This post first appeared on Peer Advisory Board and Peer Group For Tech Entrepreneurs
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As a CEO or founder of your company, you always want to know the best way to operate your company. Carrying such an important role in your business does get a bit lonely whenever you have to make big & tough decisions, especially when no one completely understands your situation.
You may then question,”Why do I need a peer advisory board or group for my business?”
According to a study by Stanford University and The Miles Group, nearly two-thirds of CEOs don’t receive outside leadership advice. This is a huge risk you are putting your business in as you can potentially make uninformed decisions that will negatively affect the success of your company. Even a study from Ohio State University revealed that 50% of companies failed due to management’s flawed business decisions.
That is why it is important for you to have an outside perspective in order to assist you in avoiding disaster and substantially grow your company. There are two methods for you to gain such a perspective when it comes to decision-making: CEO Peer Advisory Board or Peer Advisory Group.
“Even the best-of-the-best CEOs have their blind spots and can dramatically improve their performance with an outside perspective weighing in.”
CEO peer advisory board is an assemblage of mentors who will be there for you and your company. This advisory board consists of 3 to 5 handpicked senior executives who will work alongside you on your business. The primary objective is to put your growth plans in full throttle by taking advantage of the members of the business advisory board that are highly experienced, knowledgeable, know-how, and have connections of top leaders and experts in the relevant field to make your business successful.
You should consider a CEO peer advisory board of your own if:
Peer advisory group is basically a forum or network where CEOs and senior executives of various industries come together to share their knowledge and insights to solve each other’s challenges, learn as well as grow. The business peer group typically facilitated by a chair, which will represent a number of industries, and 10 to 15 of the members are non-competitors among each other. The primary objective of having the business advisory group is to share views of ideas, challenges, issues, approaches, and best practices in a secure and healthy atmosphere.
Here are some of the companies that gathers senior executives in a CEO peer supporting network:
You should consider joining a business peer group if:
It is the wish of every entrepreneur to take their business to the next level. This process can be filled with excitement, personal triumphs, and striving for success. But apart from these sunny sides of being an entrepreneur, there are also some shadow sides along the road like stress, cash flow challenges, or loneliness. To overcome those challenges a business advisory group or peer advisory board can help to achieve your goals without struggling too much. These two groups could make a big difference for you and your business. These groups can be online or offline.
However, should you find yourself feeling that these joining the peer advisory group or assembling your own advisory board is not your cup of tea, then you should check out NEXEA’s Entrepreneur Programme where it caters for CEOs of high-growth startups (potential to grow more than 100 million in market size). The Entrepreneurs Programme advocates founders and entrepreneurs to have a peer-to-peer growth mindset as they believe it allows CEOs to learn and relearn the things that they know as well as openly discuss with their peers about the challenges and failures that they face.
NEXEA is known for its mentors who are successful ex-entrepreneurs, or C-levels who own and have sold (IPO, M&A) their businesses. The combination of experienced mentors, experts and partners prove potent as the 35+ startups invested by NEXEA have grown 3 to 16 times per year.