The Roving Entrepreneurs in the Serengeti

 

What My Roundtable Does For Me

As the co-owner of The Entrepreneur Circle, I have always thought it important to be a user of my own product.  How could I possibly ask others to join a peer advisory board if I was not part of one myself?  More importantly, I wanted the value and benefit that I saw so many others getting from their Roundtables.  So I assembled a small group of highly skilled, experienced business owners and formed a Roundtable that I not only facilitate, but I participate in.

It would be easy to throw words out there like “amazing” or “helpful” or “valuable”.  While I do feel all of those things about my Roundtable, in trying to describe my experience, those words are not very useful.  So I asked myself the question, “what, specifically, does being in a Roundtable do for me”?  Upon reflecting back over the past couple years of Roundtable participation, a few things became quite apparent.

 

First, my Roundtable provides me with a reality check.  They can look at a situation without bias or emotion and help me separate fact from fiction.  It’s easy to become entangled in the day to day affairs of running a business and even become frazzled by it from time to time.  My Roundtable provides me an oasis to step away, work on the business, and see things as they really are.  It certainly helps take the worry out of running the business and allows a trusting environment to look at the good, the bad, and the ugly while still feeling positive and inspired.  It’s a sounding board consisting of people who share a common goal; help each other grow their businesses and be higher performing business owners.

Second, they are able to help me clearly see what the issues are in our business.  Often, an outside set of eyes can help put things into perspective and allow solutions to appear more readily.  After thoroughly discussing an issue, we always each leave with practical, actionable items that we can immediately implement in our business lives.  It’s not just about theory.  Roundtable is to help each person create their business exactly as they want it to be.  Since we can’t possibly think of every idea ourselves, having an entire Roundtable looking at a situation allows ideas to emerge that otherwise never would have.

The results of working with my group have led to higher revenues, stronger business skills, and a more satisfying business life.

Finally, everyone in my Roundtable is a high performer.  You don’t want to be the “slacker” in a group like that.  I have found that we are able to push each other in a way that no others could.  I trust their judgment, their friendship, and the spirit in which our conversations are held.  I am truly a believer in what a well run peer advisory board can do for any business.

The Roving Entrepreneurs Visit the beach in Monaco

Somebody Already Thought of That!

Solutions can be as simple as one minor tweak; an outside perspective can help us make those subtle changes.

Below is a real solution implemented by a business owner.

Medical offices have been doing this for years

Challenge: Busy office, with lots of detail work to accomplish.  Staff capable, but too many interruptions in the day, not working as efficiently.

Solution: Close office for lunch everyday from 12:00 – 1:30, calls go to voice mail (message letting customers know what time office will reopen),  allowing staff to take a lunch break and allot 60 minutes to work uninterrupted.

Results: Increased productivity, calmer and happier staff, increased profit

Application: Schedule times in your day to work without interruption, let your clients know (in your voice mail message) what times you will return calls and email.

Leadership has its pressures and privileges, how can we help?

Peer Advisory Board: Group Charter, the final chapter

This is the final part in assembling your own Peer advisory board.  In this post  we will discuss creating a group charter.

A group charter acts as the operating agreement of the group.  Decisions are made in advance about the rules and boundaries of the group.  This document officiates the commitment of the group you have brought together.  Some might say that this is going over the top.  Maybe so, but it sure does keep a group together.  Little things like sporatic attendance, tardiness, or the ole “I have to leave early today” can be a distraction, and unfair to the other members of the board.

It has been my experience that when groups create their charter, they like to leave a lot of leeway.  Leniency is just as bad as not having a charter at all.  Each line item should be very clear, see example below.

(Strong)

Meeting attendance: All meetings are mandatory.  In an Emergency situation, the member will be excused from the meeting.  If member is coherent they must call the facilitstor to notify her of the emergency.  One unexcused miss is allowed, if the member exceeds one miss they will be dismissed from the group.

Fine for unexcused absence = member will bring Coffee and donuts to the next meeting.

(Vague)

Meeting Attendance: Members are required to participate in 10 out of 12 meetings per year.

When a group has to decipher the charter, at the time of an offense, it creates lots of conversation, takes up a lot of time and can cause bad feelings within the group.  When the charter is clear, there is no room for discussion.  If this happens then we will do this.  Period, no further discussion.

When creating your charter, write it as though you have to implement it today.  Say what you mean and mean what you say.  The intention is not to be harsh or impose rules, it is in place so everyone maintains the commitment, is respectful of time, and understands the boundaries.

Below are some items we suggest to include in your charter:

Officer Roles & Term
Discussion Protocol
Confidentiality Breech
Meeting attendance
Punctuality
Romantic Relationships
Business Dealings  (think carefully about this one, the mask comes off here)
Member Participation and Commitment
New Member Selection/Integration
Departing Members
Rescheduling Meetings
Emergency Meetings
Mobile Phones
Virtual Meetings

Previous Posts

assembling your own Peer advisory board
choosing the members
commitment
setting the agenda
assigning roles
confidentiality

Peer Advisory Board: Confidentiality Part 6

To recap over the past few months we have been talking about how to assemble a Peer Advisory Board.  We discussed choosing the members, commitment, the importance of a pre-set agenda,  discussion protocol and assigning roles.  This post will discuss the importance of confidentiality.

A Peer Advisory Board is a carefully selected team of like-minded peers that will provide for you…

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

The best way to achieve this is by keeping the conversation of the meeting confidential.  We have our clients sign confidentiality agreements, and reread the agreement at the beginning of each meeting.  When the members of the group feel safe they are more likely to remove the facade and tell the truth.  When the mask and facade are removed, we can start to see where changes need to be made, and get better information from your table mates on how to resolve the situation.

Example:

Facade: Business is growing, we brought on 2 new clients this month

Truth: We brought on 2 new clients this month, but cash flow is still not where we need it to be.

When I hear that business is growing and new clients have been brought on, I congratulate.  When I hear that cash flow is short, I have questions and can share examples of how I dealt with or am dealing with that situation.  Both statements are true, one gets praise, the other opens the door to creating a solution.

The best way to keep confidentiality, is to keep all conversation inside the room.  The most blatent breech would be to say “John Doe, who is on my peer advisory board, said …”  That is an obvious one.

Other breeches are more subtle:

1.  Members of the group talking about the meeting or another member not present in a public place.  (You never know who could be listening)

2.  Making an introduction after the meeting.  Always let your table mate know what you plan to do.  They may not want certain information repeated, emailed, or left on a voice mail.

3.  Giving vague references, “Oh yeah, I know John, he’s got some good stuff going on right now”  Deals have been broken using statements like that.  Are you talking to the person that John is working with?  Does that person know it is such a big deal to John?

4.  I could go on, but I think you get the point.  What happens in the room,  stays in the room, do not speak about any of the information discussed with anyone, including each other once the meeting has concluded.  Unless the  member who owns the information initiates the conversation.

Some may say, I am being too picky, or maybe too paranoid.  Perhaps.  Every example, above has affected someone at some time.  Trust is too important to play around with, it’s better to take the side of caution that to put your table mates at risk.

When confidentiality is in place, trust is built, the facade is dropped and solutions are created.

Next time we will discuss the importance of having a group charter.

Peer Advisory Board: Assigning Roles Part 5

To recap over the past few months we have been talking about how to assemble a Peer Advisory Board.  We discussed choosing the members, commitment, the importance of a pre-set agenda, and discussion protocol.  This post will discuss the different roles that are important to your board.

Every board is started by someone.  This person took the initiative to put the group together.  Although, possible for the individual to continue to take responsibility for the group, it isn’t beneficial to the leader or the group.

The board benefits all participants, therefore all participants should take responsibility for some part of the work.

When one person is doing all the work, they can start to feel underappreciated.  The group may become less committed or interested in it’s success, not to mention the load of the responsibilites are much easier to bear when everyone helps.

Below is a breakdown of the roles we have found work.

Facilitator:

1. Facilitate the meeting

A. Meeting Opener

B. Keep conversation on track

C. Keep all members participating

D. Make sure all members have the opportunity to present

E. Talk to members who resist presenting or causing disturbances

F. Create comfortable environment for all

a. Member attitude

b. Member participation

2.  Meeting location

3. Meeting Schedule

4. Check in with Presenter

5.  Prepare meeting agenda

6. Bring Charter and signed confidentialty agreements to the meetings

Facilitator Elect: takes on the role of facilitator at the meeting when the current facilitator is presenting.

Presenter: (All members)Prior to the meeting: Prepare their topic to discuss with the group. Meet with their buddy/coach, by phone or in person.

Buddy/Coach: (All Members) Meet with presenter before meeting.  The role of the buddy is NOT to offer any advice to the presenter during the preparation meeting.  Help them prepare for the discussion and clarify their issue.

Time Keeper: Give warnings as time elapses and notices when time is up.  Keep meeting running on schedule.

Discussion Protocol Observer: Give notice and assistance when the discussion protocol is violated.

Secretary: Take notes on any changes to the schedule, charter, agenda, location, etc…  Please note, confidential conversation should not be documented, published or distributed due to risk of confidentiality breach.

Treasurer: Collect monies from the group.  Money may be collected for expenses, dues, charter breaches, ect…

The presenter and coach are ongoing roles for all members.  The other roles should be assigned term limits and rotated evenly.

Next time we will discuss confidentiality.

The Entreprneur Circle Introductory Session

No one can master all of the issues demanding attention from a business owner today. There are just too many issues and they change too fast for one person to stay current:   marketing, employment issues, IT issues, changes in competition, and sales, just to name a few.

Where are you currently getting your ideas and solutions?

Who do you talk to when you have to make an important decision? Who helps you through your difficult challenges?

Peer Advisory Boards are a carefully selected group of people that will provide for you:

 - Accountability

- Brainstorm ideas ·

- Introduce new concepts

- Work through business challenges in a secure confidential environment

The Entrepreneur Circle will host an introductory session to answer your questions regarding participation on our Peer Advisory Boards and how they may help you grow your business.

Event Details:

 When:  Friday 12/18/09

Where:  500 Winding Brook Drive 2^nd Floor, Glastonbury, CT 06033

Time:  8:00 – 9:30 AM

 For more information on The Entrepreneur Circle please visit us at www.TheEcircle.com or Check out our Video Brochure

“The Entrepreneur Circle has provided an environment that allows me to continually think outside the box and then pursue those thoughts and goals with mutual support and accountability. We drastically improved our marketing programs and substantially grew our firm in our first year as E-Circle members. I strongly encourage any business person to make this commitment a priority item in their business plan.”  Bill McCloskey Founder of Stateline Senior Services

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