Why Peer Groups Are Important In Business

This past weekend I was recognized by the Virginia Council of CEOs. The Council announced the VACEO Leadership Award 2017establishment of an annual VACEOs “Charles E. McCabe Leadership Award” in my name and made me the first recipient. The award recognizes those who make significant leadership contributions to the Council, and I am extremely honored to both have an award in my name and to be the first to receive it.

The Virginia Council of CEOs is a CEO peer-to-peer group to Richmond. A “safe haven for CEOs” where learning and growth are valued and where members can navigate their toughest business challenges with the help of a peer roundtable.

I was the sparkplug that started it all. I saw an opportunity and I seized it. With the help of other community leaders, an invaluable network of local CEOs was born. The acknowledgement has made me reflect on the group, how important it is, and how important having a peer group is for every CEO.

It has been said that one of the most overlooked business success factors is your peer group. CEO peer groups offer the chance to work through problems and get advice from others who have been there. They give you a safe space to talk about your business and to help other CEOs in your community. The alternative, isolation, can be detrimental.

The VACEOs is an important group to me. As a CEO, nobody really gets what you’re dealing with better than another CEO. The buck stops at you. You’re taking the risk. Your employees work for you. It’s not their money and it’s not their risk – your spouse doesn’t even fully get it. When you’re the CEO, you’re responsible for everything.

CEO-peer-groupOur monthly CEO roundtables are so valuable because they provide you with much needed peer support. And the members of our group are here to stay. For example, our current group has been the same group for 8 or 9 years. We have confidentiality, we’ve built trust, and we truly know each other. We confide in one another for business and personal issues.

For tax business owners, I encourage you to seek out a group similar to the VACEOs. It can be an invaluable asset to your business and your sanity! A great place to start would be my LinkedIn Group, Tax Business Owners of America. You should also seek out a local group of CEOs who meet one on one and have programming designed for learning, growth, and support.