Why A Facilitated Peer Group May Be Right for You – Part 2

A facilitated peer group will grow at triple the rate of companies whose leaders are not in peer groups.

Greg Hayne, Hayne Coaching Group

This is the second in a series of articles on how being a member of a facilitated peer group can bring far-reaching value to your organization.  (To read the first article, click this link).  The value in participating in a facilitated peer group is a marked and documented fact.  In a recent Dun and Bradstreet study, companies in facilitated peer groups grow at triple the rate of companies whose leaders are not in peer groups.*    Why does this occur?  Let’s explore a few of the reasons.

First, there is the sharing of ideas.  The Multiple-Mind Mentality. No matter how good you might already be, you don’t have everything figured out.   Many participants discover others in their group have expertise in areas where they are lacking and vice versa.  Group members share ideas, but just as importantly, when those ideas are implemented they give rise to new ideas. If things don’t go smoothly you can call one of the group members and together work towards getting unstuck. Chances are he has already been there and done that.  So the value is not just in getting new ideas, but it is also in implementing them and avoiding the mistakes and wrong turns others have made.

Let’s consider a couple of examples.

You have key employees, people you don’t want to lose.  One of the first things you already want to do is make sure they are being appropriately compensated, not just in terms of their basic salary, but their bonus and incentive plans.  Are your plans really competitive?  Do they reflect the right combination of balance between salary and incentives?  For you—alone—this is guess work.  When you are sitting around a table with 10 other similar companies, you will quickly discover if you are on track or not.  And, to the degree that you are under (or over) compensating, there will be plenty of people there to tell you why and what has worked for them.

When it comes to sharing ideas, there is no limit.  But there is another area where peer groups can be even more powerful—solving your most plaguing problems.  This will be the topic of our next article.

About Hayne Coaching Group

Hayne Coaching Group assists roofing contractors prosper by discovering and implementing smarter, better ways to work.  We provide executive coaching for key leaders in a company and  organized and facilitated industry peer groups, so that companies may benefit from their group’s collective experience, buying power, accountability and so much more.  Learn more here http://haynecoachinggroup.com.

*Dun & Bradstreet, 2009-2012. Vistage. Retrieved from https://www.vistage.com/uploads/media/2015/06/2015-Vistage-Brand-Claim-Sheet-19.pdf

Save