As business owners, it is so easy to get lost in the day-to-day details of running the business that we do not invest enough time in growing it. Even if we set aside several hours a week, where do we begin? What areas of our business need improvement? Where can we be more efficient? In what ways are we succeeding?
A coach or mentor can be an invaluable asset to help us focus on priorities, and give us encouragement. I place a huge value on my weekly coaching calls. But what if there was a whole group of other experienced entrepreneurs to give you many new perspectives, support your ideas, point out areas that need improving, and hold you accountable for taking action? This is where a mastermind group comes in.
Simply stated, a mastermind group is a group of people who come together to achieve a common goal. In this case, several entrepreneurs exchange ideas and perspectives to help one another grow their businesses. Here are a few reasons to join one:
1. Why go it alone? Your ideal mastermind group is made up of peers with extensive experience in their individual fields. This peer-to-peer network is a great place to share ideas, get help when you’re stuck, brainstorm solutions, get inspiration, receive support – – and the list goes on. It is a way to share your strengths and benefit from the strength and experience of others.
2. Set goals and be accountable for them. Like a good personal trainer, your Mastermind group will prod you toward achieving your goals, and expect you to put in the effort. If procrastination is one reason your business isn’t growing, having a group to hold you accountable is an excellent way to stay on track!
3. Motivation. Once you’ve set your goals, you need to be motivated to stay on track. A good mastermind group will have homework for you to do so you can keep moving toward your goals with focus and determination.
4. Get in, and stay in, the growth mindset. Many, if not most, members of mastermind groups make six- or seven- figures. If you are not yet there, joining a group is the first way to make that goal tangible, and possible. What better way to become a big earner, than to learn from them?
There are many ways in which to join a mastermind group. You may join one through a respected colleague, through a live event, or even form your own with peers.
Whichever way you join a group, be sure that you get the most out of it. A group should be structured and focused, accessible after mastermind calls, and be made up of a diverse and well-rounded group of entrepreneurs. Do your research, and joining the right mastermind group can help you grow your business dramatically, in much less time than it would take to do it alone.