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.

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.

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?

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.

Upcoming Intro Session Details

Peer Advisory boards give leaders in business and politics the edge to stay on top.  

“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

Peer Advisory Boards = A carefully selected group of people that will provide for you:

1. The competitive edge to grow your business
2. Accountability
3. Brainstorm ideas
4. Introduce new concepts
5. Work through business challenges in a secure confidential environment.

Article: Peer Groups: your solution for managing the recession

Results 19% – 43% Positive Revenue Impact

The Entrepreneur Circle will host an introductory session to answer your questions regarding participation on our Peer Advisory Boards.

Event Details:
Date:  Thursday May 7, 2009
Time:  1:30 – 2:30 PM
Location:  500 Winding Brook Drive, Glastonbury, CT (2nd Floor) 

There is no cost and no obligation to attend this introductory meeting.  Space is limited, so please call 860-432-4490 or email info@TheEcircle.com if you are interested in attending.  

 

For more information, please contact:

Maria Keiser

Managing Member

The Entrepreneur Circle

860-432-4490

info@TheEcircle.com

www.TheEcircle.com

Our Blog

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