Karl Hensley is a consultant with Farrell Growth Group, a leading agribusiness consulting firm.
Peer: a person who is equal to another in abilities, qualifications, age, background and social status. Someone of equal worth or quality.
Peer group: made up of people with whom one regularly associates. Examples include co-workers, business acquaintances and neighbors.
Peer group members share resources, collective knowledge and a listening ear to fellow group members. There are huge benefits to gain from engaging in these groups, and here are some practices to ensure a good experience.
Trust within the group is No. 1. It has to be there in order to have sharing in business and personal successes, failures, struggles, and ideas. If someone in the peer group breaks this trust, then address it ASAP. Do not share company confidential information unless it has been approved. There are ways to communicate without breaching your company’s policy or ethical standards.
Face-to-face meetings are very important. If at all possible, avoid phone calls and Zoom meetings. Give and receive honest feedback, but do not engage in personal attacks. Develop an agenda, and stick to it. Rotate facilitation of the meetings, so everyone gets an opportunity to share in managing the discussions.
5 Reasons To Join A Peer Group
1. A place to share resources
Some members will have decades of experience. Others might have just a few years. This collective knowledge will provide you with resources and insight to help you make good decisions for the company.
2. Freedom to share ideas
Being part of a peer group often reinforces what you believe. It helps solidify your thoughts regarding change or the need to do so. You’ll gain valuable insight by hearing your peers’ successes and failures.
3. Accountability
It’s easier to reach your business goals if you have a group of like-minded people holding you accountable. When interacting, set rules to encourage listening and validating. Require the group to be nonjudgmental and respectful. Treat information with confidentiality. This will put people at ease and set the tone for making progress and sharing insight.
4. Knowledge exchange
It’s a collective way to bring years of experience and wisdom you can trust and rely upon. You may encounter a stage in your business’ development where you don’t know how to get to the next level. Experienced peers can help you handle each stage of growth.
5. Personal and Professional Support
Every business will go through some tough days, months or years. It could be that there is a revenue, expense or personnel concern or problem. You might need to reduce your labor costs. Maybe you need a friendly trustworthy ear. Your peer group can listen and encourage you through
the difficulties.
Karl Hensley is a consultant with Farrell Growth Group, a leading agribusiness consulting firm.
