How Do Peer Groups Provide a Shortcut for Partner Growth?
So you’re on the edge of whether or not a peer group is for you. Maybe your too busy, finances aren’t sorted, trying to hire that perfect salesperson or simply unsure if it will live up to the hype.
Being a Microsoft Partner isn’t a license to print money but is a doorway to opportunity. However, at the same time as you step through, there are thousands of other IT companies trying to beat you to the finish line. This means any advantage you can create or any insight you achieve could be the difference between bouncing around for years at the same size or scaling nationally, leaving others in your wake.
The Numbers Don’t Lie
When it comes to taking shortcuts, we’re of course referring to those in business that is above board. You also want shortcuts that not everyone else takes because that helps separate you from the pack. Given this let’s take a look at the numbers from two peer groups to shine a light on how big shortcut peer groups can be.
- According to an analysis by Dun & Bradstreet in 2017, companies who joined Vistage over the past five years grew 2.2x faster than the average small and medium-sized U.S. businesses.
- Research from 2018 by Service Leadership Incorporated showed that Managed Service Providers in an HTG Peer Group have;
- faster revenue growth
- faster recurring revenue growth
- faster EBITDA $ growth
- and faster valuation growth than the average MSP in their index.
What About Maturity?
I don’t know about you, but if someone told me when we first started that there was a way to grow twice as fast and build value in our company quicker then I would have jumped at the opportunity.
However, the hidden benefit that I think is even greater than those two combined is the shortcut to wisdom. The access to quality experience, knowledge and judgement from your peers that lifts you beyond your issue or challenge and helps you move forward. The faster you mature as a business owner, the better leader you become which lifts your company and your team.
“You’re not the average of the FIVE people you surround with. It’s way bigger than that. You’re the average of all the people who surround you. So take a look around and make sure you’re in the right surroundings.” – David Burkus
So there you have it. The bare facts on how joining a peer group can not only deliver an amazing shortcut for the growth of your company but also level up your business maturity!