One of the buzzwords that has been floating around in business lately — especially in entrepreneurship circles — is “mastermind group.”
Before you dismiss the idea of getting together with a bunch of other entrepreneurs, consider how you can benefit from a mastermind group.
1. Outside Perspective
Often, we are too close to our situation and our business. If you are looking to grow and change, you need an outside perspective. Members of your mastermind group might be able to see things that you miss and provide an alternative viewpoint that can benefit you — and your business — in the long run.
2. New Ideas
Not only can you receive outside perspective from others in your group, but you can also get new ideas. Learn more about certain subjects that you might need enlightenment on. Someone in your mastermind might have a new way of doing things that you could benefit from. Also, you might have weaknesses in certain areas, and a member of your group might have strengths. It can be helpful to consult with someone in your group to help you work through problems.
3. Networking Opportunities
Your mastermind group can provide opportunities for networking. You don’t always have to meet in person for an effective group, but it does help to meet up once or twice a year. There is something about in-person meetings that build connections and help you focus a little more. These networking opportunities can help you reach new audiences as well. The connections you make through a mastermind can spread out to other areas of your business.
Going hand-in-hand with networking are promotion opportunities. You can work on cross-promotion with members of your group. You can help each other by providing publicity and social sharing to members of your own network. Cross-promotion not only provides you with entrance to a new audience, but it also shows your own followers that you are interested in bringing them useful information from other quarters. It helps you reach others while boosting your own reputation.
Successful entrepreneurs know that they need good support systems if they want to take it to the next level. However, it can be difficult to find empathy in your own circle. While your friends and family might be somewhat supportive, they might not always understand your challenges. Being able to share with others who “get” what you’re going through and what you’re trying to accomplish can be a big help. Your mastermind group can provide that support to you, and help you remain motivated, even when things get tough.
Another great benefit of a mastermind group is the chance to strategize. Whether you travel to meet with your mastermind (and the travel can be tax-deductible since it’s for business meeting purposes to advance your company) or you spend most of the time meeting virtually or over the phone, you have the chance to strategize. If you aren’t sure about the next step, or how to take the next leap, a good strategy session with your mastermind can help. In many cases, masterminds take a broad focus and then drill down, with each member getting a week for a turn. If you use your mastermind group right, you can get good help with your strategy.
Your strategy is basically useless if you don’t implement it. This is where a mastermind group can help. You normally have to report your progress, and share what you’ve done since the last meeting. In some cases, you might even have “assignments” to complete before the next meeting. Knowing that you are accountable to someone can ensure that you implement the needed steps and actions to move forward with your business.