“It’s lonely at the top” is one of the biggest cliches in management.
And like most cliches it’s true. Being a leader is lonely—and being an entrepreneur even more so.
One of the best ways to combat this loneliness (and learn in the process) is to find peer support groups.
What’s a CEO support group?
CEO networks are groups which include a set of entrepreneurs and CEOs from across industries to create a trusted environment. Here they’ll share ideas, get advice, and commiserate with each other. Many are curated to support entrepreneurs.
Some examples are Young Presidents’ Organization (YPO), Entrepreneurs’ Organization (EO) and Mastermind Talks (MMT).
The key feature of them all: They create space for leaders to open up.
“Coming into an environment where I can be vulnerable and I can open up is just huge,” said Brian McMaster, CEO of M & M Quality Solutions in Kansas City. “Having people around you that have been through the same crises and have cut their teeth on the same problem is so helpful.”
Why find peer groups?
Leadership is a skill. But nobody teaches it.
“I joined a peer group because I was making it up as I went along,” said Colleen Wagner the CEO of McGovern Outdoor. “I just didn’t know what I was doing and I wanted to validate some of the choices I was making. I thought I really should check out what other business owners are doing.”
“These events introduce me to new ideas that I wouldn’t necessarily be thinking about,” said Boris Tsibelman, Founder of Axis Consulting.
Another great use of these groups is to find mentors.
“I realized that I needed somebody at even higher levels, somebody who’d been there and done that, who could tell me if I was going in the right direction,” said Wagner.
How to find the right group
Not all groups will work for everyone. You may want to be with people who are a little bit ahead of you. You may want people who are in the same or in different industries. Regardless of those considerations, though, you want people that you feel rapport and kinship with.
To find the right group, you’ll have to do some homework.
“Make sure you really vet the group,” advised McMaster. “Test them, go to a meeting before you commit. Meet some people. And ask questions: How do they curate the people? What do they look for in members?
What you’ll get out of it
Most leaders get an intangible asset that’s impossible to price: A sense of belonging and the realization that what they’re going through is normal.
“It helps me think about my business differently and implement new processes,” said Tsibelman.
But they also get very tactical advice. “I would talk about ERP systems and our frustration with how it connects to our e-commerce, how it connects to our 3PL,” Wagner said. “And I found that other people are finding that none of it’s perfect. There is no perfect ERP system. I found that very validating. People gave me some great suggestions to work with what we had.
Accountability
One of the most critical things that peer groups offer is accountability. It’s always helpful to have someone to report to. These groups provide structure and a built-in community of people who are going to want to know if you did what you said you would.
“You can have the greatest plan, without execution and accountability, nothing will happen,” said Eric Rozenberg, CEO of Event Business Formula. “Knowing that I will report on a regular basis to my peer group helps me focus and get greater results than if I was on my own.”
The bottom line
Groups like this offer tangible results. Like any community, they’ll also often give you benefits you hadn’t anticipated. The best way to get these pleasant surprises is not to be too prescriptive in what you intend to get out of it.
“You should come in not with a specific goal,” said Wagner. “Just come in and let it be. You’re going to meet people and it’s going to take you on a trajectory that you didn’t even know you needed.”