Masterminding and Strategic Partnership Can Increase Sales for Business Coaches
Are you a business coach or executive coach who is having a difficult time growing your practice? You have read where most coaches make less than $50,000 and never have more than 20 clients. Those dismal outcomes are not what you envisioned for your business.
So how do you grow your practice and become one of the 10 out of 100 whose income exceeds $100,000? One of the easiest ways is to form strategic partnerships with those who market to similar target markets and then create a mastermind group.
These partnerships may include, but are not limited to accountants, lawyers, financial advisors, insurance agents, bankers, physicians, computer technicians, custom home builders, engineers, contractors, new car dealers, marketing specialists who sell promotional items and web designers. The goal is that the partnership is mutually beneficial to all parties.
Napoleon Hill first published the concept of masterminding in his book Think and Grow Rich. However, the founding fathers of the United States used this strategy when conceiving the idea of the United States of America. Other great leaders have used this incredible concept.
Essentially masterminding is using the exponential power that resides when two or more individuals unite their critical thinking skills. Think about one horse pulling a 1,000. What happens when two horses are linked together? They can pull far more than 2,000 pounds. Masterminding is essentially the same thing, pulling more or thinking more together than separately.
So maybe you are now thinking that this is a good idea and don’t know how to start. Maybe these steps will help you.
1. First leave your ego at the door. You must be open minded to find strategic partnerships.
2. Look for other business owners in non-competing industries who share the same core values that you have. Your reputation is important.
3. Establish a group of 4 to 7 individuals who all wish to increase their business results and are committed to the group for at least a year.
4. Have a get to know you meeting where the ground rules are discussed including confidentiality agreements, future meeting dates and meeting agendas.
5. Use your second meeting as an introduction where everyone shares what has been happening within her or his business since its inception. This should be a brief executive summary including core business offerings, annual growth and existing issues or challenges.
6. Future meetings would allow each member to bring a specific issue to the group. The group through their collective critical thinking skills help to brainstorm potential solutions to the member’s issue. If there is enough time, a second member brings another issue.
To increase sales in today’s highly competitive global marketplace does demand that you begin to think differently unless you are happy doing the same thing over and over again getting the same results.