Peer relationships add value and richness to our lives, but finding business peer relationships that offer sharing and learning is difficult. Yet the perspective and advice of a successful and experienced peer can help us avoid costly mistakes.
I have been fortunate to be a part of three peer experiences that have helped my businesses and changed my life.
From 1991 to 1993, I attended the owner and president's management program at Harvard Business School. That diverse collection of highly successful and entrepreneurial people challenged and humbled me as they offered to share and reinforce their lessons learned.
In 1996, I joined a peer group of construction business owners. This group is still together. In addition to benchmarking key metrics, we offer support to each other as we go through business cycles, and life's ups and downs. The basis for our longevity is trust, shared values and a commitment to each other.
In 1999, I became a founding member of a Rhode Island-based chapter of a CEO peer group now known as Vistage. Our group met monthly for a full day to discuss personal and business issues, and to hear speakers who provided timely perspectives. I managed to survive two more recessions and ultimately thrive because of what I learned in this group.
Competition, growth, profitability, market relevance and sustainability are everyday challenges that peer sharing and learning can help overcome. We have all had our share of failures and successes. My peer experiences have helped my wins outnumber my losses. •