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: 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.

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?

Glastonbury Chamber Announces Strategic Alliance with The Entrepreneur Circle

The Glastonbury Chamber is pleased to announce a strategic alliance with The Entrepreneur Circle.  The Entrepreneur Circle runs peer advisory boards (Roundtables) for business owners.  Roundtables are small groups of business owners that meet to discuss mutual issues and concerns they face in the running of their businesses.  The business owner gets an opportunity to share in the cumulative wisdom and experience regarding the true nature of owning and operating a business.  The Roundtables convene under the guidance of a trained facilitator and follow a defined process that is designed to produce measurable value for the participants.

Fast Company Magazine recently discussed a poll of business owners that participate on peer advisory boards.  64% reported an increase in bottom line profitability.  56% reported an increase in top line sales.  And 60% reported an increase in productivity.  The Roundtables help the business owner enlarge the view of their business, improve their mission and strategy, and discover new ideas they haven’t considered before.

“Having participated in several peer discussion groups, I have found The Entrepreneur Circle’s structured format to be one of the best places to discuss business issues.  My participation in the group has had a measurable impact on the continued success of our organization”.

David Wood President Gateway Financial Group, Inc. (Glastonbury Chamber Member)

The Entrepreneur Circle is offering a 20% discount on annual dues to Glastonbury Chamber members.  For eligibility guidelines and information on membership, please contact The Entrepreneur Circle at 860-432-4490 or info@theEcircle.com

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

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.

Web 2.0 for Marketing and Market Research

The Secrets of Marketing in a Web 2.0 World 

For marketers, Web 2.0 offers a remarkable new opportunity to engage consumers.

If only they knew how to do it.

That’s where this article aims to help. We interviewed more than 30 executives and managers in both large and small organizations that are at the forefront of experimenting with Web 2.0 tools. From those conversations and further research, we identified a set of emerging principles for marketing. Read More

By SALVATORE PARISE , PATRICIA J. GUINAN and BRUCE D. WEINBERG

Keiserism of the Day

Pursue your dreams and make the proper decisions for it to materialize.

The good news is that we have choices, the bad news is that we have choices.  Either way you look at it we get to choose.   When you are intentional about your decisions, reaching your objective becomes more attainable.

Related Article:  Five Levels of Decision Making

Magic pills, wands, and pixie dust

A few weeks ago I posted an entry

“Magic pills, magic wands, and gurus are best kept in the Fairytale books. The tools you need to grow your business are Leadership, knowledge, and self-discipline.”

I found this video to illustrate my point. Enjoy

Mad TV Eat Less, Move More Video

Just Do It

Yesterday I was engaged in a wonderful discussion. The common theme was “Just Do It”. We allow ourselves to wait for the right time to do all kinds of things, but usually the time isn’t right because we choose to procrastinate instead of act. There is comfort in procrastination, we make ourselves feel good with the idea that we plan to do something. We create the story that it isn’t the right time or there isn’t enough time, or whatever else we want to believe to be true. The truth is NOW is always the best time to do something.

I most commonly hear this when the topic of having a business plan comes up. For some reason there is a lot of resisitance to writing and following a business plan. Robin Bienemann (Chariman’s View) recently spoke to our members on this topic. Robin explained the fundamentals of putting a plan together. Below are some exerpts of her talk.

What is a Plan?

1. Executive Summary (Mission of the company)
2. Company Description (What do you do)
3. Product or Service(describe your product)
4. Market Analysis (who are your customers)
5. Strategy and Implementation (how will you reach them)
6. Management Team (who will help you accomplish this)
7. Financial Analysis (How will your company support itself, and it’s team

Who’s the audience and what’s it look like?

1. The Audience

• You
• Stakeholders – spouse, family, etc
• Investors – new or existing
• Suitors (potential buyers)

2. How Long? – depends on the audience

• Executive summary: 1 Page or less
• Investor summary: 4 – 5 pages
• Business Plan for a serious investor: 5- 10+ pages
• Internal/personal plan: 2 – 3 Pages Robin Bienemann(Chariman’s View)

Unfortunately, it’s the entrepreneur that doesn’t have a business plan is the one who has the simplest one to write. We feel overwhelmed by the project, think we don’t need one because we have all the information in our heads, business is growing to fast to keep up with it, ETC… You fill in the blank.

Whether it is writing and implementing a business plan, or something else on your To-Do list the best time to take action is NOW.