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.

Discussions are not always business-related. At Kunhardt's recent meeting, one member wanted to know whether or not to buy a beachfront property in South Florida where he could dock his boat. After a series of questions and observations— "It sounds like you fell in love with the place, but it seems like a bad investment" and "If you buy it, you should tear down the house and just keep the property"—he decided to bag the idea.

At other times, speakers provide invaluable insights. Ron Garfunkel, C.E.O. of Service Directions, a laundry-room management company in Yonkers, New York, and a longtime member of Kunhardt's peer group, recalls hearing a presentation on team-building several years ago that changed the way he ran his business. "I modeled my whole organization on that advice," he says.

If you don't get a chance to bring up your particular issue during a meeting, there's always time between sessions. Members often email each other or go out to lunch to discuss important matters.

Gary Zimmerman, C.E.O. of Creative Business Interiors, a Milwaukee designer of commercial space, attends meetings run by the Metropolitan Milwaukee Chamber of Commerce. He points to a member who recently emailed his group asking how much of a raise to give an employee. Everyone had a suggestion.

How to find the one for you? Often you can get information through a vendor, business associate, or friend; Kunhardt heard about his organization during a chat with a major supplier who was a member of a group in Chicago. Another good contact is your local Chamber of Commerce.

The website for the Edward Lowe Foundation in Cassopolis, Michigan, is another good source. It is dedicated to helping "second stage" companies—businesses with at least $1 million in revenue and at least 10 employees. It lists groups by state and runs its own meetings.

Once you've pinpointed the organization you want to join, you'll probably meet with a facilitator who will introduce you to a likely chapter. Then you'll attend a meeting, where members will ask you about your business and you'll get a chance to form an opinion of them. Soon afterward, they'll vote on whether or not to invite you to join.

It'll probably take about a year to develop a solid rapport with the rest of the group. And, of course, after a few sessions you may decide it's not your cup of tea.

Garfunkel, for example, joined a Vistage group 15 years ago only to find that the facilitator wasn't running as tight a ship as he would have liked. So he switched to another, where he's been ever since.

Zimmerman recalls one member of his group who dominated discussions. After several other members spoke to the man privately about the problem, he resigned from the group. Another time, a consultant running a sole proprietorship decided to leave when he realized he wasn't the right fit.

What you're not likely to get from these organizations is business. Peer groups are not meant for networking. In fact it's discouraged, since members are less likely to expose their vulnerabilities if they think a possible client is in the room.

"The last thing on people's minds is selling," says Kunhardt. "It's the one day of the month when you're not constantly thinking about generating revenue."