Peer Magic™ is Growing Up
Accessible Business Support via Peer Groups
In this post (click to view), I told about my “3am moment”: how I saw the need to take what larger companies do to achieve growth and profit, and make it accessible and relevant to even the smallest businesses. That has been much of my work for the past several months. The main vehicle has been a process and community I call Peer Magic™. Here’s the Peer Magic story so far in a nutshell.
A Peer Magic™ circle is a structured, facilitated group of SME business owners, who work as a mutual advisory board. I lead and chair the circles; it’s a non-confrontational, but powerful process. The structure and process derive from case-study and quantitative research, including international studies, on advisory boards, mastermind groups, and other models. And now we know that it works.
Thanks to a deliberate soft launch in mid-2016, and the enthusiastic participation and feedback from the pioneer “peers”, there has been time to refine and improve the model.
I always wanted Peer Magic™ to be evidence-based, and now our own evidence is coming in from participants.
The benefits we’ve seen include:
- Pausing the treadmill and having time to think
- Feeling less isolated
- A safe space to talk through issues, confidential and supportive, with honest feedback
- Growing by working ON not working IN
- Goals and results documented/achieved
- Greater clarity and confidence
- Accountability back to the group.
We have interest from the business school at one of our universities, so there may yet be the opportunity to add our local results to the pool of research!
And Now… The World
The proof-of-concept stage is successfully concluded. Many thanks to all the supporters, advisors, participants and willing listeners. My next big task is to get the word out there. Peer Magic™ helps small business owners, and it ought to be helping more of them.
I’m very keen to talk with business owners who really want to achieve growth, and can make changes in order to do so. Who wants to join me on this journey?
The current Peer Magic™ model (early 2017) is quite lightweight. It represents a small investment of time and money, accessible to the smallest businesses. Plans include layering additional services for a premium model more suited to larger and more complex businesses. I have in mind structured strategy workshops, guest facilitators, and online tool kits for business thinking. Watch this space.
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Here’s a quick story from a large study. The Business Development Bank of Canada (motto: “Entrepreneurs First”) did a large survey over many years of businesses that had, and had not, some form of advisory structure helping the owner/managers. An advisory structure (Peer Magic™ more than qualifies) turns out to be incredibly powerful. I mean powerful as in an average threefold increase in the rate of business growth.
For this business owner, a study participant, it pretty much saved her business:
Or you can watch the video on YouTube here:
View on YouTube