Sure, it's oh-so-lonely at the top, and impartial advice is hard to come by. For harried entrepreneurs with limited resources and time, finding a friendly ear may be especially challenging. But having a smart adviser to turn to is probably more important than ever in today's uncertain economic environment.

That's where C.E.O. peer groups come in. They function as an unofficial advisory board, typically with eight to 12 company owners who meet monthly to discuss their businesses.

With the assurance of strict confidentiality, members feel free to bring up just about any topic, from how to fire a top manager to how to cope with a child's addiction—subjects they'd probably be reluctant to discuss just about anywhere else.

At the same time, they can listen to the often-enlightening experiences of other members—who, according to the rules, are not allowed to be competitors—and apply those lessons to their own businesses.

"I find myself scratching my head all the time and thinking, What a great idea—I should do that too," says Tim Kunhardt, C.E.O. of Z-Card, a New York-based company that sells pocket-size promotional media. He recently joined a peer group.

On a frigid morning last February, seated at a conference-room table with nine other members, Kunhardt listened as one colleague discussed a pressing problem: how to temper managers' optimistic growth plans, given the current economic climate, without dampening their enthusiasm.

As Kunhardt listened to the discussion, he realized that he was in the same boat. When his turn came, the group listened to him talk about his own situation and helped him come up with a plan for dealing with his staff. On the spot, he emailed four division managers to schedule a meeting for the next day.

There are hundreds, if not thousands, of such groups; naturally, they're not all alike. Some are run by major organizations with chapters around the world.

For example, Vistage, originally called The Executive Committee, boasts about 1,000 groups in 16 countries, while Opportunity Knocks, based in Bend, Oregon, has just 22 groups in the central part of the state.

Membership fees also vary widely, anywhere from $300 to $13,000 a year. Some organizations offer different fee tiers based on the size of members' businesses.

For firms with $1 million to $5 million in revenue, a Vistage membership costs $10,000; this includes a mix of half- and full-day meetings and a monthly session with the group's facilitator. For larger companies, Vistage charges $13,000 for one all-day meeting each month plus a two-hour private consultation.

Peer groups usually don't exceed 12 members, but some, like those run by the Women Presidents' Organization, allow as many as 20 participants. Some meetings last about three hours, while others go on all day, often featuring a guest speaker discussing anything from blogging to tax issues.

What all groups provide, though, is a moderator-guided forum where members can let their hair down. In some cases the leader is a paid professional, while in others it's a volunteer from the group.

Individuals have the opportunity to bring up an issue and then respond to often-probing questions from the rest of the gang.