Why every CEO needs a peer advisory group

As CEO, you receive no shortage of advice. Senior staff, paid advisors, spouses — they all have opinions about your next move. But how much of that advice comes from people who fully understand your situation and who have no agenda? Who can you turn to when you have decisions that directly affect your leadership team or the future of your business? When you’re facing big decisions, it can feel lonely. In fact, many CEOs struggle with isolation, according to a study by Stanford University and The Miles Group. More importantly, the study revealed that nearly two-thirds of CEOs do not receive outside leadership advice. This is risky when you consider the impact isolation can have on your business decisions and the success of your company. CEOs who don’t have access to outside perspectives from the right people can make uninformed decisions that imperil the success of their companies. The consequences can be dramatic. A pivotal study from Ohio State University showed that 50 percent of companies fail due to management’s flawed business decisions. Stephen Miles, CEO of The Miles Group, stated, “Even the best-of-the-best CEOs have their blind spots and can dramatically improve their performance with an outside perspective weighing in.” That outside perspective can help you, as a CEO, avert disaster and substantially grow your company. And one of the best ways to gain perspective is to understand how you can leverage a peer advisory group in decision-making.

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