The people you spend most time with shape your thinking, your decisions and how far your business goes. A good peer group gives you support, honest challenge, ideas from people who've been there, and someone to hold you to account. Look at who's in your circle now, then add people who push you to think bigger: mentors, other owners and even people in your own industry.
You are the company you keep
Jim Rohn famously said, "You are the average of the five people you spend the most time with." I've seen first-hand how true that is in business.
Your inner circle might be colleagues, mentors, friends or family. They affect you in four ways:
- Mindset. Positive, ambitious people make you aim higher and keep going through the hard bits. Negative or complacent people do the opposite.
- Knowledge. People with skills and experience you don't have help you learn faster.
- Support. Running a business has setbacks. People who believe in you keep you going.
- Opportunities. The people you know open doors, introduce you to useful contacts and help you find your way.
You need challengers, not just supporters
It's great to have supporters, but you also need challengers: people who make you think differently, question your decisions and hold you to account. They help you see your blind spots and stay focused on the long term.
A business partner is great, but they're not always the best person to talk to about every challenge. Someone outside the business can give you:
- An honest view of what you might be missing
- Accountability, so you hit the deadlines you set yourself
- Better decisions, by helping you think things through
- Introductions to people who can help you grow
Your competitors could be your allies
When did you last speak to your competitors? We often think of them as "those people over there". But if you've made it clear how you're different, they aren't really competitors at all. Once you get to know them, you'll often find you offer different things, at a different quality, with very different personalities.
Every two months I have lunch with a group of other business coaches. We talk about our wins and how we got them, and also what has not gone well. That kind of advice from people in the same line of work gives you a perspective you cannot get anywhere else, and everyone comes away stronger.
How to build a better circle
- Take stock. Write down the five people you spend most time with. Are they pushing you to think bigger and do more?
- Find a mentor. Look for someone who's already where you want to be, formally or informally.
- Join a group of owners. Business communities, networking groups and peer advisory boards put you in a room with people who get it.
- Make it two-way. The best relationships help both sides grow.
- Review it as you grow. What you need from your circle will change over time.
I've found this so valuable that I now chair peer2peer Winchester, a peer advisory board for business owners, and I'm part of the Entrepreneurs Circle community.
Frequently asked questions
What is a peer advisory group? A small group of business owners who meet regularly to share what's working, talk through problems and hold each other to account. Everyone brings different experience, so you get fresh ideas and honest challenge.
Is a business coach part of your peer group? A coach can be one of the challengers in your circle, bringing an outside view and keeping you accountable. The FAQ page explains the difference between a coach and a consultant.
Want someone in your corner?
Book a free strategy call and we'll talk about where you want to take your business and who can help you get there.