I’ve spent most of my career working with peer groups who share a common connection and come together to support one another. From executive leadership to wealth preservation to faith-based communities, these groups provide a foundation of support for their group members.
In times of uncertainty, much like those we are experiencing now, the need for human connection and support becomes even more crucial in our journey as sense-making beings. This holds true not just in our personal lives but also in the business world. Peer groups, such as YPO, Vistage, EO, TIGER 21, Leading Peers, CEO Forum and IAMN, play a significant role in providing a supportive community for entrepreneurs and business leaders during turbulent times.
Following are a few of the good reasons to “find your people.”
1. Sharing Experiences and Insights
One of the most significant benefits of being part of a peer group is the opportunity to share experiences and insights. During uncertain times, it's natural for everyone to face unique challenges and dilemmas. Being able to connect with peers who have been through similar situations can provide invaluable guidance and perspective.
YPO (Young Presidents' Organization) and EO (Entrepreneurs' Organization) bring together entrepreneurs and business leaders from diverse industries and backgrounds. These networks facilitate the exchange of knowledge, strategies, and best practices on a wide variety of professional and personal topics, and members gain from the diverse expertise of their peers.
2. Emotional Support
Uncertainty can take a toll on mental and emotional well-being. Peer groups offer a safe, typically confidential space where members can express their concerns and fears without judgment. Having a support system of individuals who understand the pressures can be a great source of comfort during tough times.
3. Accountability
In peer groups, accountability is a powerful motivator. Research shows we are 65% likely to meet our goals if we simply commit to another person. That rate skyrockets to 95% if we participate in regular meetings and progress updates.
When you commit to your peers that you'll achieve certain goals or overcome specific challenges, you're more likely to follow through. This accountability mechanism can be a driving force for personal and professional growth, even in uncertain environments.
4. Access to Expertise
Many peer groups have access to experts and thought leaders in a variety of fields. Vistage provides its members with access to executive coaching and expert speakers who can offer guidance on leadership, strategy, and resilience. Likewise, YPO, EO and Leading Peers offer robust education opportunities and promote a “lifelong learning” mindset.
This access to expertise can be a game-changer for businesses looking to adapt and thrive in changing circumstances.
5. Networking Opportunities
Building a robust professional network is a cornerstone of success in business. Peer groups like TIGER 21 focus on wealth preservation and financial intelligence, bringing together ultra-high-net-worth individuals for networking and learning opportunities. Networking within these groups can lead to new partnerships, collaborations, and opportunities, which can be particularly important during uncertain economic periods.
6. Diversity of Perspectives
Diverse perspectives are essential for effective decision-making. Peer groups like I Am Nation often consist of members from different backgrounds, and cultures. This diversity of thought can help leaders see problems from multiple angles and develop creative solutions that they might not have considered otherwise.
7. Adaptation and Resilience
In times of uncertainty, businesses need to be agile and resilient. Being part of a peer group can expose leaders to different strategies and approaches for adapting to changing market conditions. Learning from others who have successfully pivoted their businesses during challenging times can be inspiring and instructive.
Peer groups offer invaluable support and resources to business leaders during uncertain times. These communities foster knowledge sharing, provide emotional support, promote accountability, and offer access to expertise and diverse perspectives.
As the business landscape continues to evolve, the importance of peer groups in helping leaders navigate will continue to grow. Joining such a group may not only help you weather the storm but also emerge stronger and more resilient on the other side.
The Stone Cottage plays host and facilitation partner to a large network of peer groups around the world. Consider allowing us to host your next meeting. Need help discerning what peer group is right for you? Let’s talk.