Do Your Peers Matter?

Do Your Peers Matter?

As you know when it comes to writing (or talking) I try not to fluff. I am a kind of say-it-as-it-is sort of guy.

And that usually means I don’t care too much about general noise in business. I keep my eye on key people in business, key influencers, and those I respect. I also have a gravitation to those who walk the talk. I don’t often get too excited about the latest fad, either. Unless that is when those that I respect or follow think I should.

It is the same as those in the accountancy industry. There are a lot that say they do business advisory, but when you drill down, they don’t. They don’t walk the talk, and despite them being my peers, I am not so connected.

But if I find out about a business advisory firm, I like to know everything about them. What do they do? How do they do it? And in all likelihood, they will try to do the same with us.

It is surprising that way. I see it all the time. Competitors who sell the same thing are effectively helping each other with the common goal of getting better and serving their customers better.

And these are the peers we should respect. These are the peers that we should listen to. These are the peers that can transform you.

So, when an event was to be held in Wellington, New Zealand by the GAP (which is an association where its members must provide business advisory), I knew I had to be there. There was also one other thing. We were nominated for an award. It was for the best advisory firm that provided its clients with mind freedom, financial freedom and time freedom, also known as the three freedoms that multiple research and surveys have shown are what business owners want and crave.

Did we win? Yes, we did. Now, we have been nominated for and won awards previously. But this one was special. Why?

Well, as I explained to my team, this was an award given by an organisation that has over 900 business advisory firms worldwide, and they decided that our small practice based in Brisbane was the best firm to provide the three freedoms. So, I am very proud of my team for delivering services to our clients that are recognised by the best of the best.

But this blog is not about our achievements. It is about how you should measure your achievements. I always say that in business, we are too swayed by the noise. We don’t listen to what we need to listen to and allow the noise to determine where we go, and from that, we determine how good we think we are.

If you compare yourself to average, you will be average or a bit better. If you compare yourself against the elite, you really know where you stand.

Here is the brutal truth.

Those firms that were nominated but did not win will be disappointed. But they should not be. I researched all those in our category, and I can tell you they are all fantastic. Brilliant even. And when you compete with elites, you strive for better, and I know each of those firms will strive for more in the next 12 months.

If, on the other hand, you compare yourself with average, all you really get is average. And I have never really met anyone who celebrates average.

So, ask yourself. As a business, do you want to be average or the best?

Because this is what I will tell you. If you have a business coach or mentor, they will always help you strive for more and will never accept average. And I know we won this award not because we decided to strive for better but because my mentors demanded and expected it.

If you would like to become an elite business in your field, you will find that very few manage it without the help of mentors, business coaches or business advisors.

Running an elite business is step 3 of our 9 steps to the 3 freedoms known as time freedom, financial freedom and wealth freedom. If you would like to know more, contact Hitesh at hitesh@wowadvisors.com.au or Ros at ros@wowadvisors.com.au or call 07 3161 9548.