Owning a small business often can feel lonely at times. But it doesn’t have to be. Peer group learning provide an excellent method by which to share and learn with others faced with similar situations as you wrestle.
This isn’t just my opinion. A 2017 study shows that company’s whose owner participates in a peer group grow 2.2 time faster compared to all small and medium-sized businesses. So, you should consider peer group learning if you’re looking to accelerate your business growth.
Additionally, research reported by the Edward Lowe Foundation states “entrepreneurs learn better and faster from one another.” Applying this kind of approach provides you more discipline, focus, and accountability to accelerate growing your self-sustaining business!
What are the Benefits of Peer Group Learning?
Don’t feel so alone growing your business
Helps you address the loneliness often felt by business owners. By meeting regularly with others faced with many of the same problem which you too face. Sharing your struggles with others helps lighten the load.
Become more self-aware increasing your cognitive ability
To grow your business requires growth in yourself. But, this can be difficult when you don’t see other perspectives except your own. Regular meetings with others will raise your self-aware in areas where you need to improve.
Creates accountability for yourself
Overseeing everything can cause your activity to become scattered. However, it takes organized focus to achieve your objectives which lead to your goal for independence and financial freedom. Most people need someone to hold them accountable to get there. Peer group learning provides a cost-effective method to create this accountability as an informal advisory board.
Peer group learning helps you deal with change
Business growth requires change in both you and your business. But, fear often prevents us from changing ourselves. So, having a peer group support system can help you more quickly navigate the necessary changes to accelerate your growth.
Change your thinking by using peer group learning
Insanity is doing the same thing and expecting different results. Sharing with others give you different viewpoints which which changes your thinking by using more of an entrepreneurial mindset. This broadened perspective helps you solve problems faster and with solutions that have bigger impact.
Become more strategically focused
Most owners are action oriented resulting in being quick to jump to the first solution that comes to mind. Often this is not the best choice and costs the business time, money and impacts profitability. Peer group members challenge each other to look at various strategies that could be used to solve a problem. Over time, this becomes a habit helps make better decision and become a better leader of your business.
Decreases your risk when taking on new initiatives
When working with many other business owners you usually find someone who’s tried it or already navigated this territory. So, hearing how others approached a situation, you can plan for the potential obstacles and challenges you may encounter saving you both time and money.
What’s Holding You Back from Peer Group Learning
With all these benefits what’s stopping you from getting started? BGS facilitate peer groups as an implementation method for it’s Business Launcher Masterclass. In these groups members support each other in applying the BGS Growth Framework to build a self-sustaining business. By doing this they look forward to independence and financial freedom from their business in 3-5 years. Click the BGS Peer Group icon to find out more.