Mastermind Groups are a very powerful tool to help you examine and improve your business… Listed below are some of the key benefits that can be provided by an effective Mastermind Group :
- Activity. The simple act of meeting regularly to discuss your business means that you are regularly thinking about your business – not just going through the day to day activities associated with running your business. Thinking about growing and improving your business not only makes you much more aware of opportunities that may arise, but also seems to have a “magical” effect on potential clients and leads contacting you “out of the blue” – try it and see, you may be surprised.
- Mutual support. Supporting each other’s business is a key benefit of a Mastermind Group. If you progress has slowed on a specific goal or you have hot a road block (mental, technical, bureaucratic, etc..) the members of your mastermind are sometimes the only people who really understand what has been going on behind the scene, and can offer give support and advice on how to move forward.
- Goal Setting. Most of us realise how important it is to set goals… but too many of us set “woolly” goals and don’t follow up on them. Telling members of our Mastermind exactly What you aim to achieve and When you want to achieve it is very powerful and leads to the next benefit…
- Accountability. This is probably the key benefit to me. Your group members hold you accountable to goals that you set. As a small business owner or solo professional, it is far too easy to procrastinate or let things slide. Sometimes just knowing that you have a mastermind get together coming up drives you to make progress – because you don’t want to be the only person reporting back that you haven’t achieved anything since the last mastermind session.
- Different perspectives. Hearing the different views of your other masterminders will often allow you to see issues you wouldn’t otherwise become aware of – in your life, and in your approach to goals. Whether you agree with their assessment or not, feedback from others always provides a better understanding of how you can better improve your strategy.
- Resources. Everyone in your group will have access to different skillsets and networks of people. When you ask for help, these resources may help you open some doors or make progress in ways you never could by yourself.
- Leads. Whilst lead generation is not usually a key focus for mastermind groups, if you are looking for a particular type of client, there is a good chance that your fellow masterminders will know someone who is looking for your type of product/service, and will be happy to pass on a contact or lead.