The value of peer boards

I used to be a regular networker for my business, attending at least one event a week—sometimes three or four. This dropped off for me even before Covid happened, just because I’d scaled down my company and I didn’t have the same amount of time.

When I did attend events, I’d travel quite far from my local area to experience new groups. Some events were better than others, and there was a core few that I always went back to, as I enjoyed the group, format (and food) so much.

If I’m honest, none of the networking events I attended did much for my business in the way of opportunities, though they obviously expanded my network. That’s not a slight; I have a niche business and networking isn’t the most effective way for me to find clients—but I understand and respect this and enjoy networking all the same for what I get out of it.

A few years ago, I saw an event advertised as a peer group (these can also be referred to as ‘mastermind groups’. The format of the event wasn’t a meet and greet, a presentation from a member and free talk over food/coffee, like the majority of events I attended during that time. The idea of the peer group was that it acted as in the same way a board would in a private company.

Small business owners, to whom these types of events are often marketed, can be at a disadvantage without a sounding board and experienced people to help guide their way. The idea of a peer group seemed to take off, and they began to take place all over the UK.

Now that Covid has hit, and we’re used to being detached from one another, I’ve been wondering if peer groups are needed now more than ever.

Here’s why:

Sounding out

Scaling up your enterprise to the next level is a scary concept. You can’t really ask for practical or strategic help from your bank manager, your staff, your network or your postie—you need experienced people who have been in your shoes. When steering a business through choppy waters alone, there may be a multitude of questions you’d like the answer to, but who to ask? A peer group is ideal.

In the events I saw, members of the group didn’t spend time pitching to each other or selling their soul…they turned up with the issue that was burning them the most at that point, and laid it at the feet of the other members. In return, they got free, specific, effective advice.

In peer groups, each member gets their chance to offload, to query or to explore a topic.