Think about the people you count on, your go-to sources for guidance, sounding boards, people who you can count on to provide direct, honest feedback. People who challenge you to reach higher levels of success.
How many are there in this group? Is this formalized?
The Power of the Council: Harnessing the Collective Wisdom of Your Peers
In Jim Collins’ famous book, Good to Great, he speaks about creating and relying on a “council” in your company. A council can significantly amplify your decision-making, broaden your perspective, and act as a powerful counterbalance to the isolation that often accompanies leadership.
The Power of Peers – Business
Whether it’s a Council, and/or participation in an EO, a YPO Forum, joining a Vistage group or one of the many Mastermind/CEO group options, the Power of Peers is something that Ben Franklin unleashed in 1727 with his Junto Club.
As leaders, we can sometimes feel like we’re in a silo. We carry the weight of decisions that affect the future of our companies, and the higher up we go, the more difficult it can become to find people who can give us unvarnished, critical feedback. In such situations, a peer group or mastermind can be invaluable. These are groups of like-minded individuals, often in similar positions, who can offer advice, share experiences, and provide guidance as its’ needed or requested.
The Council of Colonels – Military
The idea of a “Council of Colonels” is a perfect metaphor for this kind of peer network. In the military, a group of senior officers, or colonels, is often called upon to advise commanders. These individuals are seasoned, experienced, and have witnessed a variety of battlefield conditions. They don’t just provide tactical advice—they offer strategic insight, grounded in experience. The wisdom that emerges from such a group is often more robust and pragmatic than advice that comes from a sole source.
As a leader, you need your own “Council of Colonels.” These individuals are not necessarily part of your immediate team, nor should they be your employees. They’re people you respect, who possess a wealth of experience, knowledge, and practical insight. They might be industry veterans, former colleagues, or other entrepreneurs who’ve navigated similar challenges. Their role is not to second-guess your decisions, but to help you think more broadly and deeply about your strategy, vision, and leadership choices. They act as a sounding board, providing a safe space to explore bold ideas and potential pitfalls before you execute them.
Presidential Brain Trusts – Politics
Throughout history, U.S. presidents have relied on their own brain trusts—a group of advisors they can turn to for counsel on difficult issues. Franklin D. Roosevelt had his “Brain Trust,” a team of economists and thinkers who helped him navigate the Great Depression. The value of such a group lies not just in their expertise, but in their ability to challenge assumptions and offer alternative viewpoints. This kind of trust can make all the difference in helping leaders make sound, informed decisions in moments of crisis.
Leaders of great companies often have their own brain trusts. These informal advisory groups help guide decisions, challenge assumptions, and provide feedback when the stakes are high. The key to a successful brain trust is diversity—not just in terms of skill set but also in perspective. A diverse group of people will be able to provide a wider array of solutions to a given problem, leading to more innovative and well-rounded decision-making.
Why Every Leader Needs a Council or a Peer Group (Forum/Junto)
At its core, a council is about humility. It’s about recognizing that no one person has all the answers. As leaders, we must be open to the insights, criticism, and wisdom of those around us. Without this openness, we risk making decisions that are insulated from the broader realities of the world around us.
When you establish your own council—whether it’s a group of peers, seasoned veterans, or trusted advisors—you create a mechanism for growing smarter and more effective as a leader. A council can help you mitigate risks, capitalize on opportunities, and ensure that the decisions you make are well thought out.
So, if you’re serious about building a great company, take the time to form your own council of peers, or join an existing group. Make it a diverse, vibrant group where every member is challenged to speak honestly and contribute their insights. In doing so, you will not only strengthen your leadership but also build a culture of continuous improvement, collaboration, and growth.
Remember, great leaders never stop learning, and they never stop seeking counsel. The power of peers is immeasurable, and when harnessed correctly, it can propel you to new heights of success.
How Many Brains Do You Have?
Always remember: Wise people learn from their experiences, the super wise learn from the experience of others.