The challenging nature of business means that the ability to deal with burning strategic issues quickly is becoming more important and needs to be key process for companies today.
Peer group advisory boards or CEO Peer groups where managing directors of non-competing companies get together monthly to work on burning strategic issues are based on inter-personal relations which means that they need to have agreed shared values for communications to be effective.
Vistage International has identified 4 core values that are essential to a successful Peer group Advisory Board. They are Care, Trust, Challenge and Growth.
In order to help somebody you need to care about what happens to them. This means being prepared to listen to their challenges and asking searching questions to find out more and find out the underlying issue behind the reported symptom. This allows that conversations are authentic, unbiased and non-judgemental.
Confidentiality is a key feature of a coaching session and this is true of a peer group advisory board. What is discussed within the group stays within the group. Trust therefore is developed between members which means confidential and sensitive issues can be discussed openly amongst members.
Even when a high degree of trust has developed amongst members, when a member is talking about a burning strategic issue then it may mean that the other members have to ask probing and challenging questions in order to surface the real issues behind the problem. So that ability to challenge each other in a caring way is the third value that is core to the process. This requires honesty, vulnerability and accountability. Typically, members join a Peer Group Advisory Board in order to be challenged as usually there is no one else to do that for them as they normally have to keep up appearances for customers, employees and suppliers.
When members are challenged on key strategic burning issues and the members take action based on the outcome of those discussions then barriers to growth are taken down. The process will have identified more choices and so a member can make better decisions which of course lead on to better results. Vistage member companies grow by more than 3 times after they have joined.
Taster Peer Group Advisory Board
I’m putting together a forum for local business leaders next month and if you are a Managing Director of a £3m or more business based in the North West, UK then you might find value in joining us. The forum will focus on the issues leaders face in today’s increasingly complex business environment and strategies for overcoming those issues. I’ve invited some of the most successful executives in the North West to participate.
If you are a Managing Director and believe in the core values expressed above and are looking to grow your company then you would be a great addition to the group discussion and I would really appreciate your input.
If you are interested in joining a group, take a look at: www.mdgrowthboard.co.uk or call 0845 053 7417 for an informal chat.
I hope you can join us.