- How are FMI Peer Groups different from other industry association Peer Groups?
- How can I benefit from an FMI Peer Group?
- How much time does it take from the beginning of this process to my actively participating in an FMI Peer Group meeting?
- What is my annual investment?
- Do I alone, as the CEO, attend the Peer Group meetings?
- How long does my membership in the Peer Group last?
- How do I know there are no competitors in my group?
- Can I trust the others in the group?
- What if the group is not right for me?
- I've heard that "homework" is assigned before each meeting. Please explain.
- How much of a time commitment should I expect to make in a Peer Group?
- Developing the agenda with the host company
- Bringing in industry experts to the meetings
- Researching topics for the meeting
- Leading the meeting while adding our own industry experience to the discussions
- Publishing follow-up documentation/action plans for the members
- We provide comparison templates for use, run the numbers, collate and produce results
- We screen and recruit new members' companies
How can I benefit from an FMI Peer Group?
Learning about new ideas, benchmarking performance and identifying opportunities for efficiency are all ways a member can benefit. By taking just one idea from a meeting and implementing it, a member can save thousands of dollars. It is common for members to share stories of how much was saved or earned as a result of something they had learned at the meeting.
How much time does it take from the beginning of this process to my actively participating in an FMI Peer Group meeting?
It depends on the level of interest in a particular contractor sector. For general contractors, typically, the process takes two to four months.
What is my annual investment?
A firm that would like to become involved in a Peer Group can expect to invest between $15,000 and $20,000 the first year. After the group is formed, a company can expect an annual investment of approximately $10,000-$15,000, depending on meeting frequency and type of agenda.
Do I alone, as the CEO, attend the Peer Group meetings?
Usually, one member represents each company. If the companies agree, two representatives from certain companies may attend each meeting. Consistency of members at each meeting is critical. In a parallel meeting format, additional attendees from similar departments from the member companies hold a concurrent session.
How long does my membership in the Peer Group last?
FMI Peer Groups are perpetual. The groups we started in 1999 are still active. As long as there is interest and the group members continue to receive value from the meetings, the group will continue. We have two groups formed in the early 1990s which are continuing to meet and receive high value.
How do I know there are no competitors in my group?
FMI strives to put together groups with compatible members. In forming the groups, we look for contractors from different areas of the country. In the organizational conference calls, the potential members discuss where they are from and their geographic areas of operation. If there is any concern of competitive overlap, potential members are not placed in the same group. Members must have 100 percent confidence in each other for the group to work and be successful.
Can I trust the others in the group?
The basic success of the group is dependent on confidentiality and trust. We depend on the professional integrity of the members within the groups to respect each other's privacy and confidentiality. FMI has never experienced a problem with trust in our Peer Groups. We ask only those with high integrity to participate.
What if the group is not right for me?
FMI strives to organize groups that allow for high-quality interactions. We work to ensure that potential members are compatible, have something to offer and have something to learn. If in the course of organizing the group or in the management of the group, a member feels uncomfortable, FMI will work to place that individual in another group. A company is not committed to join a group until it has committed to the meeting schedule for the first year. As with any FMI service, 100 percent client satisfaction is always guaranteed.
I've heard that "homework" is assigned before each meeting. Please explain.
To make meetings as productive as possible, preparation materials are assigned, due dates are set and binders are created compiling all members' information. This information is shipped to each member for review in advance of the meeting. Our expectation is that each member will arrive at the meeting prepared and ready to actively participate in the meeting.
How much of a time commitment should I expect to make in a Peer Group?
Depending on the group and its commitment to ongoing dialogue between meetings, the time commitment may be fairly small or more frequent. One Peer Group holds monthly conference calls for one hour between meetings. Most groups have a short flurry of activity before and after a meeting. Depending on the agenda and homework assigned, hours may be required about one month out from the meeting dates. If you are hosting the meeting, hotel/logistic arrangements will have to be considered and planned for all members.