JOINING A PEER GROUP? DO YOUR HOMEWORK FIRST
There are plenty of good reasons to join a professional peer group. Building relationships with other contractors who are not your competitors can deliver big benefits—like these:
- Get practical tips for solving everyday problems
- View strategic issues from a fresh perspective
- Gain insight on industry trends and performance benchmarks
- Learn from each other’s successes and mistakes
- Capitalize on the experience of those who have already invested in new technologies and processes
- Develop a circle of advisers you can count on for guidance and support
Explore your options
If you’re thinking about joining a peer group, take time to do a little research. Here are a few questions to consider.
- Which companies are in the group? Your goal is to deal with colleagues, not competitors.
- What position do its members hold? If you’re an equipment manager, join an equipment managers’ group. If you’re an owner or CEO, connect with people at that level.
- How large is the group? We recommend no more than 20.
- How do they manage confidentiality? It’s important to know.
- What are the qualifications for joining? Ask about minimum standards for business size, years of experience and other factors.
- Do members ever meet face-to-face? Personal meetings can be especially valuable.
- Is there a secure way to communicate online? Make sure there’s a web platform for virtual meetings and ongoing discussions.
- What’s the fee structure? Understand the value proposition.
- Are there special requirements you should know about? Some groups ask members to complete surveys, host meetings or perform other duties. Just be sure you know what you’re signing up for.
Consider Equipment World
Equipment World offers a peer group program for non-competitive contractor principals. Members meet twice annually for face-to-face conversation about technology, skilled labor challenges and other business issues. They also stay connected all year long through teleconferences and a private, online forum. Swing by equipmentworldpeergroup.com to learn more about this peer group option and meet some of the people who participate.