I’m sure you already know that insufficient cash is one of the biggest issues small and medium sized (SME) business owners face. But what happens if you have some cash but you’re not sure what to do with it? This is when investing in a mastermind group could be the best decision you could ever make because you can mastermind your way to success.
When I attend networking events I often hear entrepreneurs and SME owners talk about lack of cash but it is more often than not followed up with a desire for more expertise to be available to them at a reasonable rate. Whilst some people will opt to employ and others outsource it often does not solve a bigger problem which is to have a team of experts on hand to support you, give you perspective, hold you accountable and also share resources.
Published in 1937, Napoleon Hill’s best selling book ‘Think and Grow Rich’ first told of the treasure to be found in a mastermind group. As Napoleon Hill himself describes ‘The Mastermind principle consists of an alliance of two or more minds working in perfect harmony for the attainment of a common definite objective. Success does not come without the cooperation of others’. To this day we need to be taking notice of this sage advice.
But how is a concept formed over 80 years ago still valid today? Well the answer is quite simple, it is because a mastermind involves people. And despite many decades having passed, it is still the people who hold great wisdom through learning and experience and if they share this amongst others it can only be for the greater good.
A mastermind group set up today could take various forms depending on the objective of the group but some tried and tested qualities still remain. Listening and timekeeping skills are imperative as are respect for others and confidentiality. You see many pseudo mastermind groups exist but not all tick these boxes and the relative professionalism and success is therefore reduced.
So how should you go about selecting a group that is right for you?
Firstly seek to understand the objective of the group. Is it about increasing profitability, managing projects, expanding into a new market or are you not too sure…
Secondly think about the people who are in the group. How many people are in the group, how are the people recruited, what are the rules and who is chairing the meetings.
Thirdly how often does the group meet and what level of support is available between times. Does the group have a method of holding you accountable but also support you as needed between sessions. You may even consider if it is on or offline.
Then finally you need to ask yourself how committed you are. For a group to be successful it needs to rely on the commitment of its members to reach the objective set out initially. You must consider this as part of your thinking process.
Nicky Peters works with entrepreneurs and small and medium (SME’s) business owners and specialises in increasing profitability.
If you want to know more about our mastermind group options and find out if joining a group is right for your business visit NickyPeters.com/mastermind-contact