Successful business leader needs a support network. This is true for any leader — CEOs, key executives, business owners, and more. But, it can be difficult to navigate the industry and find the right people for you. How can you be sure that your network will accurately support you, with genuine understanding and mutual appreciation for your feedback, not to mention applicable real-world experience in the industry?
Within my Vistage NYC groups, there are multiple opportunities for CEOs and key executives to access and build these trusted support networks. One of the most influential opportunities for these business leaders is within my Vistage Peer Groups.
As a retired CEO and Vistage Master Chair, I have spent decades working with CEOs and key executives, both within and outside of these peer groups. As a result of my years of experience, I know exactly how NYC’s most successful CEOs and key executives can use Vistage Peer Groups to their advantage.
First off, my Vistage Peer Groups can appear in many forms. Not only do we have monthly meetings with a group of 16 members but in addition, CEOs can also join a triad, which is a group of three business leaders who work together to discuss their business-related challenges and provide both support and advice to one another. CEOs are in the business of making decisions and the more unbiased feedback and other perspectives they get, the better the decisions they make.
Within my Vistage NYC CEO groups, there are monthly triad meetings. These meetings are facilitated by me. Each CEO brings an issue, opportunity, or decision they are facing seeking unbiased feedback. Within these meetings, CEOs within Vistage can discuss plans of strategy or financial statements, ask for feedback or advice, or present on a topic which would provide valuable insight to their organization.
Triads serve as beneficial peer groups for CEOs as they allow them to clearly articulate their challenges and identify exactly where their weaknesses lie. This allows them to pinpoint the exact issue they are facing, and allows for the suggestion of more focused feedback. These groups also allow for members to ask specific questions in order to result in the best possible answer, or solution, to the challenge they are facing. Furthermore, the feedback both provided and received by each member of the triad is key in helping business leaders succeed. This support system leads to balanced, effective solutions with multiple, diverse perspectives.
According to an article by Forbes, a study of over 20,000 leaders demonstrated that, when ranking their ability to give honest feedback to direct reports, those who ranked in the lower ten percent received engagement scores from their subordinates which averaged 25 percent. Feedback is crucial for the success of an organization, and a lack of precise feedback can have disastrous consequences for a business leader. It is also good practice for them to give and receive feedback.
Triads help CEOs become more successful by providing accountability. All too often, CEOs set goals for themselves and their organization, but have no way to hold themselves accountable and ensure that they’re making the progress necessary. This can make it difficult for them to achieve these goals at all. With triads and other peer groups, CEOs and key executives are guaranteed a network to hold them accountable. Working with a group who understands you, your business, and your goals is the best way to create accountability, as each member involved in the triad wants only the best for each other.
While Vistage Peer Groups can provide a professional network in which trusted individuals can provide support, feedback, advice, and resources to one another, it is also a great way to build a personal network as well.
Brian Colton, founder and managing partner of Brooklyn Equity, understands the value of Vistage Peer Groups. According to Brian, his favorite aspect of these peer groups is the personal relationships formed as a result. As he puts it, his Vistage Peer Group “greatly expanded [his] network.” He has also stated that many of the members of his group have become his close friends, and they have now reached the point in their relationship in which they spend a lot of time together outside of Vistage. This is just one of the benefits of getting to know business leaders through Vistage Peer Groups.
There are various perks to Vistage Peer Groups, and numerous ways for CEOs and key executives to use them to their advantage. By building a network of support, you can count on having an invested group of knowledgeable and experienced professionals, with diverse perspectives and the motivation necessary to help you with any issue that you are facing.
It is also possible to become close with any one of the members of your peer group, therefore forming an even stronger bond and network among professionals. As a result, my Vistage NYC groups are the best way for you to further your success.