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Peer Advisory Boards: Discussion Protocol Part 4

In order for your Peer Advisory Board to be effective, 3 very important things need to occur:

1. Communication
2. Listening
3. Action

This becomes a delicate balancing act.  In order for true change to occur all three must take place. 

 com·mu·ni·ca·tion (k -my n -k sh n)

n. 1. The act of communicating; transmission.  2. a. The exchange of thoughts, messages, or information, as by speech, signals, writing, or behavior .b. Interpersonal rapport.

lis·ten (l s n) intr.v.

1. To make an effort to hear something    2. To pay attention; heed

ac·tion ( k sh n) 

1.  The state or process of acting or doing  2.  Something done or accomplished; a deed.  3.  Organized activity to accomplish an objective  4. The causation of change by the exertion of power or a natural process

Communication is relevant for both the individual presenting his/her situation and the board members contributing to him/her. 

The Presenter

The Presenter should be clear on his or her objectives and outcome.  They should come to the meeting prepared to state his/her challenge or opportunity.  We recommend that the presenter write out their situation, then meet with someone from their board (buddy) to help them clarify the issue at hand.  Preparation in advance allows the most success for the presenter.  Once the presenter has presented their issue, their job is to listen, create an action plan, and take action.  Without action, the presenter will not be able to affect change, and attain results.

The Group

It is essential that the group come prepared to help the presenter create an action plan.  They should also come with the understanding that the presenter is the focal point of the discussion and may start to feel overwhelmed, defensive, or uncomfortable if they are given too much information or advice.  We find the best results occur when the board communicates through sharing experiences, and asking questions.  It is also important for the board members to intently listen to the presenter through their verbal and non-verbal clues.   It is the job of the Board participants to support and help the presenter feel secure enough to present their situation.  The group is not there to judge the presenter or “fix” the problem.  They are there to listen and provide useful information so that he/she may form their own plan of action on their terms.  We have been given advice and told what to do our whole lives, we have a book shelf full of books, and have had encountered many folks that are more than willing to tell us how we should do something.  In my experience the true change comes from the personal decision to take the action, the best action plan is the plan created by the individual.  Therefore it is the responsibility of the board to help the presenter create his/her own action plan, and hold them accountable to take the necessary steps.

All parties come to the table with the intention to help one another grow, change and see their business in a different way.  This can and does occur when the parties involved come to the table ready to communicate, listen, and take action.

Next time we will discuss the importance of assigning roles.

Previous entries

Choosing the members of your Board

Commitment

Organization

Peer Advisory Boards: Pre-Set Agenda Part 3

We have been providing the step by step guide to creating your own peer advisory board.  This post is dedicated to the importance of a pre-set agenda.  The last post was dedicated to commitment

Important meetings have an agenda.  Your Peer Advisory Board meeting is an important meeting.  The Agenda is the guide to how the time will be spent at the meeting.  Going into the meeting without one may lead to time spent unproductively.

There is a fine line between the Peer Advisory Board and a Coffee Klatch.

Coffee Klatches have their place in the world; they are usually social in nature, a place where there isn’t a pre-set defined result in mind.  Peer Advisory Boards are all about results.

Having a pre-set agenda gives the members boundaries: A start time, end time, and in between time.

As a busy business owner it would become frustrating to rush to a meeting that frequently starts late, ends late, or doesn’t accomplish the intended goal.  Time is not a commodity and should not be wasted.  The time the business owner sets aside to attend a meeting must accomplish something.  Therefore, assign and stick to the meeting schedule.  Don’t over plan or under plan the meeting. 

Time limits in the agenda will force the group to concentrate on the task at hand and not stray in the conversation.  Assign the role of timer to someone in the group.

Be respectful of your time and the time of your board mates.  Having a pre-set agenda at your meeting will keep the group healthy and together.  Groups that are disorganized will eventually fall apart.

Next time we will discuss Discussion Protocol

Wealth Building Lunch & Learn Recording

09/02/09 The Entrepreneur Circle Lunch and LearnWealth Building:  Getting to $1 Million in Business Revenue. 

Presenter Ted Hsu President Horizon Services Company

Summary:  If you would like to build a company that is not dependent every day upon the owner, marketable for sale, and generates personal wealth: then growth is the answer.  Business growth is always the lowest risk option when compared to now growth or retracement.  The first challenge is generating your first million dollars in revenue. 

To Listen click links below

Part one 

Part Two

Part three

Part Four

Great video on Peer Advisory Boards

Peer Advisory Boards: Commitment Part 2

We have been providing the step by step guide to creating your own peer advisory board.  This post is dedicated to commitment.  The last post was dedicated to choosing the members of your board

To recap, a Peer Advisory Board is a team of carefully selected team of like-minded peers that will provide for you:

• Accountability
• Brainstorm ideas, introduce new concepts
• Guidance
• Work through business challenges

A team is a group of people that work together to accomplish something.  What would a baseball team be without someone at first base?  How could a football team function without it’s quarterback? 

The Peer Advisory Board is no different.  Without all members present, the group cannot accomplish it’s mission.  All members are critical to the success of the meeting.  The group was deliberately chosen to provide insight, experience, and wisdom to each other. Without them, everyone will miss out, including the member not present.  Each member has a role to play at the meeting.  The presenter (individual with the challenge) is looking to the group to provide information to help them create a solution. Without their team, they won’t have the benefit of collaboration.  The other members of the group also benefit from the presenter and feedback shared at the meeting.  If anyone isn’t present, that person’s contribution is missed. 

How do you create a committed team?

There are 2 ways:

First, upon conception of the group,  each person you choose must understand what they are committing to and the value of participation.  Some red flags would be someone who tells you that they can’t  predict their schedule and they will do the best they can.  Or, “I’ll be there unless I have a chance to meet with a prospect.”  These are not qualified board members.   Every member needs to be at every meeting.  Reschedule when a conflict arises, rather than conduct the meeting without them.

Second, fulfill on the value of the group.  Stick to the agenda. Begin and end on time. Keep conversations on track. Assign responsibilities to other members in the group and make sure members come to the meeting prepared. 

A committed group will thrive and grow together.  When commitment isn’t present, the group will eventually lose interest and cease to exist.

Next time we will discuss the importance of the pre-set schedule.

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Looking for Resources for New Client Acquisition

 

We are in the process of compiling a resource list for our clients and other business owners. This week we are looking for resources on New client acquisition strategy. Please share with us what is working for you regarding your new client acquisition.

 

We are looking for:

Sofware
Books
Articles
Vendors
Workshops/ Seminars/Training
All recommendations will be considered thank you in advance for your help. Please note we are looking for strategies that have proven fruitful for you. Provide as much detail as you can.

Choosing the members of your Peer Advisory Board

Last Week we announced that we would share with you the step by step guide to creating your own Peer Advisory Group.  This week we will discuss how to choose the members of your board.

To recap:

What is a peer advisory board?

A carefully selected team of like-minded peers that will provide for you

• Accountability
• Brainstorm ideas, introduce new concepts
• Guidance
• Work through business challenges

In a secure, confidential environment

How to choose the members of your group?

Just because you like someone, doesn’t mean they are qualified to sit on your Peer Advisory Board.  Be Choosy!

Things to consider when inviting someone to sit on your board.

Do they:

• Have Similar goals?
• Have a Similar level of experience?
• Have the same commitment to their business?
• Bring expertise to the table?
  • Bringing together an eclectic group of industry and talent will provide you a well-rounded board.
  • One tool we use to create our boards is to have clients take our Business Assessment Survey.  Please feel free to utilize this tool for yourself.  We bring people together based on the strengths they can share with the others. 

For Example:  If creating a business plan is a goal and weakness, I would want to sit on a board with someone who has successfully created & followed their business plan.

Choose people you respect and have chemistry with, but be careful not to choose people that think and act like you.  Diversity is very important; you are looking to challenge yourself, and work smarter in your business.

Group size?

There are different schools of thought on this topic.  Some say 8 – 12, others say 6.  We have found 5 – 8 is the ideal.

All participants must be equal

Our natural tendency would be to invite others that are much further along in their business than we are.  Trust me on this one, Nobody benefits when all parties are not equal.

You cannot be the one who always gives or has the answers, and can’t be the one who always takes or always asks the questions.  Everyone must be capable in contributing in some way. 

Example:   Kindergartener and the Fifth Grader

Next week we will discuss group commitment.

Social Networking it’s for the public to see

Last week I happened to watch an interesting story on the Today Show.  Using etiquette on line.  I’m not sure why we have to continue to remind everyone of this, but I will hop onto my soap box for just one minute.  Everything posted to a public forum is for the world to see.  Just because you are in the privacy of your home or office when you make a post, once it is out there, it cannot be taken away.  If you wouldn’t do it or say it in front of your grandmother, children, or best client, don’t do it or say it on line.

I have found items on the internet that I removed years ago.

Watch video Social Netiquette

Keiserism of the Day

Networking isn’t an event, it is a way of doing business.

I have met some wonderful people at networking events, but the relationship developed after the fact while we met over coffee or lunch.  The event was the introduction.  Anytime you are talking with or meeting people you are networking. 

Article:  Networking Doesn’t Work

This Economy!!!!

I am so tired of everyone asking me how are you doing in this economy?  Cash is tight due to the economy blah, blah, blah, blah.  Yes it’s true the economy is different than it was a few years back, so what.  Do we stop doing business, to we use our precious time and energy talking about how bad it is?  Or do we figure out a better way?  I vote for a better way.

We let the media scare us that the housing market was dropping and now we are using the “economy” as an excuse to let business drop.  We learn History in school so we don’t repeat the mistakes of our forefathers.  Let’s learn from our own history.  What if the horse and buggy dealerships, decided to carry another line of transportation “The Car”? 

We are living breathing creatures, living on a planet that is constantly changing.  The world changes, we change, that means everything.  Even the stuff we get used to, and enjoy.  We got used to one economy, and knew how to work it, now we need to get used to living in a different economy, until of course that changes as well. 

The inspiration for today’s post came from an an email I received this afternoon from Ari Galper, subject line: Lessons from Pearl – my 96yr old grandmother – the ultimate business guru.  Pearl is a smart woman, see what she had to say. Read More

I would also like to hear what you have to say.

Help Me Understand

 

 I thought the idea behind Linkedin was to make connections with folks you already know, and ask for introductions to people you don’t. 

In the past week I have received 5 LinkedIn requests from people I do not know.  This is not a problem; I view the request as an opportunity to meet someone new.  If I attended a business event, I would welcome a strangers request to introduce themselves.   When I receive such a request, I will communicate with that person via phone or email.  I prefer phone that way I can start to get to know the person behind the computer.  Half of the time I get a response, the other half I don’t.  This is what I need help understanding.  Why would a business person want to connect with someone they don’t know, and then not want to actually communicate with that person?  Have I missed something?  What is the point of having 500+ contacts if you don’t actually know any of them? 

If I don’t know you, I am not going to accept your connection request, I will not refer business to you, and I certainly will not introduce you to my other contacts.   

The computer and technology are excellent resources, they allow us to have the world at our fingertips, but it cannot replace human contact.   Or has it?  

Love to hear your perspective on this.

Great Article on Peer Advisory Boards

Being in business for your self doesn’t mean you have to do it by yourself.  This article is a great illustration on how a Peer Advisory Board can give you the edge to grow your business.

Thrive with a little help from your friends Rick Spence, Financial Post

Peer Advisory Boards give you the edge to Succeed

Where do the top leaders in business & politics get their ideas?  Why does it seem so effortless and easy for them to get to the top and stay there?  The answer is simple, they surround themselves with other leaders that are just as or smarter than they are.  The President has his cabinet, he also meets with other leaders of nations.  Leaders of big business have their board of directors, and meet with other leaders of business at regularly scheduled retreats.  These meetings are private closed door affairs.  These meetings and retreats are what perpetuates the success and survivability of nations and big business.  The leaders know they are smart, they know they can lead, but they also know they can’t and shouldn’t do it alone.  They know that in order to stay competitive and keep their edge they have to bring their challenges, opportunities and ideas to the table and discuss them with people they trust. 

Small business owners can attain the same edge, they don’t have to do it alone.  Be in business for yourself, not by yourself!  Business owners have transformed the way they do business due to the collaboration with others.  Closed door meetings are exactly that, a private meeting to discuss in detail the challenges, opportunities, and ideas of your business.  Coming out of the forest and looking at all of the trees allows you to focus on the big picture, not just the one tree.  A true leader makes decision and engages in activity that promotes the big picture.

Peer Advisory Boards are for the winners in business that know they can always be a little bit better.

“Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has.”  Margaret Mead

Business Assessment Report

The Entrepreneur Circle has created a Business Assessment Report.   This tool is intended to help you clarify areas in your business where you are the strongest.

The purpose of this assessment is to take a clear look at your current production levels as well as to identify your desired production goal. 

We use this tool as a starting point when working with clients, by knowing this information we are better able to guide  and aid our clients  in developing and implementing a sound business strategy.

Take our Business Assessment Report

The test is our gift to you.

Peer Advisory Boards

We’d like to hear from you!

1.   Share with us your experience/perception of a mastermind group or peer advisory board. 
2. What drew you to participate in the first place.
3. Or, what has kept you from participating

All responses will be published both positive and negative.

Assembling your own Peer Advisory Board

 Peer Advisory Boards seem to be one of those concepts that people either fully understand  or don’t.  In our travels we rarely see something in the middle. 

We feel very strongly about the power of the Peer Advisory Board, and would like to encourage all business owners to create the time in their schedule to participate in one.  Please understand we aren’t necessarily asking you to join one of ours, we are just recommending that you become part of a group.  You could look to a business that provides this service, or you may want to just go ahead and form your own group.  For the purpose of this post we are going to explain how to do it yourself.

Initially, you may want to form your own board.  A problem we have seen, though, is that many times these types of boards aren’t sustainable.  When a board does not have the proper components, they seem to fade away.  Therefore, we wanted to share, over the coming weeks, the components of a successful board and details around each of these components.

  First of all, you need to consider exactly what a peer advisory board is. 

Our definition:  A carefully selected team of like-minded peers that will provide for you…

• Accountablity
• New ideas and concepts
• Guidance
• Solutions to business challenges

If you want the best results, you want the best people possible on your board.  So, the first component is to be VERY selective about who you invite to sit on your board.  We will get into more detail about this in a later post.  The other components we will discuss over the coming weeks are…

• Keeping the board committed
• Pre-Set Schedule
• Agenda
• Assigned roles
• Discussion protocol
• Confidentiality agreements
• Charter/Operating agreement

Over the next several weeks, we will dissect each of these individual components and their importance.

Looking for Resources for Business Planning

 We are in the process of compiling a resource list for our clients and other business owners.  This week we are looking for resources on Business Planning.  Please share with us any tools that you have used to be successful in your own business planning.

We are looking for:

• Sofware
• Books
• Articles
• Vendors
• Classes

All recommendations will be considered thank you in advance for your help.

Business Planning Resource Page

Thank you to everyone who helped us compile our list of resources.  Check out our

Business Planning Resource Page