Why Peer Groups Work

Running a business is a full-time, full-on role requiring decisiveness and inspiration – and many in this position look around and feel alone.

What if you could find a group of like-minded business owners, with varied backgrounds and experiences, with whom you could safely share your ideas and concerns and find guidance and inspiration?

That is the philosophy behind peer groups.

Someone described GBSLEP Growth Hub’s peer groups as “a dating service for CEOs to find new business friends”. We’d like to think that we have provided a platform for people like you to gain valuable advice on business decisions, whilst making a few new friends along the way.

Peer group sessions are structured using the Action Learning Set techniques by the facilitator, leading to input from everyone in the group. The topics discussed are generated by the challenges your group is experiencing which are teased out and anonymised in the first meeting. Recently, 32% of cohorts discussed human resources and employee issues, 22% debated sales and marketing tactics and plans, 12% covered business model innovation, and 11% explored finance options. The topics of sustainability, low carbon and net zero underpinned a lot of the discussions from a product production and operations perspective and also addressing employee engagement.

The beauty of mixing industrial sectors highlights the enormous benefits of cross-sector innovation. Our peer groups invite business owners/managers from any industry and in Greater Birmingham and Solihull. We tend towards a mix of manufacturers, retailers, creative and digital technologies, finance and professional services, with a particular draw from those last two sectors.

Still wondering why you should join a peer group? Here are the reasons over 400 business owners recently joined peer groups through the GBSLEP Growth Hub:

1. to learn from other business owners

2. to solve a specific business challenge

3. enhance my business performance

4. to better engage my staff

5. to set strategic business goals

The ultimate goal of GBSLEP Growth Hub’s peer groups is increased productivity and resilience for businesses, not just as we find our way out of a global pandemic, but into the future.

Leadership confidence increased in participants by a measured 10% after just six meetings with their peer groups, and 94% believe their business now has real scale-up or growth potential.

GBSLEP’s Growth Hub is continuing to run peer groups – some will be sector-specific focusing on sustainability, manufacturing, retail on the high street and women-led businesses. Yet other groups will be mixed sectors to encourage cross-sector learning.

Get in touch with the GBSLEP Growth Hub if you are interested in joining a peer group or register your interest by emailing [email protected] and we will be in touch.