Why You Need a Peer Group In Business

Peer to Peer.
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I'm excited to share some recent milestones from our journey that underscore the power of collaboration and growth within our industry. This past January, we achieved a remarkable feat: our revenue surpassed the entire year of 2017—a testament to the dedication and hard work of our team.

With a staggering 70% increase in booked revenue compared to last January, we've billed over $1.7 million!

It's moments like these that remind us of the incredible potential within our industry and the value of fostering a supportive network of peers. With that in mind, I'd like to reflect on the role of peer mentorship in driving our growth and shaping our future endeavors.

Why You Need a Peer Group

As our business has grown, I've come to realize the immense value of peer groups in leadership. Over nearly a decade, I've had the privilege of participating in both industry-specific and industry-agnostic peer groups, which have continuously challenged me and contributed to my growth.

Encouragingly, I advocate the same for my team leaders.

Peer groups offer a unique space where leaders can discuss issues, share insights, and break down barriers to growth. They provide a perspective that goes beyond our own blind spots, facilitating impactful decisions and transformative changes.

Reflecting on our growth journey of the past six to seven years, I attribute many of our significant decisions to peer reviews and discussions. From embracing ServiceTitan to acquiring businesses and strategizing executive hires, peer input has been invaluable in guiding our path forward.

Currently, I'm engaged in three peer groups, two of which are industry-specific and one industry-agnostic but tailored to businesses of similar size.

These forums allow us to exchange ideas on various topics, from hiring executives to refining sales compensation structures.

Recently, I've recognized the role of peer groups as a form of ongoing training for leaders. It's a realization that has led us to integrate peer group participation into our training programs, aiming to provide our leaders with 250 hours of peer group training.

What’s The Goal?

Our goal is to stretch the minds of our leaders, much as mine has been stretched over the years. We aim to facilitate discussions that dive into industry-specific challenges and strategies, encouraging critical thinking and growth.

You know, how does a company in California manage to maintain a similar-sized plumbing department while consistently achieving a gross margin of 60%, when perhaps we struggle with that? Or how do they incorporate pipelining?

What impact did these strategies have on their business? How do they initiate discussions? The conversations I engaged in with my peer group five or six years ago are now the discussions I expect my senior leaders to engage in.

This is because my senior leaders are managing P&Ls that surpass the size of the business I was managing six years ago. It's a good feeling, and one that is validating given my peers.

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