Being an enterprise decision-maker can bring on a lot of pressure, and today’s complex corporate environment doesn’t make it any easier.
In fact, Gartner found that 65% of business decisions made today are more intricate and involve more stakeholders than two years earlier. So, even the most tenured leaders don’t have all the answers.
Peer insights are crucial to making better-informed business decisions. They allow you to become more strategic and tactical when making a case for your program, responding to evolving events, selecting the right vendors, and making other major business decisions.
Not only can peer insights serve your company’s bottom line, but they can help you advance professionally. If you’re an enterprise decision-maker, here’s why you should consider adding a peer community to your toolbox.
1. Save Time
For busy leaders, becoming involved in a peer network may sound like a time consumer — but peer insights actually save you time and resources. In a healthy community, peer insights are often a shortcut to research, strategy advisement, and speed to launch.
In fact, according to research, peer groups enable businesses to advance growth by two to three times their normal levels, as reported in Startups Magazine.
Arguably, the time you save in joining a peer network will far outweigh the time you’ll invest.
What our members say …
“I am stoked to be a part of a truly engaged group of people that I can really learn from. And the fact that you don’t have to wade through a ton of “learning curve” content is awesome. Down and dirty and to the point. Perfect for time-starved individuals who are managing social for big brands.” – Whitney Porter, Ferguson Enterprises
2. Mitigate Risks
Corporate environments are full of risk — from economic downturns to negative press, the list goes on. While many of these risks go beyond your own personal actions, you put yourself on the line when stepping into any leadership role, and sometimes the wrong decision carries a hefty price tag.
Benchmarking with your industry peers is a key tool for risk avoidance. Whether you’re making a public statement, signing a big contract, embarking on a new initiative, or communicating with stakeholders, you can’t understate the value of learning what’s worked and what hasn’t for your peers.
A peer networking group can also serve as a safe space for you to benchmark new ideas before bringing them to leadership. Additionally, it can provide you and your C-suite with added validation by saying, “I benchmarked this thought with 10 of my peers who said this.”
This is particularly true in confidential peer groups where vendors and consultants are prohibited from joining. When the community is private and exclusive to other senior leaders, you never have to worry about who’s listening in or trying to sell you a solution.
Membership in a peer-to-peer community can serve as an insurance policy that protects you and your company. You’ll find help in a crisis and sleep better knowing you’ll never be caught by surprise.
What our members say …
“Being a part of this community allows me to speak with confidence when I say I’m making the right decision or I’m changing course as needed. This community helps me assess risk. By attending calls I can tell my boss, ‘X% of people in roles like mine are doing X,’ which is so vital to what I do.” Michelle Lockett, Siemens Healthineers
3. Keep Up with Evolving Trends
Change is an inevitable aspect of operating in a business environment, but today, it can feel like the pace of change is accelerating. McKinsey & Company found that just a few months of the COVID-19 pandemic spurred years of change in how corporations do business.
The McKinsey Global Survey stated companies have accelerated their internal operations by three to four years, and the share of digital or digitally enabled products in their portfolios has accelerated by a shocking seven years.
These innovations have brought about countless efficiencies, but how can you stay ahead of the game when you’re operating on a perpetual learning curve? Just because you’re leading a team doesn’t mean you have all the answers.
That’s why peer insights have never been more valuable — they allow you to work smarter, not harder. Whether you’re navigating a global pandemic, tech advancements, or increased expectations, everyone benefits from shared thought leadership.
There are plenty of places to discover what’s happening in your industry, but those in leadership positions need to know how to act on these trends in real time. Tapping into the collective knowledge of your peers can be invaluable.
What our members say …
“It’s a great way to crowdsource among a group of really talented professionals that know what they’re talking about. Kind of how people are managing something like the Cambridge Analytica data breach or big changes to Facebook’s algorithm. Or when somebody takes away a feature or adds a new feature or a platform goes belly up. All of those things are things that we have to manage kind of on the fly. And so having the chance to have a rapid phone call a week after the change happens or a day after the change happens can be super, super valuable,” Sue Serna, Cargill
4. Get Support From Social Media Leaders Like You
No one really understands what you do quite like other leaders with jobs like yours at companies like yours. When you face similar challenges, you can quickly benefit from each other’s experiences and get honest feedback.
Many have acknowledged that leadership positions can often feel isolating. In fact, Harvard Business Review found that more than half of CEOs express feeling lonely, and of that group, 61% say it’s hindering their job performance. There are a number of membership groups for the CEOs of the world, but what about senior managers?
Peer groups can offer invaluable support, and this support is particularly needed when you’re faced with tough business decisions. As a department head, you’re often expected to lead with strength and confidence amid hurdles, but where do you go for support?
You can’t understate the value of sharing your challenges with others who truly understand what you’re facing.
If you’re still searching for your network of support, get in touch below.
