Why Your Business Needs A Peer-Advisory Group
On this week’s episode of The CEO TV Show, Rafael Pastor, CEO of Vistage International, discusses peer-advisory groups and the CEO’s role. Rafael explains peer-advisory groups: putting executives together into a group that meets for 8 hours every month. No one can be in the group who is the same business as another group member to avoid competitiveness. And whatever is said in the room, stays in the room.
Peer advisory groups talk about things that they don’t talk about anywhere else, professional or personal. Accountability is a big part of the group. Group members will follow up at the next meeting and the chair of the meetings will visit your office for a one to one coaching session.
Rafael also mentions that the group members usually either don’t know what they should do, or want an opinion on a decision they’ve made in their mind. An advantage to having executives from very different industries is that it allows a fresh perspective that they might not be able to get within their own industry.
The breath of experience and the willingness to look at an issue in an entirely different way is very effective. Pastor says this system works for two reasons: A CEO’s most valuable commodity is their time and yet they return time and time again so they must be getting something out of it. Second, they have quantitative results. They have conducted studies that show an improvement in growth rate from before to after an executive joins the group.
Find out more about Vistage International and how they can help your business in this week’s episode of The CEO TV Show.