Why should you join a mastermind group? Here are 5 ways they can accelerate your success.
Mastermind groups can help you seriously grow your business and achieve your goals.
How exactly can they do that? We’ve got a list of ways in which joining a mastermind group will transform your business.
But first, we want to be clear on what they are.
Mastermind What?
A mastermind group is a peer-based mentoring forum, where individuals meet regularly to discuss each other’s developments in their business, and the struggles each are facing. The goal here is to have a variety of perspectives to help you brainstorm and analyse a situation, and also a group of people who keep you accountable to your business goals, both in the long- and short-term.
Think of it this way, have you ever felt like there’s a key situation happening in your business which you want to talk through – but it just doesn’t feel like there is anyone? Whether your family and friends don’t have the expertise, the time, or the inclination, it’s a tough road to go it alone.
Mastermind groups mean you don’t have to. Mastermind groups are how you can find people to help you on your business journey, who will be committed and highly effective in helping you.
We’re sure you can imagine some of them, but we’re going to outline the big reasons a mastermind group can seriously accelerate your success.
1. Accountability
We mentioned this earlier, but people around to keep you on task and who regularly checking in on you is genuinely invaluable.
How many times have you found yourself promising that you’d work on something tomorrow? Or that you were taking the time to really think about something? Taking things slow to keep it careful?
And how often have these excuses allowed you to simply let a task drift away, until you wake up and realise you aren’t anywhere near where you’d wanted to be.
These sorts of delays significantly decrease your productivity, and can be a serious issue if you’re relying on this business to generate income.
Instead, as part of a mastermind group, you have a number of people who genuinely want you to succeed and who will encourage you to stay on top of your goals and milestones, without feeling the need to nag.
Even in returning the favour, you keep yourself on track: when reminding someone else of their need to get a marketing strategy together, won’t you also remember that yours needs work?
2. Diverse Perspectives
It’s a common saying that two heads are better than one. What if you could get the benefits of a whole team of perspectives, and not just that, but a team of people who are experienced in areas relevant to you?
That’s essentially what a mastermind group is. Instead of stewing over things by yourself, when an issue arises, or when you need to work out the next step for your business, you have a group of people to take it to.
These people are invested in helping you, because in helping you, they come up with new ideas for themselves, and contribute to a group which fosters new ideas for their business as well. In fact, research has even found that the cooperation of a group means that the collective intelligence exceeds the sum of the individuals: a mastermind group is worth more than the sum of its members.
3. Feedback
Customer feedback is, obviously, invaluable, and you always want to listen to these insights. By the same token, watching what your competitors are doing is also critical to maintaining the industry-level benchmark. However, there is a deep value in having people who aren’t invested at all directly in your product, to provide feedback. Your mastermind group peers aren’t looking to get a better deal out of you, nor are they trying to constantly one-up you: it’s not a zero-sum game here, but rather a positive-sum game. These people have that unique entrepreneurial mindset that you do, and their only goal is to grow and improve your business and your value delivery. Resultantly, you can get genuine, benevolent feedback which offers you a completely unique way of looking at your business.
4. Specialist Knowledge
It’s a given fact that no one can be an expert in everything. You’re good at something, and according to the laws of economic specialisation, that’s what you should be focussing on.
If you’re an accountant and numbers make your heart sing, what are you doing bothering with graphic design?
But at the same time, you don’t want to just leave important facets of your business to an unnamed (and usually expensive) stranger. The ideal solution is to make use of the collective experience and expertise of your mastermind group.
We can almost guarantee that when there’s aspects you don’t understand, someone in your group will have the requisite knowledge to fill the deficit.
Your business does not have to go without.
5. Marketing
You’re working hard, building your brand, and trying to expand your reach. Well done, you’re doing well.
But wouldn’t it be even better if you could find someone to promote you, someone who could expand your reach to audiences you can’t even reach right now?
That’s the power of cross-promotion: essentially what you’re doing is publishing guest pieces or having guests on your podcast, so that they get access to your audience, and they return the favour so you get access to theirs. As an additional bonus, you get positive press, because someone the audience trusts is introducing and endorsing you. How do you find someone to do this? How do you propose this idea?
The easiest people are those who are already invested in your success, and who you genuinely want to see succeed as well – the members of your mastermind group.
The potential for cross-business collaboration is extremely high in a situation where people are already highly invested in you, and when they are in a position to know exactly what you need and how they can fit into that.
Time to Join
So now that we’ve outlined some of the key reasons why joining a mastermind group would really be the the stroke of a mastermind, it’s up to you to take the next step.
If you have any questions about how to get started, chat to Jarrod for mentoring.
Otherwise, the world is your oyster.