"All discussions are confidential; however, I can easily say the insight and knowledge gained has far exceeded my most optimistic estimates," says Van Haren, who founded SecurAlarm in 1993. "One instance I can share is advice and coaching I received from the PEG regarding an acquisition saved my company over $200,000."
Ladd, a 31-year industry professional who in 2000 assumed leadership of the company his father founded in 1975, points to PEG power as providing impetus for some of The Protection Bureau's recent initiatives.
"In 2009, we implemented a client care program that has substantially increased our level of customer service and customer retention," he says. "The program was developed after long discussions with fellow PEG members. With their input the program was enhanced and has been a major success. We have also redone compensation plans and overall business management programs, all with PEG input."
Among myriad instances the PEG has demonstrated its value for Kottkamp in feedback and recommendations regarding vendors and service providers.
"Our current insurance carrier was a referral from a PEG member," he says "We are constantly discussing the benefits and drawbacks of various manufacturers and product lines, workmen's comp and insurance, licensing and industry trends, compensation, etc. It is safe to say there is probably no area of my business that hasn't benefited from my PEG participation."
Mentality, Effort Brings Rewards
While the personal and business reasons to become part of a PEG are extensive, it is certainly not appropriate for everyone. Approaching it with the right mindset - friendly, open and collaborative - is essential. Anything less threatens to undermine the potential success of both the individual and the group.
"Many people are uncomfortable sharing what they see as confidential or proprietary information, and that to me is a huge benefit," says Kottkamp. "Also, as a group we have agreed to share personal experiences and I'm sure many people wouldn't want to do that. It's like any endeavor, you only benefit to the degree that you invest in it. So my first recommendation for someone considering a PEG is to decide if they are willing to invest the time and effort."
As we have seen, though, the rewards can be substantial. And perhaps an innovative, group-think strategy is just the tonic to help embattled company owners and operators thrive in today's often intense and hostile business environment.
"There's an old saying that says, 'When the student is ready, the teacher will appear.' I believe a PEG program is right for anyone who wants to grow," says Fathelbab.
Peer Exchange Group Fast Facts
A PEG is NOT:
- Group therapy
- A place to network or generate leads
- A virtual board of directors
- A replacement for your lawyer, accountant, doctor or pastor
- A support group
- A team, league or fraternity
- Just another source of advice
A PEG IS:
- 8-10 executives whose businesses and personal lives do not compete or collaborate in any way
- A group that is committed to professional and personal growth
- Regular access to the collective experience of your peers
- Possibly the only safe place where some issues can be voiced
- An environment where respect and trust thrive
- Likely to give you more ideas and inspiration in the shortest amount of time
- A meeting where personalities are diffused and politics are dissipated
- Somewhere you can be yourself
Source: Forum Resources Network