Part Two: Benefits Of A Peer Advisory Board From TAB Members

In Part One of Benefits of a Peer Advisory Board: Board Members Tell All, you learned a little bit about what it was like to be a TAB member, from the time commitment it takes to the many reasons why our members choose us.

Now, in Part Two, we dive a little deeper where you’ll get a better understanding of the value that being a TAB member truly brings you.

What has been the best piece of advice you have received from a fellow board member?

Providing feedback is the entire essence of our peer boards, and many of our members are appreciative of the advice they’ve received from their fellow business owners. Here’s what they had to say about the best piece of advice they’ve received from a fellow board member.

Fullerton recalls one situation in particular where he was very grateful for the advice he received from a member: “When I was dealing with a difficult HR issue pertaining to a long standing employee, a member reassured me that my approach was right and to follow my instinct. In the end, the issue was resolved without any repercussions and it taught me to be more empathetic and understanding in the future.”

Other situations are less emotionally-charged, as Scarrow noted: “…I recall one other time when we were going to do a website development in-house and my fellow members cautioned against this and it turned out to be the best advice.” Similarly, Lauder also points out how TAB connected him with some amazing connections with outside resources that had a significant impact on his business.

And for Isaacs, it’s more about the process than the actual advice given: “I think the major benefit is not so much one person giving you actual advice, but it’s the process of collaboratively talking through issues and arriving at a solution. It’s the process of the dialogue.”

Is there follow-up from your TAB facilitator after these meetings?

Communication is of utmost importance for TAB facilitators, and our board members elaborate more on this topic below.

Fullerton says: “My facilitator Phil will always share information after a meeting that other members provide, or articles that may be of interest to the group pertaining to a subject that was raised in a meeting.”

Isaacs also notes how his facilitator is “always available” and “very responsive” especially if he has more pressing needs.

How have the board meetings helped you in your business?

Every business owner will have their own reasons for joining TAB, yet in addition to addressing their immediate needs, they’re often provided with additional value. Below are some of the experiences of how TAB has helped these members.
According to Scarrow, TAB improved his accountability to both his facilitator and board members, while also saying that his meetings bring a fresh perspective to the topics he raises. Verma seconds this point, saying that he’s always provided with an alternate perspective after his meetings.

For Lauder, he says he finds it “extremely helpful to just talk to knowledgeable people” about his business, and TAB also provides him the opportunity to refocus on working “on the business” versus “in the business”, which is instrumental for business growth.

Oftentimes, the entrepreneurial journey can have business owners feeling isolated. Fullerton mentions how TAB showed him that the challenges he faces are often shared amongst his fellow board members: “The advice you receive is something that can be implemented or adopted, too, and makes me a better business owner as I continue to shape and develop the company forward.”

And for Blair, he sums it up best: “My business is better run because of it.”

Are you ready to transform your business just like how these business owners transformed theirs? Contact TAB Australia today to learn how we can support your unique business goals and growth today!