Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.Dan Richards

A common complaint among advisors is the difficulty of implementing new initiatives. “I’ve got lots of good ideas and fundamentally know what I need to do,” one successful advisor told me recently, “but I struggle with making those ideas happen.”

This advisor is far from unique – in my conversations with advisors, implementing change often tops the list of business challenges and frustrations. To advance your business, one proven strategy that has demonstrated remarkable success over not just years but decades is tapping into the power of peer-performance groups.

The power of performance groups

The concept behind performance groups is simple – a compatible group meets on a regular basis, with the goal of helping each other succeed. Participants make an absolute commitment to keep conversations confidential, so that everyone is free to speak honestly.

The idea isn’t a new one – at the turn of the 20th century, Andrew Carnegie attributed much of his success in dominating the steel industry to a “mastermind group” he especially established for this purpose. Napoleon Hill wrote about mastermind groups in “Think and Grow Rich.”

Top producers in many industries have participated in quarterly or semi-annual “study groups.”  And one of the key benefits of belonging to the Young Presidents Organization (YPO) is the chance to participate in peer-advisory “forums”; right now there are 1,500 YPO forums operating around the world, each with eight to 12 members – many YPO members say these groups are the highlight of their membership.

There are three key benefits to a peer performance group:

  • You have a group of people helping you address your business challenges, offering different perspectives and points of view.
  • Your performance group can bring different resources and connections to the table.
  • Participating in the right performance group creates accountability and helps you maintain motivation.