Six Common Misconceptions About Peer Advisory Boards

When it comes to running your business, you may have heard of peer advisory boards but assumed they weren’t for you. Perhaps you think they take up too much time, or you’ve got your own ways of dealing with business challenges.

These are common misconceptions, but they can stop you from unlocking the real potential of peer boards. Let’s set the record straight and show you how a peer advisory board can benefit you, no matter where you are in your business journey.

Misconception 1: "I Don’t Have Time for Another Meeting."

It’s no surprise that business owners feel time-strapped. Adding more to your calendar can seem like the last thing you need. But here's the truth: peer advisory boards help you gain time, not lose it. How? By offering a space to focus on the bigger picture—strategies, solutions, and ideas that make your business run more efficiently. Peer boards create accountability, helping you stay on track with your goals and use your time better.

The Reality: Peer boards are about working on your business, not just in it. The insight you gain here can save you hours in the future.

"The time spent at board meetings and working on your business with your TAB group is more than paid back in spades."

- Simon Hudson, Kinata Ltd

Misconception 2: "I Already Know How to Run My Business."

Running a business requires skill and confidence, and no one is questioning your expertise. But even the most experienced business owners can benefit from fresh perspectives. Peer boards offer a group of fellow business owners who’ve been there, done that, and learned valuable lessons along the way. They offer practical advice that’s grounded in real-world experience.

"My business has really benefited from the TAB experience. The group sessions are a great opportunity to share and solve business challenges with a bright group of people who really challenge you to think differently about the way you do things. In the last year we have achieved around 40% growth and I am looking at a new business acquisition."

- Alastair Shanks, Right at Home

The Reality: Even experts need a sounding board, and a peer advisory board can help you see your business challenges in a new light.

Misconception 3: "Peer Boards Are Just for Struggling Businesses."

This couldn’t be further from the truth. Peer advisory boards are not just for businesses in trouble but for anyone who wants to improve, grow, or plan for the future. Whether you're scaling up, looking at new markets, or planning an exit strategy, a peer board will help you make informed decisions and move forward with confidence.

"The accountability I get from TAB is refreshing. As business owners, you can be as good or lazy as you want, and no one will challenge you. With TAB, I know they will challenge me, which gives me much more focus to get on with what I need to do. TAB has helped me change the business structure, enabling me to delegate more and focus on the important things to take the business forward. During Covid, we needed a new way of growing the business. With the board’s help we put together a plan, which has significantly contributed to our turnover doubling in the last 2 years."

- Geoff Hunt, Hey Group

The Reality: Peer boards are for every business owner who wants to progress. They’re a resource for growth, not just a lifeline for struggles.

Misconception 4: "I Don’t Want to Share My Business Problems."

We understand that opening up about challenges in your business can be daunting. However, peer advisory boards are built on trust, confidentiality, and mutual respect. The members aren’t there to judge; they’re there to help. These boards provide a safe space to discuss real issues and find genuine solutions with people who understand what you're going through.

"Having a Peer Board is an amazing asset to me. It’s a safe and supportive environment where you get the support of other business owners who are committed to your success. It’s allowing me to be candid and get different views on sorting out knotty problems."

- Professor Deborah Eyre, High Performance Learning

The Reality: Peer boards are confidential and supportive. You’ll receive advice from people who care about your success, not judgment.

Misconception 5: "My Business Is Too Unique for This to Be Useful."

Every business is unique, but that doesn’t mean your issues are unheard of. Peer advisory boards consist of members from different industries and backgrounds, offering diverse viewpoints that can lead to new solutions. Often, the best advice comes from someone outside your industry because they see things differently and can provide fresh insights.

"Running a company of any size can often feel isolating, and finding impartial, directional advice can be challenging. The TAB peer board I’m part of has truly transformed this experience. The opportunity to discuss my challenges with a diverse group of business leaders has consistently provided fresh perspectives and alternative solutions. I wouldn’t have made the beneficial decisions I have without the support and innovative thinking of this group. It’s also reassuring to know that, regardless of our business types, we all face similar issues, and the mutual support we share is incredibly positive."

- Sebastian Stanley, Complete Fabrication

The Reality: Diverse perspectives lead to creative solutions. A peer advisory board's diversity of experience is one of its greatest strengths.

Misconception 6: "It’s Just Another Networking Group."

It’s easy to confuse peer advisory boards with networking groups, but they’re worlds apart. While networking groups are about making connections, peer boards are focused on problem-solving and accountability. They’re not about passing around business cards but about honest, actionable advice and long-term support.

“When you need to make hard decisions, being able to discuss your ideas with entrepreneurs and business leaders who have solved similar problems can make all the difference.”

- Richard Branson

The Reality: Peer advisory boards are not just about networking. They’re about solving real business challenges with the help of people who understand.

Misconception 7: "I Can’t Afford to Join a Peer Advisory Board."

Joining a peer advisory board is an investment—but one with proven returns. The value is clear when you consider the business growth, time saved, and improved decision-making. Peer boards help you avoid costly mistakes, seize new opportunities, and ultimately grow your business in ways that pay for themselves many times over.

"There’s no doubt that being a member of TAB has saved me money. My TAB board members have given me advice and suggested things I might do that I would never have thought of myself. What I really like is that everyone is so open. There are no clashes, no one competes, everyone just wants to help one another... and importantly, it all stays in the room!"

- Colin Burney, SUBC

The Reality: A peer advisory board is an investment that pays dividends in growth, strategy, and personal development.

Break Through the Myths—Join a Peer Advisory Board Today

These common misconceptions shouldn’t hold you back from discovering the real value of a peer advisory board. If any of these myths have been stopping you, now’s the time to reconsider. By joining a peer advisory board, you’ll gain access to a group of experienced business owners who will help you work smarter, make better decisions, and achieve your goals.

Ready to see how a peer advisory board can transform your business? Find your local TAB facilitator and take the first step today.