Some Practical Tips to Create A CEO Peer Advisory Group

What according to you, is a driving factor that keeps people on their toes? What do you think motivates them to push their limits to achieve their maximum potential? Well, believe it or not, it is the peer pressure. It inadvertently affects all of us in different ways, throughout our lives. Moreover, positive peer pressure can work wonders for us. Perhaps, this is the reason why the majority of business leaders have found CEO peer advisory groups to be successful.

A CEO advisory group is a committee comprising of top executives from various firms. The main aim of such a committee is to act as a platform for the CEOs, Presidents, business owners, and Chairmen from different industries to come together, share ideas, develop strategies to solve common problems and support each other. These CEO peer groups create a non-competitive environment, where all the members act as an advisor (generally referred to as the CEO advisor).

In order to make a successful peer group, the following five things should be kept in mind:

1. Confidentiality is the Key

For a peer group to be successful, it is imperative that all its members open up to each other and trust each other. It is possible only when they respect the privacy of their peers and swear to confidentiality, be it written or verbal.

2. Constructive Feedback is a Must

Communication between the members is very crucial. All the professional CEO advisor group must get equal opportunity to discuss the problems they face in their business and ask for advice from their peers. It should always be a two-way communication street, where all the members openly discuss issues and give honest feedback. There should be no room for the inhibitions and suppressive nature of any sort.

3. Variety is Important

The group should consist of people from all kinds of industry. People with expertise in various fields coming together offers a promising discussion over those with the similar set of people. Moreover, brainstorming problems become easier when experts from different fields unite.

4. Structured Format and Facilitation

Giving a structured format to such committees is of paramount importance. A unanimous decision should be taken before forming any group, to decide the fee, expenses, number of meetings and the duration of meeting in a year. A qualified facilitator to run the entire program must also be a part of this group.

5. Commitment and Accountability

Commitment and accountability are two pillars of successful peer groups. Therefore, all the members must be committed and present during every session. They should be equally devoted to their professional growth as they are for their work appointments, and must be open to making mistakes and accepting them.