In times of great stress or in times of great success, executive-level decision making can feel more weighty than it does when business operations are running “as normal.” In difficult times, an ill-advised choice could jeopardize jobs or even an entire business. In times of surplus, executives may find themselves making decisions based upon the temporary high fueled by success-generated endorphins.
It is a natural human instinct to allow sentiment to inform important choices–the expression, what was I thinking? has become a cliche for a reason.
Executive decisions must be informed by real world metrics and that can be undermined when emotions are running high. Which is one of many reasons why having a strong peer community is so important for executives.
If you’re looking to join or build your own peer group, here are a few recommendations to help get you started.
Understand What a Peer Group Is
At its core a peer group (also called a cohort or peer network) is a “group of people who share the same experiences to mentor one another.” It is important to note that finding a peer group (networking) is not the same as nor does it drive the same benefits as actually belonging to a peer network.
“We need to recognise that there is a huge difference between networking (the verb) and a network (the noun).”
–James Millar, author of “Building Bridges: The Case for Executive Peer Networks.” (via The Economist)
Find a Group That Will Keep You Accountable
When establishing or joining a peer group, it is essential to find a group with leaders who not only advise their peers but who also back up their advice with real-world examples. These are the leaders who help the group build a culture of accountability.
If leaders engender a sense of accountability, they will expect the same from you. Over time, your foundation of accountability will also ripple down to your A-players, causing them to also foster a similar environment for their team members and to reciprocate that accountability back to you.
Find a Peer Group that Will Help You Learn
A strong peer network will encourage you to learn more about your business and about doing business in general. Not only will the group set examples for you to explore, but their habits and practices will encourage you to set into motion reciprocity that will allow you to contribute your own learnings back to the group.
Join a Peer Group to Match Your Field/Position/Relatables
While learning is good, too much learning might be a distraction from strengthening your business. Finding your group of peers could mean teaming up with other executives, of all levels, from within your industry or joining a group of leaders with similar executive responsibilities, but representing a variety of industries.
Your peer group could even be made up of a group of executives with similarly aligned missions. No matter how the relatables align, be sure to find a group that offers a robust dialog and a space for problem-solving
At PFD Group, our CEO Growth Forum–a group of mission-driven CEOs–is designed to help executives to build a community, to find confidence and clarity in their leadership abilities, and to develop a strong execution plan and implementation strategy.
Join a Peer Group With Differences
While a group aligned over their similarities can lead to better problem solving, there’s also a case to be made for joining a peer group with viewpoints and backgrounds that are different from your own. If everyone is used to thinking the same way or following the same direction, that may not lead to room for creativity.
The benefits of diverse corporate environments has been well-documented by the Wall Street Journal. In a 2019 article entitled, The Business Case for More Diversity, the Wall Street found that the 20 most-diverse S&P companies performed better financially over five- and ten-year periods.
Finding a group that can visualize success from a different perspective allows you the freedom to explore ideas on new levels.
Find a Community of People Who Want to Be a Part of Something Bigger
Yes, your business is important. And yes, earning a comfortable (or better) living is important. But growing a healthy business means starting with a healthy life balance.
What “something bigger” means to you and to your business can only be answered by you. But it is also why your business’ core values are so important. They not only guide how the business will perform but they should also guide the living principles and values of the business leadership.
The PFD manifesto has three elements: our Core Values, our Core Purpose, and our BHAG. Our core purpose, “to steward lives” is not just a written statement built to appeal to potential clients.
Last year PFD Group gathered a group of clients and partners at our Stewardship Summit in Alaska. We spent the week discussing how we could use our businesses as a force for good while also building our peer community and crafting multigenerational philanthropy tied to business and family. All while spending time in the great outdoors and recharging and relaxing at Meier Lake. Spouses also attended, inviting them into the inner workings of peer community building.
Stewardship Summit Closing Day 2021
We are finalizing the planning for this year’s summit, which will be held at Meier Lake, Wasilla Alaska, August 2-6. If you’re interested in giving back while building your peer network, please book a call to learn more about joining us in Alaska.