Insights you can only get from peers

Success is dependent on candour, caring, and confidentiality

When Mark Knopfler wrote: “Sometimes you’re the windshield, s ometimes you’re the bug,” for Dire Straits’ hit song The Bug, he was thinking about love.

But those lyrics are also apropos of t he momentary triumphs and endless thrashings that come with running a business. As an entrepreneur, you can never know enough to handle every problem that strikes you.

That’s why I love peer-mentor groups. These are regular meetings where entrepreneurs share war stories, problems and outlooks. Your peers share hardearned lessons in the hopes that together, you’ll all find the wisdom to evolve from bite-size bugs to aerodynamic windshields.

You’ ll find peer boards run by groups such as Young Presidents’ Organization, Entrepreneurs’ Organization, TEC ( The Executive Committee), and the Women President’s Organization. Costs, times and rules tend to differ, but all hinge on candour, caring, and confidentiality.

I recently sat in on a peer group run by Innovators’ Alliance (IA), a not-for-profit association in Burlington, Ont. In return for observing peer dynamics, I pledged not to identify the location or par- ticipants. The fruits of that investigation: 10 examples of powerful insights you could only get from your peers: Accountability As a business owner, you rarely have to explain your decisions — or mistakes. IA, on the other hand, expects members to talk about their “Innovation Journey” once a year, forcing them to discuss their strengths and weaknesses, wins and setbacks. At my meeting, one participant — we’ll call him Walter — spoke candidly about his firm’s technology strategy, its quest for outside capital and plan to offer more equity to its executives. Walter’s journey encouraged the other 10 attendees to consider their progress and ask lots of questions. But I think Walter benefited most. Reviewing your strategies and missteps is an essential discipline few entrepreneurs get to develop. Leading indicators Participants were delighted to hear some peers are seeing strong growth. “It’s starting to look like 2016 might end ‘ the lost decade,’ ” Walter said. “Everyone’s been sitting on their hands for 10 years.” Roman, who runs a marketing-services firm, agreed: “The market seems to be opening up for us. Companies are set to rebrand. Retail is starting to ramp up.” Melody, who runs a technology company, said sales in the first week of April were twice that of any week in March. Problems are often opportunities Phil complained his firm was losing its controller to maternity leave. But then admitted he wasn’t worried. “The last time we had a maternity leave, people really stepped up. These extended times off give everyone a chance to go outside their comfort zone.” Silver linings Rogatien said when he recently closed a regional office, he worked closely with other companies to help the staff find jobs. It took longer than expected, but in the end everyone was rehired. The upside for Rogatien? “Everyone else in our organization saw what we did,” he said. “That’s really helped our culture.” Comparing notes Attendees were fascinated by Margaret’s account about dealing with corporate clients. “Working for 800-pound gorillas is always tough,” she said. “Their expectations are enormous, they’re difficult to deal with contractually, and it’s hard to get paid. Some of them take 150 days.” Sharing solutions Andy revealed his firm is being bullied by a big supplier to accept new terms. Bergman, the retired CEO who chairs the group, suggested a response that might even the odds: “That sounds like a good idea. How do I win?” Someone else said: “Tell them you’ll pay them in 150 days.” Sharing resources One participant named the three banks he had just met with to ask for additional credit. Praising one in particular, he said: “It looks like we will get a line to support our growth.” He also credited a municipal development corporation that helped him complete a major strategic-planning initiative. “We’re all making this up as we go along” Attendees were intrigued to hear Bill’s business-advisory firm now offers consulting in areas where clients had asked for help. “So you’re staying about a day ahead of them?” asked a cynical peer. “About 15 minutes sometimes,” Bill said. Understanding change One member’s SRED audit got the group’s attention. “They declined all my engineering expenses,” he said. Bergman confirmed, “The rules have changed. They’re now looking for a high level of technical uncertainty. If there’s not a substantial potential for failure, they’ll knock you down.” Seeing the big picture At meeting’s end, I asked each member to share how this group has helped them. Walter said it best: Learning with the group gives you perspective to see “what the problem is, rather than just the symptoms. Defining a problem brings clarity and gives you the confidence to take positive action.”

CANADIANS CAN DIRECTLY BENEFIT FROM THESE INVENTIONS. FOR EXAMPLE, IN OUR CASE, LEADING TO SAFER AND MORE RESILIENT INFRASTRUCTURE WHILE GIVING CANADIAN COMPANIES AN EDGE ON THE INTERNATIONAL STAGE. — PROFESSOR CONSTANTIN CHRISTOPOULOS YOU CAN NEVER KNOW ENOUGH TO HANDLE EVERY PROBLEM.