Peer Advisory Group-your answers questioned

TEC Canada Group 422 “2014 In Review”

I want to take this opportunity to thank you for your continuing interest in my TEC Group and give you a bit of an update. 

2014 was an incredible year.

Over the past six months, I have had the privilege of bringing together and working with a remarkable group of business leaders. It is exciting and rewarding to lead a group of professionals with a passion for business and leadership excellence and enabling them, as a team, to share their drive and commitment to enrich each other’s ability to achieve their individual business, professional and personal goals.

Let me share some of the highlights:

• Member organizations have combined revenues of over $1.3 billion and more than 3,000 employees.
• This group comprises leaders representing broad industry backgrounds and experience including construction, business services, retail, manufacturing, distribution, franchising and technology.
• Member companies pursue global market opportunities including Canada, US, EU, Middle East
• The group holds monthly advisory board executive sessions  during which the team has processed issues  and opportunities involving leadership challenges, acquisition/divestiture strategies, new business              launches, financial re-organization, US expansion, organizational development, board strategy and management, senior level staffing and reorganization, branding and marketing , retail strategy and          manufacturing.
• Monthly 1-2-1 mentoring sessions are held with each member focusing on business and personal growth.

In just a few months, I can see the positive effect this experience is having on the individual members and their organizations. The other day, one member told me that  the group has had a huge positive impact on him and his business. Others have shared with me how the quality of their decisions, strategies and overall problem solving has noticeably improved. 

Access to fresh thinking and challenging conversations with peers has enhanced their personal effectiveness. They comment on how “stress reducing” it is to be part of a group of liked-minded leaders with whom they can share and discuss matters that normally they would need to deal with in relative isolation.

2015 will be an exciting year. My goal is the expand the group to 16 members. If you (or anyone in your network) sees the value of being part of a high performing group and are willing to contribute to its continued growth and development please connect with me and lets discuss if being a TEC member is for you.

Richard (Dick) Peters

Chair

T.E.C. (THE EXECUTIVE COMMITTEE) Ltd.

39 Riverdale Ave.

Toronto, Ontario M4K 1C2

(416) 471-1956

rpeters@tec-canada.com

 

The Small Exporter’s Secret Weapon

Imagine a group of your wisest non-competing colleagues providing free advice on cross-border business strategy. It’s happening already. 

Breaking into a new market can be a daunting venture for an exporter. Not only do you need to know the key players and nuances of that market, you also need to consider the implications for your domestic operations.

Often, a CEO embarking on such a task might recruit a board of advisors to fine-tune the company's strategic approach. Unlike a board of directors, a board of advisors is a resource that can be used at the discretion of the CEO.

A recent trend has seen some tweaks to the advisory board model, however. Bruce Harbinson, chair of mentorship firm TEC Canada for the Toronto region, says a growing number of CEOs—especially those running small and medium-sized businesses—are participating in what he calls "peer advisory boards."

These groups, run by organizations such as TEC, are made up of no more than 15 CEOs who meet once a month to share advice and help each other work through business challenges. While a board of advisors benefits only the CEO who created it, a peer advisory group allows participants to both receive and offer advice.

"The learning quotient for a CEO is just unmatched," says Harbinson. "They get to learn at an accelerated pace by watching 15 other businesses in action every single month. They see what's working and what's not."

What's in it for the exporter?
If you're looking to expand your business across the border, a peer advisory board can help you ask the right questions and make important on-the-ground connections, says Harbinson.

He recalls how, as part of a peer advisory board, he was able to help a struggling industrial robotics company turn its fortunes around. The company's CEO had returned from Australia with a new industrial welding technology and was weighing whether he should sell into the U.S. market or stick to his home turf in Canada.

The peer advisory group came up with a list of things the company needed to do in order to accelerate its presence in the U.S. Within 60 days, sales were being made south of the border. "It probably would have taken him 18 to 24 months to get into the same position if he wasn't connected like that," says Harbinson.

Even if the other members in your peer group don't have experience in your target market, they can help you strategize by looking at your situation from the perspective of someone running a business, says Harbinson. "They get very good at that; forcing the CEO to take stock of all the different questions that have to be answered, be they ones at home or pertaining to export markets."

Advisors also can introduce you to people who can explain country-specific regulations, from customs and duties to the nuances of intellectual property law.

A couple years ago, psychological assessment firm MHS decided to start distributing one of its human resources products, a method for evaluating the emotional intelligence of leaders, in India. The country's large English-speaking market was a big draw for MHS, as it meant that the company could sell existing products rather than produce new ones.

MHS needed distribution partners for the new initiative, but didn't know any of the key players.

Company president Hazel Wheldon was able to connect with a consulting firm that has a vast network of connections in India through her peer advisory board. The consultants, in turn, introduced Wheldon to dozens of people in India who itemized relevant cultural issues such as local leadership styles and the challenges India-based companies face when recruiting and hiring executives.

"When I actually got to interview potential distribution partners, I had a lot more knowledge and better questions to ask," says Wheldon. "That ultimately led to two partners, which was the best outcome I could possibly have imagined."

Alexandra Posadzki