The best leaders make a point of continually growing and working to maximize their effectiveness. They work on growing both in character and competency. Effective leaders are high in self-awareness, understanding their strengths and weaknesses. They establish personal goals for growth and work towards achieving those goals.

One effective tool for growth is participation in a peer group with other leaders. A strong peer group can help a leader recognize areas for growth and achieve his or her goals. A peer group can be effective in overcoming some of the hurdles that a leader might face in going it alone in the growth struggle.

Some of the advantages of participating in a good peer group include the following:

Escape the isolation trap of leadership. “It’s lonely at the top” is more than a cliche. Leaders can easily become isolated because they have no trusted peers within their organization with whom they can dig deep or share feelings and there are many business and leadership issues that they cannot profitably share at home. A group of peers can understand, accept, and respond appropriately to the struggles that a leader might face.

Gain different perspectives. We each see issues and challenges from a viewpoint that is based on our history of experiences and knowledge. Though a group may be composed of peers, each one will have a different perspective based on their own experiences and competencies. There is great value in hearing and considering a range of perspectives and alternative paths as we consider a decision.

Absorb emotional nutrients. Leaders are generally wired in such a way that they pour into other people’s lives. But they often are so busy doing so that they don’t have the time or else that don’t have the people that can pour into their lives. We are talking here about the emotional needs that all humans have to receive such things as acceptance, affirmation, containment, empathy, etc. The natural result of pouring out emotional support and lacking any inflow, is that our tanks run dry and we feel like we have little or nothing left to give. A group of peers can keep your tank full.

Learn from others’ competencies. With a group that has a mix of skills and backgrounds, there is much that can be gained in terms of both experience and depth of knowledge from other members of a peer group. The best groups will include people that have a range of backgrounds in their path to leadership. Exploring issues with a group that might include people who were once CFOs, sales and marketing executives, and technical experts can provide valuable advice.

Increase self-awareness. While advantages of a peer group include the combined wisdom and diverse skills and knowledge of the group, one of the greatest values of a peer group is its ability to help each individual dig deeper into themselves. This is accomplished through asking thought-provoking questions rather than providing answers and advice.

Benefit from accountability relationships. The best groups develop trusting relationships where the members can present a balance of grace and truth to each other. Committing to goals within a group that will hold us accountable makes the likelihood of achieving those goals vastly greater than our own private efforts.

Create a laboratory in which to practice. An upcoming difficult conversation can create a great deal of anxiety. We might question the right way to approach the discussion or whether we can be effective in presenting the information. In those circumstances, the chance to think through what that conversation might look like and to even practice it can reduce the anxiety and prepare for a positive and successful dialog.

Enjoy confidentiality. Leaders often deal with sensitive issues regarding the people around them. Outside input or perspective can be helpful, but leaders often have no place that they can discuss private information. A peer group that consists of trusted advisors who are able to maintain strict confidentiality is a valuable sounding board.

Receive guidance from a personal board of advisors. Organizations value a board of advisors that can become familiar with the organization and then provide suggestions and advice about future direction and decisions. In a similar way, a peer group can serve as an advisory board at the personal level for each of the group’s members. They can develop a deep knowledge of each other and provide input into the growth needs and plans of their compatriots.

The most effective peer group is a small group of committed members, perhaps 7-12, who recognize the value that each member receives and contributes to the group. The group should have a balance between homogeneity and diversity, able to relate to each other as true peers but with a range of experience, expertise, and personalities. As a business peer group, they need to not include any competitors or any other source of conflict of interest. They must all be trustworthy and able to hold confidential all of what the group shares. The most important ingredient is the desire and willingness to have a positive impact on each others’ lives.

Do you have a group of peers that are helping you maximize your growth and effectiveness? Are you interested in participating in such a group?