Imagine you’re a rookie baseball pitcher joining a new team. The talent bench of pitchers on your new team isn’t very deep. Who will you learn from? It's likely not the catcher or outfielders. You need to learn from other pitchers, even if they’re on different teams. You’ll remain competitors but share a common goal of mastering your craft.
Similarly, leaders in the accounting profession can benefit from the wisdom of peers who have faced similar challenges and overcome them. This shared learning helps leaders avoid known pitfalls and achieve their goals more efficiently.
Let’s look at the benefits of joining a peer community.
Unlock collective problem-solving
One of the most compelling reasons for leaders to engage in peer communities is the power of collective problem-solving. When you bring leaders from several firms together, you’re not just pooling resources—you’re multiplying them.
Imagine joining 30 other Managing Partners, HR Directors, or CIOs in one room, each bringing their own perspectives and experiences to the table.
Suddenly, you’re not one person solving 30 problems; you’re a group of 30 people solving one problem. This synergy can help you resolve complex issues that might otherwise take months or even years to solve on your own. The problem-solving process isn’t a solo journey—it’s a collaborative venture.
Accelerated solutions
One comment we often hear from members of our Circle communities is that although they enjoy and get a lot of great information from facilitated sessions at the meetings, sometimes the “golden nugget” comes from a side conversation with another member between sessions or over dinner.
If you’re struggling with a challenging problem in your firm, it might take months to overcome alone. However, if you bring up this challenge in a conversation with a peer, you suddenly find a solution in a matter of minutes. These informal, unstructured connections often lead to breakthroughs, drastically reducing the time and effort spent on problem-solving.
Networking beyond client acquisition
We recognize that there’s only so much time for networking. Many firm leaders understandably want to focus their networking efforts on acquiring new clients. However, exclusively focusing on client outreach can trap leaders within the "four walls" of their own firms. This inward-looking approach often leads to missed opportunities for broader growth and learning.
Peer communities provide a platform to reach beyond your own four walls, allowing you to share knowledge and strategies with others in the profession. This isn’t just about sharing with competitors; it’s about participating in a collective elevation process.
Elevating together vs. isolating competition
Firm leaders who have never participated in a peer community before sometimes hesitate to share insights with potential competitors. However, the ongoing success and growth of peer communities in the accounting profession demonstrate that the benefits outweigh the risks.
Leaders quickly realize these groups aren’t about handing over competitive advantages but enhancing their capabilities in ways that isolated efforts could never match.
Think about it: Would you rather be in a group where everyone succeeds and elevates one another or where moving forward requires making all the mistakes—mistakes that could have been easily avoided and waste precious time, talent and resources? That’s really the choice firm leaders face: growth through shared wisdom or stagnation through isolation.
There’s no question that the accounting profession is highly competitive, but this aspect of running an accounting firm makes it isolating and daunting when tackled alone. The competitive nature of the profession pushes those who are open to sharing and receiving knowledge upwards and pushes those unwilling to collaborate downwards. To thrive, you need more than just internal resources; you need a community of peers to lean on and learn from.
By stepping out of your firm and into a community, you’re joining a group that lifts all members to greater heights. Ultimately, the question you need to ask yourself isn’t whether you can afford to join a peer community but whether you can afford not to.
Do you want to connect with other Managing Partners in the accounting profession to improve performance and grow your firm?
The Boomer Managing Partner Circle is a peer group of Managing Partners from successful and growing firms. Apply now to gain a network of trusted peers to call on as you shape your firm for the future.
As a Solutions Advisor for Boomer Consulting, Inc., Derek Olsen is passionate about helping members get matched up with the right Circle community and seeing how a peer community gives them more energy for their roles.