As a business owner, you may have heard of peer advisory boards but may not fully understand what they are or how they could benefit your business. At TAB, we know there are many misconceptions about peer advisory boards, and we want to clear those up for you.
Think about where you turn when you need advice on what car to buy or where to go on holiday. You probably go to your friends, family, and colleagues because you know they have tried different options, and you value their opinions. The same concept applies to peer advisory boards. Business owners like you can benefit from the collective wisdom of other experienced business owners who have faced similar challenges and can provide valuable insights and feedback.
Let's debunk some common myths about peer advisory boards:
1. “Peer advisory boards are for struggling businesses.”
you might have heard that advisory boards are only for struggling businesses, but we at TAB are here to set the record straight.
While advisory boards can certainly help with issues and struggles that businesses may be experiencing, they're not just for struggling businesses. In fact, peer boards are looking for experienced members who have successfully run businesses and want to share their insights with others.
It's important to note that large corporations have a Board of Directors, and they don't just meet when the company is in trouble. They regularly come together to plan and advise on the company's strategic direction. Similarly, peer advisory boards, such as those run by TAB, provide strategic thinking and planning to privately owned businesses.
Any business owner who sees great potential in their business and is seeking collective wisdom to help reach their goals is a great fit for a peer advisory board. Don't let misconceptions stop you from exploring the benefits of joining a peer advisory board.
2. "I‘ve seen it all. I don’t need to be told how to run my business."
At TAB, our members sometimes say, "you don't know what you don't know."
Maybe you really have seen it all, but it’s the external perspectives and new ideas you get from your advisory board that is going to make you see your business in a fresh and exciting way. We’ve seen many business owners fall back in love with their businesses through the support of their boards.
In addition to gaining new insights, business ownership can feel isolating at times. Your peer advisory board can provide a confidential sounding board where you can openly discuss your business and receive honest, unbiased feedback. This safe and respectful environment is invaluable and not easily found elsewhere.
As one of our board members, Peter Bird from WATB Creative put it:
"Board meetings have always brought up fantastic insights and the benefits of being able to discuss any issues in a safe and respected environment should not be underestimated."
3. "Peer boards are basically networking groups, and everyone will try to sell me something."
Unlike some networking groups where everyone focuses solely on their own interests, peer advisory boards operate differently. Business leaders join these boards for many reasons, but a key one is developing strategic leadership skills. Over time, board members build honest and meaningful relationships and become trusted advisors with intimate knowledge of each other's businesses. It's a collaborative effort where everyone is invested in each other's success, not just their own.
Richard Branson wrote about the power of peer advice in his article, The Art of Asking for Advice, “When you need to make hard decisions, being able to discuss your ideas with entrepreneurs and business leaders who have solved similar problems can make all the difference.”
Fellow board members care about helping your business grow; their knowledge and experience can be invaluable in getting you there. Joining a peer advisory board provides a unique opportunity to tap into a supportive community of like-minded individuals who are committed to each other's growth and success.
4. "My business is unique. Someone in a different industry can’t help me."
It's not surprising to learn that 75% of all businesses face similar challenges, regardless of their industry. For example, financing, recruiting and retaining good employees, increasing sales and marketing effectiveness are issues that almost every business owner encounters at some point.
The good news is that your peer board members have been through similar situations and can help answer questions and offer insights. By tapping into their knowledge and experience, you can overcome these challenges and focus on growing your business.
5. "Peer advisory boards take up too much time!"
We often hear concerns about the time commitment required to be part of an advisory board. Some business owners may feel hesitant to commit to the four hours a month outside of their business.
However, after more than 30 years of operating peer advisory boards, we have seen that business owners often end up saving time by being on a TAB board. This is because the collective wisdom and insights gained from the board can help you make better decisions and avoid costly mistakes.
As Simon Hudson, a TAB member for almost ten years, explains:
"The time spent at board meetings and working on your business with your TAB group is more than paid back in spades."
Don't let concerns about time hold you back from joining a peer advisory board. The investment in time can pay off in a big way.
6. "My business is too big for any sort of peer advice."
Running a multi-million-pound business or having a board of directors doesn't mean that a peer advisory board is not right for you. When you're at the top of an organisation, it can be a lonely place. In fact, the bigger the business, the greater the isolation can be. As the leader, you are responsible for more people, and fewer individuals can understand what it's like to be in your shoes.
Even if you have an executive board, they may not always challenge your decisions or push your thinking, nor will they necessarily take into account your personal goals for the business. That's where a TAB board can step in. No matter the size of your business, you always need someone looking out for your development and well-being.
As George Goss, a TAB member since 2016, puts it,
"It is extremely interesting and useful connecting with other business owners and learning how we all overcome challenges which are specifically different but, ultimately, the same! TAB adds great benefit to any business owner wanting to focus, plan and thrive in this noisy world of ours!"
If you're looking for a supportive community of like-minded business owners who can help you navigate the challenges of leading a successful business, get in touch with your local TAB business coach and start your journey towards using collective wisdom to grow your business.
