When was the last time you examined your business and the qualities that make it relevant in today’s marketplace? If it’s been a while (or never), you run the risk of fading into the sunset while your competition steps up to take your place. These days, business owners come face-to-face with many risks, but at the end of the day, if you’re not willing to step up to be the leader your company needs, you will likely never find the success you are looking for.
When I took over as CEO of Rea in January, I wanted to make sure I set myself (and our firm) up for success. I have great relationships within the firm with some of the best leaders I’ve ever encountered, but I wanted to expand my network of other CEOs so that I could have easy access to best practices, strategic discussions and the occasional helping hand, all of which would help me continue to be the leader our firm needs. I found the comradery I was looking for in a CEO peer group.
When it comes to strengthening your own competencies as a leader, there are lots of resources to choose from, but I have personally found involvement in a CEO peer group to be extremely valuable.
The Benefits Of A CEO Peer Group
CEO peer groups typically consist of non-competing business owners from a variety of industries that meet on a regular basis. Some benefits of joining a CEO peer group include:
Unbiased Advice
If you join a peer group in the hopes of hearing what you want to hear, this group is not for you. This group is a place where your peers can offer unbiased, truthful advice for the purposes of helping you overcome challenges and maintain relevancy in the marketplace.
Best Practices
You’ll learn what has and hasn’t worked for business owners, and other guest speakers, in a variety of industries. The lessons you learn could help you strengthen your business or even avoid a massive catastrophe.
Comradery
A CEO peer group enables you to build relationships with others who also understand how lonely it can be at the top. Whenever you need support or advice, you have a solid network of fellow business leaders you can call.
The Value Of Executive Coaching
Another valuable tool that can really take your leadership competencies to the next level is executive coaching.
A business coach is someone who has “been there, done that” and can help hold you accountable in your journey for professional growth. Your coach should be someone who is well-respected in the executive coaching industry; talk to others in your specific industry to get recommendations.
Why You Should Invest Time, Resources Into Leadership Training
The future of your business – not just your bottom line – is impacted by the investments you make in your own leadership training. Don’t lose sight of or underestimate the lasting impact that today’s leadership training can have on the next generation of leaders within your organization. To that end, be sure you are actively coaching and looking for ways to pass along what you learn to younger employees as well.
Email Rea & Associates for more leadership insight.
By Don McIntosh, CPA (retired)
This article originally appeared in the Summer 2017 edition of The Rea Report, Rea’s quarterly print publication. Click here to subscribe to the publication.