Peer groups, advisory boards provide feedback

It gets lonely at the top.

“When you're the boss,” says Sybil Ege, “you have no one to ask, ‘What should I do?' You're out there by yourself. You need to bounce ideas off people, get an objective view.”

Ege is a counselor at the Small Business Development Center at Elgin Community College. She's also correct: Business owners often need someone to talk to.

So how about lunch? Or, as Terry Hannon does, dinner?

Hannon, president of Theresa Hannon Financial Group, Ltd., a Wheaton financial advisory firm, has just finished Year One with a client advisory board. So you know, I'm a member of Hannon's board; we're the people she bounces ideas off.

The process works, at least for Hannon. “It's the feedback,” she says. “I take the feedback and apply it where I can. (The board) is an invaluable tool.”

Hannon credits advisory board input for adapting the type of information she provided clients at year-end and for suggesting an April long-term care seminar.

Hannon's 10-member board meets quarterly, alternating dinners in Wheaton and Glenview. Dinner is the board's only compensation.

Despite the potential, Ege “rarely” comes across small business advisory boards. More likely, an entrepreneur will turn to a “key family member” for advice. But even that, Ege says, doesn't happen very often.

She believes, however, that business owners should talk to their key advisers at least quarterly. “Ask, ‘How am I doing?'” she says.

Let's suppose you'd like to tap into someone else's ideas. There are several peer discussion groups that could fill the bill:

* San Diego-based Vistage has a large and extremely loyal Chicago-area contingent. Services seem pretty structured, but there are several levels of programs.

* Renaissance Executive Forums, based in La Jolla, Calif., and relatively new here, has active groups in the West and North suburbs.

* Chicago-headquartered President's Resource Organization has five PRO peer discussion groups locally, many with long-term members. Fourteen is maximum group size.

Ray Silverstein, PRO president and facilitator of the five PRO peer groups in the Chicago area, says the biggest peer group benefit is “knowing you're not really alone. (Group members) get to know each other. You put your ideas on the table and PRO members will tell you straight out whether it's a good idea or not.”

If a peer group or advisory board isn't quite your cup of tea, you can put together your own informal luncheon group — people in non-competing businesses whose experiences and judgments you trust.

Reserve the round table in the corner at a local eatery; have a topic or two to throw out for discussion; give others a chance to talk; and pick up the check. Your lunch companions are contributing ideas; you should buy the meal.

Ÿ Contact Jim Kendall at JKendall@121Marketing Resources.com.

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