You’ve likely heard Helen Keller’s quote, “Alone we can do so little; together we can do so much.”
Being a business owner can often feel isolating and lonely but having a sounding board—whether through a mentor, board, or peer group—can reshape your business journey, drive success, and improve personal satisfaction.
Peer Networks Help Drive Business Growth
A study by Chief Executive benchmarked CEOs in peer networks against those not in such networks, revealing key advantages:
Faster Growth (on average) – Members of peer groups experience an average revenue growth rate just over 5%, compared to the industry average of only 1.62% - more than 200% faster.
Increased Profitability – Peer group members enjoyed operating margins of 22.6% last year vs. an industry average of 10.26% - more than twice the profitability.
Overall Performance – Executives who set aside the time to exchange best practices and work on their businesses experienced dramatically superior operating results.
My Personal Mentors
As the CEO of my business for the last 16 years, and with prior experience in executive roles, I can confidently say that the mentors who invested in me, along with the Executive and CEO groups I consistently engaged with, have had the greatest impact on my personal and professional development.
One individual mentor, who has since passed, left an enduring legacy in my life. He saw things in me that I did not see in myself. He believed in me and advocated for me in two companies where I held senior executive positions, and he served in an independent board capacity. When I launched my business, he met with me regularly for breakfast and helped make connections that have continued to support my journey.
In addition to this mentorship, I have been involved with Executive Agenda (EA) and am currently a member of Entrepreneurs’ Organization (EO). These mentors and groups, along with key advisors, provided the support and encouragement I needed along the way, playing a critical role in both my career and the growth of my business. Without the investment of others, as well as my own investment in ongoing learning and development, I wouldn’t be where I am today.
Choose the Right Mentorship for You and Your Business
The role of mentors, boards, and peer relationships in CEO and executive development cannot be overstated. But it’s not just about participating—you also need to listen, learn, and grow through the shared experiences of others.
Consider the following when evaluating which forms of mentorship are the best fit for you in your own development and growth and for your business.
The Role of Company Boards
Purpose of a Board: Depending on the size of your business, having an advisory or fiduciary board of directors with diverse experiences and knowledge can help provide good corporate governance as well as guide strategic direction. In addition, it provides oversight, increased accountability and diversity of perspectives outside of the four walls of your business.
Although I do not have a formal board for my business, I’ve gained that guidance through my participation in EO. Additionally, serving on multiple boards of other companies has provided insights, perspectives, and guidance that I can use within my own business to make better decisions, impacting both my business model and growth trajectory.
The Value of Mentorship/Coaching
What is Mentorship? Typically, this is a relationship between an entrepreneur or executive and an experienced professional who can help the entrepreneur or executive run and grow their business and provide guidance, support, and advice based on their knowledge and experiences.
I mentioned earlier the individual mentor who significantly impacted my life. He helped develop my leadership skills, set goals both personally and professionally, and provided me with open, honest feedback when I needed it. My mentor also connected me with other key leaders and business owners who have continued to impact my life and business in positive ways. Most importantly, he helped me see things differently when navigating obstacles and challenges to find solutions. His influence still resonates in my business decisions today.
The Importance of Peer Relationships and CEO Roundtables:
Peer Groups and CEO Roundtables are confidential forums where executives from non-competing businesses can share experiences, exchange ideas, and offer each other support. They are usually made up of 8-12 CEOs who meet regularly, typically monthly, for a half day or more. The goal is to discuss business practices and management strategies and to learn from peers who face similar growth challenges.
Having been a part of EO and EA, and leading our own firm’s CEO Roundtable groups, I have seen first-hand the benefits, including:
Business growth – pushing and encouraging to engage in the hard stuff to achieve success
Thinking differently – new perspectives and ideas to challenge your thought process
Problem solving – engaging others to learn how they have solved similar problems
Unburdening yourself from the day to day – helping to shift from doing to leading and driving the business forward
Access to resources – the collective network of a peer group provides additional resources to address business and professional challenges
Lasting relationships – supporting each other through professional and personal highs and lows means you’re invested in each other’s success
It's Time to Invest in You!
Trying to go it alone isn’t just lonely—it can also limit your growth. The adage "two minds are better than one" rings especially true for business leaders. By investing in your own personal and professional growth through mentors, boards, and peer groups, you set yourself up for not only business success but personal satisfaction and a lifetime of friends and relationships.
Find the right support system for you and commit to your growth and success!
JOIN JOURNEY CONSULTING'S EXCLUSIVE CEO ROUNDTABLES!
ACCEPTING APPLICATIONS FOR WINTER 2025
Journey Consulting’s CEO Roundtable has a Business Value Creation focus and is designed for business owners who want to grow their business and themselves.
Cohorts meet monthly and are limited to eight owners of non-competing B2B companies with annual revenue of approximately $2M-$30M.
Based off of our successful CEO Roundtable, NextGen participants are next generation and newer business owners in their 20s-mid 40s who meet monthly to connect and grow.
In addition to working on Business Value Creation, there is an extra focus on leadership development!
Jayne McQuillan, CPA, MBA, Certified Exit Planning Advisor (CEPA) is the owner of Journey Consulting, LLC and author of The Value Journey: How to Drive Profits, Build Wealth, and Exit Your Business on Your Own Terms.
Our firm is focused on providing business owners and their businesses with strategic planning, exit planning, financial expertise, and organizational improvement. We use a holistic approach within all of our services by aligning leadership with business strategy and outcomes.
Schedule your complimentary consultation to begin your Value Journey today!