Four Common Myths About Peer Advisory Boards

Getting the right advice is crucial. Where do you go for advice when you are the leader of a business? Friends, family, and colleagues have a close relationship with you. They are usually not the right people to ask. Their opinions would be too personal.

Take advantage of peer advisory boards in your business decisions. This could be the difference between failure and success, which and extremely beneficial. It is time to dispel the myths about peer advisory boards forever. We tell it like it is!

1. Only Struggling Businesses Use Advisory Boards

There is no truth in this statement. Peer advisory boards are constantly on the lookout for talented, experienced individuals. These individuals run successful companies. The idea is to share their expertise with others on the board!

Success breeds success. Peer advisory board members meet regularly to plan and strategize. As a result, all members benefit from the strategic thinking of smaller, privately-owned business owners.

Business owners who recognize the potential of their business are a good fit. They will be in a strong position to impart their valuable knowledge to others in the group. This concept makes them an extremely valuable asset.

2. I Have a Successful Business, So I Know Everything About My Business

Outside views and fresh ideas from an advisory board will offer a fresh perspective on running your business. An advisory board can help you see your business in a new light. This is often attained through the support of peers.

It’s tough at the top, and business owners often feel lonely and isolated running their companies. A peer advisory board enables you to feel comfortable discussing your business objectively so that you receive a fair, honest, and unbiased opinion.

Discuss matters in a confidential, safe environment for invaluable feedback.

3. Peer Boards Have Nothing to Do with Networking

The reason behind belonging to a peer group is to get the unbiased support you won’t get anywhere else. In addition, nurturing valuable relationships with like-minded individuals can prove invaluable.

Discussing problems and similar issues with like-minded individuals could make a world of difference to your business. Your fellow board members are there to assist in growing your business, and they have the knowledge and expertise to help you on your journey. You would be hard-pressed to find this kind of unbiased support anywhere else.

4. No One Knows How My Business Works

You might think you are the only business facing certain challenges. But did you know that 75% of businesses face similar problems? This is regardless of the industry!

All businesses have common denominators, such as hiring and firing of staff, finances, sales, and marketing. Your peers have been there and gone through similar challenges, so tap into the knowledge pool of your peers and watch your business flourish.

Are You Ready to Achieve Great Results?

Azul Advisory is here to help businesses from across the board to achieve better results. We help leaders to reach their full potential in their personal and businesses lives. Lastly, by applying the right advice, strategies, and partnerships, it’s a win-win situation for everyone. So, contact us today!

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