Do Your Homework to Get the Most Out of the Experience

Building relationships with others in your industry can deliver big benefits: You’ll get tips for solving problems, see issues from a fresh perspective and gain insights on trends and benchmarks. You’ll learn from others’ successes and failures and capitalize on the experience of those who have already invested in new technologies. A good peer group can become a circle of advisers you count on for guidance and support. But before you join, take some time to do a little research. Consider these questions:

1. Which companies are in the group? Your goal is to deal with colleagues, not competitors.
2. What position do members hold? If you’re an equipment manager, join an equipment managers’ group. If you’re an owner or CEO, connect with people at that level.
3. How large is the group? We recommend no more than 20.
4. How do they manage confidentiality? It’s important to know.
5. What are the qualifications for joining? Ask about minimum standards for business size, years of experience and other factors.
6. Do members ever meet face-to-face? Personal meetings can be especially valuable.
7. Is there a secure way to communicate online? Make sure there’s a web platform for virtual meetings and ongoing discussions.
8. What’s the fee structure? Understand the value proposition.
9. Are there special requirements? Some groups ask members to complete surveys, host meetings or perform other duties. Be sure you know what you’re signing up for.

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