Last Week we announced that we would share with you the step by step guide to creating your own Peer Advisory Group.  This week we will discuss how to choose the members of your board.

To recap:

What is a peer advisory board?

A carefully selected team of like-minded peers that will provide for you

• Accountability
• Brainstorm ideas, introduce new concepts
• Guidance
• Work through business challenges

In a secure, confidential environment

How to choose the members of your group?

Just because you like someone, doesn’t mean they are qualified to sit on your Peer Advisory Board.  Be Choosy!

Things to consider when inviting someone to sit on your board.

Do they:

• Have Similar goals?
• Have a Similar level of experience?
• Have the same commitment to their business?
• Bring expertise to the table?
  
  • Bringing together an eclectic group of industry and talent will provide you a well-rounded board.
  • One tool we use to create our boards is to have clients take our Business Assessment Survey.  Please feel free to utilize this tool for yourself.  We bring people together based on the strengths they can share with the others. 

For Example:  If creating a business plan is a goal and weakness, I would want to sit on a board with someone who has successfully created & followed their business plan.

Choose people you respect and have chemistry with, but be careful not to choose people that think and act like you.  Diversity is very important; you are looking to challenge yourself, and work smarter in your business.

Group size?

There are different schools of thought on this topic.  Some say 8 – 12, others say 6.  We have found 5 – 8 is the ideal.

All participants must be equal

Our natural tendency would be to invite others that are much further along in their business than we are.  Trust me on this one, Nobody benefits when all parties are not equal.

You cannot be the one who always gives or has the answers, and can’t be the one who always takes or always asks the questions.  Everyone must be capable in contributing in some way. 

Example:   Kindergartener and the Fifth Grader

Next week we will discuss group commitment.