What is a Peer Advisory Board?
Date Posted: 07/26/13
The concept of peer advisory boards has been in practice for over 50 years in the United States. Typically, peer advisory boards are comprised of business owners who are experiencing a sense of isolation and crave interaction and input from peers. Groups of 10 - 15 business leaders are led by a professional facilitator and committed members function as each other's business advisors. They meet regularly to get input, ideas, creativity and a reality check from respected and successful peers. Peer advisory boards act much like highly paid board of directors of large corporations - only on an informal basis. They are used to bolster leaders to be more effective in their roles by providing a structured, confidential place to discuss opportunities, problems and strategy.
momentum board of advisors™
Momentum Business Consulting offers two types of peer advisory boards.
m.b.a. for Business Owners and Presidents
This board is comprised of 10 members who lead established businesses. Typically their businesses have 5 or more employees and a physical location. There is no minimum revenue requirement, but most members enjoy revenues of $750K to multiple millions of dollars. The owners and presidents make most of the decisions at the company and are responsible for strategic planning and growth of the business.
m.b.a. for Solo Entrepreneurs
This board is made up of one or two person businesses. They work in their business full time and do not have employees. Members are usually service professionals such as CPAs, Architects, Consultants, Graphic, Web or Interior Designers, Financial Planners, Contractors, etc. They are independent business owners who seek to grow their business and become more efficient and profitable.
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