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.

Business Planning Resource Page

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

Business Planning Resource Page

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.

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.

Time Management Workshop

Join Us July 28 Time & Activity Management

Event Details: What: WorkshopCost: $20.00 in advance, $30.00 at the door (dinner will be provided) Who Should attend: This workshop is designed for individuals who want to understand what occupies the majority of their time and how to manage their time better in the future. Presented by Rich Russo (The Quantum Group)     Upcoming Events Our Mission: The Entrepreneur Circle is dedicated to the growth and development of the entrepreneur by helping them reach their maximum potential in a safe, confidential environment through roundtable groups, education, collaboration, and access to expert resources. Register Registration is a first come first serve basis, maximum capacity for the room is 25 people. Objectives · Determining what controls your time and the three tests of time · Understanding the time wasters · Analyze your day for effective time utilization · Using criteria to set priorities · Implement time management techniques, long term and short term action and planning aids Where: The Entrepreneur Circle 500 Winding Brook Drive 2nd Floor, Glastonbury, CT When: Tuesday July 28 Time: 6:00 – 9:00 PM

Create an Action Plan

 Ray Silverstein  president of PRO: President’s Resource Organization  has become one of my favorite bloggers.   Today I came across this article on Planning.

Create an Action Plan Now

When business is tough, goal setting is critical. If you don’t want to get sucked into the downward spiral, you need to head for higher ground. More important, you need to know how to get there.Make an Action Plan
This is the number one secret to effective goal setting; regardless of what your goal is, the key to reaching it is always the same. The best, perhaps the only, way to turn an abstract goal into an attainable reality is to create an action plan; a nitty-gritty, no-nonsense action plan. Many small-business owners are wishful thinkers, full of big ideas. They spend hours talking and dreaming about what they’d like to accomplish, but never in concrete terms. They repeat the same ineffective activities over and over, and then wonder why they’re not getting anywhere.  Read More

Lunch & Learn: How to Gain Corporate Contracts

Join Us July 23 Gaining Corporate Contracts

Event Details: What:  Lunch & Learn You will Learn how to: Obtain the Business Manage your Sales Funnel Work with their Purchasing Department Gain a deeper understanding of the process    Where:  The Entrepreneur Circle 500 Winding Brook Drive 2nd Floor, Glastonbury, CT    When:  Thursday July 23    Time:  12:00 – 1:30    Who Should attend:  Business Owners that would like to learn how to gain Corporate Contracts. Presented by Ted Hsu (Horizon Services Company)   Register Registration is a first come first serve basis, maximum capacity for the room is 25 people.   Please Note:  Lunch will not be provided, this is a brown bag lunch event. Our Mission: The Entrepreneur Circle is dedicated to the growth and development of the entrepreneur by helping them reach their maximum potential in a safe, confidential environment through roundtable groups, education, collaboration, and access to expert resources.

Great Article on Peer Advisory Boards

I found this great article today on Peer Advisory Boards.  Thank you Ray@propres.com for writing it.  

Article:  Is a Peer Advisory Group Right for You?