Why do business leaders join a mastermind group?

Coaching - Succession- Financial Planning

Why do business leaders join a mastermind group?

There are a number of reasons business leaders join a peer group, networking with other business leaders is one. Having a place to meet other people, your peers, who know the stresses and strains of running a business can be very helpful in times when you need to vent or share ideas. It’s also great for getting objective input from those who have “been there before”.

Another reason why many business owners choose to participate in a mastermind group is that they want to learn more about themselves as well as their businesses. They may not feel confident enough to ask questions directly to someone else but by participating in a mastermind group they get an opportunity to talk through issues with others. As the relationships and trust grows within the mastermind alliance so too will the depth and detail of the discussion. Becoming a trusted member of a mastermind alliance is a powerful way to receive honest feedback when looking at issues and opportunities.

What makes a good mastermind group?

There are several things which make up a successful mastermind group:

1) Networking — Networking is a valuable part of membership in a business mastermind group. This is not because members expect to do business with each other, in fact many groups discourage that as a commercial relationship can hinder the open honest discussion critical to effective group dynamics. However, networking with other successful people who get to know you and your business will provide benefits beyond measure.  

2) Clear expectations – Once participants know each other’s goals and objectives and understand the process around how meetings work they can come prepared to contribute and to be heard on important issues.  Everyone in the room (or in a virtual meeting) is a successful person and values their time. They expect other members to be prepared and established processes to be followed.

3) Regularity – One of the most important aspects of being involved in a mastermind group is regularity. You cannot just show up once in a while and expect to benefit from the experience or develop relationships within group. To reap maximum benefits, you need to commit yourself regularly to the group. Participating is a responsibility you owe to the other members who are relying on your perspective on their issues just as you will rely on theirs. 

4) Accountability – Another key aspect of a mastermind group is accountability. When you sign up for a mastermind group, you are agreeing to meet certain standards. You cannot just show up once a month and say nothing. There must be regular communication between participants. You must be ready to discuss sensitive issues. In addition, you must hold yourself accountable to follow through on commitments made to the group. When you are accountable to your peers’ important things get done.

5) Transparency – Transparency is another important element of a successful mastermind group. Transparency is derived from trust and trust is built over time as relationships build. Everyone involved in the group must be free and willing to discuss everything openly. No secrets allowed!

In summary

A mastermind alliance is a powerful tool available to business leaders who are prepared to make the commitment needed to invest the time and energy into the group. The investment will return many times over from new perspectives on old issues to different ways to look at opportunities. For many executives the monthly executive meeting is a fixture in their calendar, other commitments are scheduled around the meeting because they know the incredible value they get and give other members, value derived from mistakes not made or opportunities recognized.