Go Beyond The Call Of Duty To Support Your Mastermind Group
Last week a TV producer from one of Canada's largest TV networks about a new show that they are going to be launching that focuses on entrepreneurs. The producer ran over a few of the topics they had in mind to launch and if I knew any up and coming successful entrepreneurs who would fit the profiles.
Whenever I get these kinds of requests I always think first to the members in my Mastermind Groups. Fortunately four out of the five topics she discussed were perfect fits with some of my members. This week I will be connecting her with the business owner members.
I have found that by going above the call of duty you win the loyalty of your Mastermind Group members. They sign up for the monthly meetings and weekly accountability program but there are a number of additional elements that they get including:
Evan On Search - A bi-weekly members-only newsletter packed with strategies to get top rankings and win at search engine marketing
Search Engine Reports - Over US$2,500 in free reports on how your website is doing compared to your top competitors and specific steps to take to rank #1
Entrepreneur Events - We hold regular social events like pool nights and barbeques for the members to get to know each other as well as business events where we learn from those who have accomplished more than us. See the video at the top right of this page for an example.
Entrepreneur Forums - A private, members only area for the members to share resources, discuss important topics, and stay connected to each other in between the meetings
What else can you do to support your Mastermind Group members? The more you go up and above the call of duty to help them grow their businesses the happier your members will be and the more referrals they will send you!
Since I've never heard anyone else talk about this or read about it, though I am sure they must have, I gave this exercise my own name, "Mastermind Intensive."
Here's how it goes:
1. The mastermind group chooses a member to focus on.
2. The individual comes to the mastermind group with a single problem that needs a solution to present to the group. It should be a problem that is seemingly impossible.
3. The group spends all or a large portion of the meeting on brainstorming a solution or a list of options to solving the problem.
4. Depending on the nature of the problem, more than one person can be the focus of a Mastermind Intensive during the same meeting.
There is tremendous power in focused energy. When there is a collective of like minds that come together to create a force of focused energy towards the discovery of a solution, there is a blend of background and experience applied, resulting in the most amazing and creative answers.
The one rule is that everyone must participate and none of the discussion of ideas should be on how or why an idea won't work.
If your group meets weekly then conduction an intensive might be a technique that can be used monthly
What sets your mastermind apart from every other friend, advisor and support system? The fact that it is a group of individuals who come together to create a special bond that challenges each person to play their biggest game ever. I just got back from facilitating a mastermind retreat for my platinum level members (all of who are over six figures) and realized that one of the greatest a-ha's each member walked away with was where they were playing small. We get used to seeing our world through our own filters. But in a safe spaced designed to encourage breakthroughs and new possibilities, you can tap into a whole new world by seeing who you are through other people's possibilities for you.
For example, one member had become quite focused on a business offering they just knew was perfect. As the mastermind held this person to their goals, values and priorities, the member found that they were giving away a lot of value without being compensated for it. Taking that program to the marketplace the way it was would have spelled burn out and overwhelm. The mastermind was able to brainstorm a powerful program that aligned with the member's value, priorities and goals.
So how does a mastermind help you play bigger?
Here are four of the ways that a mastermind can help.
1. Spotting being busy versus being productive. It's an insidious habit to just be busy. It's hard to recognize when you have fallen into the habit. Your mastermind can help you identify if you've fallen back into the busy trap and get you back on track.
2. Recognizing if you are playing small or getting in your own way. After a while, the group gets to know you and your patterns. They can quickly and easily spot an attempt to play it safe.
3. Role modeling what's possible. Inevitably, some of the members will be focusing on different or more advanced opportunities. By doing so, they are providing a bigger game to shoot for. For instance, two of the members of my Platinum group are now focused on working less and building more "lifestyle" into their life. The rest of the group lit up and became so energized that they began to reorient their own game so that lifestyle was a part of the vision.
4. Holding you accountable. You really want to have a group who does more than just show up and brainstorm with you. You want them to want your success for you just as much as you do. Having a group buddy or a way to track accountability helps.
Tapping into the power of a mastermind is life-changing. I personally have benefited for over 15 years and see how others lives are changed through the mastermind process. Most importantly, if a mastermind is leveraged properly, you can find yourself light years ahead by simply showing up with other's who are committed to playing a big game.
There's no such thing as an overnight success. If you've been unhealthy for years you can't get healthy in a few days or weeks. If you're starting a new business today you're not going to be a household name tomorrow. Success in life is a journey starting with one step. The Slight Edge by Jeff Olson is mandatory reading as far as I'm concerned.
The Slight Edge philosophy is quite uncomplicated-simple positive decisions compounded over time will put you on the success curve, simple errors in judgment compounded over time will put you on the failure curve. These days many people have become unwilling to wait...for anything. Instant gratification has become the norm.
"No success is immediate. Nor is any failure instantaneous. They are both products of the Slight Edge."
We join mastermind groups with a certain goal in mind.We make plans to achieve to these goals but what decisions are you making everyday? Not the big decisions but the seemingly insignificant ones. The author states several times, "these simple positive actions are easy to do and easynot to do".
If you have your mastermind meeting today and ithappens to be your worst day ever. You woke up late, someone dented your car, you missed an important meeting, your child got into some trouble at school or whatever catastrophe has hit you today. Missing that meeting is as easy as attending it.
So what does the Slight Edge have to do with your mastermind? We join mastermind groups to learn. Learning also requires action. Applying that action in our everyday decisions is what moves us forward. You may not see the results right away but that doesn't mean something is not working.
As your going about your day look at the decisions you've made and ask yourself if that decision is moving you closer to your goals or further awayfrom them. How are you applying the Slight Edge?
Last Thursday I met with my third Mastermind Group, "The Visionaries", and we discussed our 5 year company visions. The purpose was twofold:
1) To help the members create a clear direction of where they wanted to take their businesses as most entrepreneurs do not have an end goal in mind.
2) To share that vision with the other members so that they can be held accountable to achieving their goals.
I shared with them that my 5 year goal was to have the most popular website for entrepreneurs in the world, a position currently held by Entrepreneur.com. It is no small task and will require my site to grow by more than 10 times what it is today.
What surprised me was how many of the members wanted to sell their businesses or take them in a completely different direction. They see what they are currently doing as stepping stones to something greater in the future. Some want to have sold their businesses, some are looking at franchising, some see themselves serving a different client base.
It was a useful exercise for the members to get clarity on their direction as well as for me to better understand my members and what they want to accomplish.
If you have not already done a 3 or 5 year vision session with your Mastermind Group, I would suggest bringing it up as a topic for discussion at your next meeting!
When we think of a mastermind group, we usually associate it with business or professional success. However, we can also apply mastermind principles for personal success, such as weight loss, parenting/motherhood, going through major life transitions or illnesses, etc.
A mastermind group, by definition, is a group of like-minded people who work toward a common goal, by supporting each other (brainstorming, networking, offering resources), and keeping each other focused and accountable, until you reach your goals. In the case of masterminding for personal success, even though you may or may not call your group a mastermind group, you can utilize the same principles and process to facilitate success for group members.
For example, when my daughter was 10 months old, we had to relocate to another state due to my husband's new job, and I decided to quit my college counselor position to be a stay-at-home mom. I joined a local MOMS Club, and found a playgroup within that chapter. All 5 moms in our playgroup were previously full-time professional women with advanced education, and all our first-borns were only a few months apart in age. At the time we all had the desire to have a successful, fulfilling stay-at-home motherhood, good marriage, and the shared goal to raise our children the best we could. We met once a week at one of the moms' neighborhood clubhouse. While the children played and snacked, we talked about our challenges & triumphs in parenting, marital & other relationships, health, personal interests. We celebrated and cheered for each other's success, and offered support and solutions for challenges. We also shared our dreams & goals, and motivated each other to go after our goals. Best of all, we became really good friends, and so did our children.
At the time when I was struggling with the transition from being a full-time working mom to a full-time stay-at-home mom, the weekly playgroup meeting was a life-savor for me. The weekly outing offered my daughter and me a good time with our friends, and the much-needed intellectual stimulation and adult conversation for me. Since we all happened to have similar level of education, core values and goals, it was easy to consult with one another when we needed a sounding board, brainstorming partner, or accountability buddy.
When I looked back at this experience, I think even though we called our group a playgroup, we actually got a lot of benefits of a mastermind group or an advisory board from our group. And even though we started the group for the sake of our children, I believe we moms had benefited from the group as much (if not more) as our children did.
Another example is a mother-daughter book club that I recently joined. All of the moms (some working, some stay-at-home) have a daughter that's entering either 6th or 7th grade this fall. We all have a strong desire to sustain our close relationships with our preteen daughters, and help them navigate through the often challenging teenage years that's right around the corner. I think the teenage years is one of the most important transformations our daughters will go through in their lives. Our goal is to help our daughters grow into healthy, happy, loving, and self-confident young women. We will read books relevant to mother-daughter relationships (you know how tricky it sometimes is to do the "mother-daughter dance"), as well as any books that would serve as a conversation starter for any issues (and there are lots of them) facing today's teenage girls.
Again, it's an out-of-the-box solution for a set of specific common goals. Even though we initially call it a mother-daughter book club (the girls are working on creating a cool name for our group), it is so much more than that. We hope to make this group a safe haven for the girls (and moms) to talk about anything they are concerned about, support one another in trying times, and learn from one another. Yes, there will be lots of learning and growing for all of us, and I expect to have lots of fun as well. In a sense, this group is our advisory board and mastermind group, too.
Our quarterly meeting is just around the corner and I have today emailed the members, asking them to update their KPI's for the financial conversation.
So what's a KPI and why is important?
With a group made up of dental practice owners, what we want to identify are the most important financials that can be used as a diagnostic:
1. How do they compare with each other? 2. How do they compare with the market as a whole?
It's also significant to note that I’m not an accountant - and I don't want to understand double-entry book-keeping - so the numbers have to be in a format that the members will find easy to collate and that the group will find easy to understand and discuss.
This is where the experienced-based knowledge of the group comes in handy.
After much deliberation we have settled on the following KPI's - all of which are expressed as a percentage of sales:
a. Owners' profit (before tax); b. Dental material costs; c. Dental laboratory fees; d. Payroll for salaried team members; e. Average daily gross sales per income producer; f. Associate dentist fees as a percentage of total fees; g. Hygienist fees as a percentage of overall fees; h. Secured debt; i. Non-secured debt.
It still amazes clients that I can look at these numbers and give a pretty good account of the "shape" a dental practice is in - within a few moments.
More importantly, the MMG members find it useful to compare, contrast and monitor their own progress over time.
Oh - and by the way - how good is that you can demonstrate that your clients' finances are in better shape than the market average?
Let me share a secret with you - the most important KPI of all is....
Average daily gross sales per income producer.
Without exception - if that figure drops the business is in all kinds of trouble.
So part of my responsibility as the MMG facilitator is to make sure that the members submit their updated numbers - and to help them understand what messages they are getting from the numbers - and what to do about it.
While filing paperwork yesterday at home, I ran across an article I had kept for probably 10 years on my bulletin board. (There's no date on it so I'm not sure how old it is.) It is entitled "Quit Dreaming." The author is writing to potential writers. He says to
I've had to take a break from meeting with my Master Mind group this summer, due to family obligations. My grown children are moving to other parts of the country in a few weeks and that requires a lot of time and attention in helping them make the transition. Another is leaving for college in August and needs some attention there.
But, I'm tossing around the idea of writing a book - what kind it would be (non-fiction most likely), studying what it means to compose a book proposal, looking for publishers, etc. This is a big step for me as I have never wanted to write a book, preferring less time-intensive projects like magazine articles.
It is only because of my Master Mind group and the studying I've done in the past year on reaching for goals that I've had the desire to think this far ahead. I've already achieved some goals in having articles accepted in new magazine markets for me - Indianapolis Monthly, Elks, Outdoor IN, Farm & Ranch Living.
Now, as my home life looks to be fairly quiet and undisturbed and more space is available for projects, I think I’m ready to tackle a book. I had a couple of ideas. One was a biography and the other, a historical memoir of a town's connection with the circus. But I found books already published on these same subjects. Without doing more research I don’t think more information could be added to those subjects, so I’m discarding those ideas.
I would really like to write humor articles like Erma Bombeck. I think there is such value in humor and laughing at life. My kids keep a quotes board and they put me on there quite often! But to write humor is different than speaking it, I think. I'll be working on this facet of writing this year.
And then there's my travel bent. I love to write about travel and feel it is important for people to get away from work and their daily lives to travel and see new things.
I also think travel is important to bond people together. Our family still talks about our tour of Alcatraz and the trip we made to Dry Tortugas National Park off the coast of Key West several years ago.
Plus, I think travel is an educational tool that can help us to reflect on our present-day lives and appreciate what we have.
So, for many reasons, I enjoy travel writing. I write often for the Fort Wayne News Sentinel newspaper in this area. Lately, I’ve done stories on the Levi Coffin House in Fountain City, IN, the Johnny Appleseed Festival in Fort Wayne, IN, The Inn at Cedar Falls in Hocking Hills, OH, and the Gene Stratton-Porter home in Geneva, IN. I also recently wrote about the Cole Porter birthplace in , IN, and the Winchester House Inn B&B Inn in the same state for other magazines.
That type of research and writing is easy and enjoyable to me, so this will receive more thought and investigation. One member of my Master Mind group thought I should cover Bed and Breakfast Inns in my Midwestern state. I may be able to do something like that, and would enjoy it thoroughly.
I've also got a play I'd like to work on for possible submission in playwriting contests.
So, even though my well of assignments is slim now, it may be the chance I've been waiting for to do more research into a book. We each only have one life and I intend to make my count doing things I enjoy and that matter to me and other people.
One of the aspects I have noticed by being part of a Mastermind Group is the sense of community. Let's face it, people don't quite connect with others like they used to. Neighbors don't bring over a home baked pie when you move into the neighborhood and people are often paranoid in the "big city" to even say "Hi" when passing you on the sidewalk. The world has changed, but that's not to say it isn't for the better. We are now on a bigger playing field and can meet people from all over the world like never before.
We are adjusting to that change. The possibilities are incredible. We now connect through telephone lines and with people across the world through our laptops. We are still human beings and possess that sense of belonging that a Mastermind group can give us. Yes, there are still local business groups that can operate like Mastermind groups but connecting from the comfort of home is what many of us have become accustomed to.
Communities often give us consistency that we crave in our lives. A Mastermind Group can do that for you while some ventures may come and go but a Mastermind Group community can create a commitment from everyone knowing we are accountable to others. This kind of community of like-minded people works together in harmony to help each other discover the most within ourselves and reach beyond what we once thought were our limitations.
An industry like Internet marketing is changing faster than we can keep up. It's good to have some passengers to travel with on that wild ride, people whom you have developed a sense of trust with.
As human beings, we crave that interaction, especially meaningful ones with people who are also committed to each other. It's critical to success to be with others who are also bringing energy, excitement and a fresh perspective to the Group.
Mastermind Group community advantages include:
Support system Energy Motivation Balance Sense of belonging
We join parenting communities to have a support system and help us be better parents so wouldn't it be only logical to join and entrepreneurial community to be better business owners? It only makes sense.
When we envelop ourselves in a community it becomes a daily ritual, part of a successful habit instead of a chore. It gives us a sense of who we are and becoming successful means developing successful habits and surrounding yourself in a community of positive, energetic, motivated and successful people. Brad and I look forward to our Mastermind group classes and would feel lost without our community.
As small business owners we are typically strapped for resources. It can be hard to find the additional time in the day and money needed to start new projects. This is where your Mastermind Group can be of help to you.
Chances are the investments that you have made in your business can also be of benefit to your fellow Mastermind Group members. You have access to products, services, and information as well as experience in areas that the business owners in your Mastermind Group could use.
Similarly, the other members in your group have made investments in their businesses that could help you. As an example, at my meeting last week with Mastermind Group #2 - The Focus Group, one of the members is trying to build a media strategy. On top of the Press Release Builder Tool that I put together to help entrepreneurs, I offered to share my media contacts who have been helpful for my business.
My member will be able to use the media connections that took me years to build up. Similarly, he has helped other Mastermind Group members by sharing his knowledge, contacts and resources. By leveraging the resources of your Mastermind Group members you can quickly bypass the learning curve that is often required to make a project a success.
One of the most fun and rewarding exercises in a class I'm facilitating this summer was that of making Vision Boards. The group brought in magazines, poster board, scissors and glue and we set off to work individually on finding images of the life we want to create for ourselves.At the end of class, we shared the pictures we'd found to attach to our boards.Here's where once again, I realized what power there is in a group of like minds.Not only did the group members explain their boards, their intentions and dreams, but also garnered the support of each member by asking for feedback and support in reaching their goals.Now, every class, we bring our boards in to show what we've added and talk about how much closer we're moving toward the dreams reflected on the Vision Boards.While getting to know each other better and without realizing we were doing it, this class on success building tools became a Master Mind group.
So, really, who better to share this very personal type of visual exercise with than your Master Mind group?Make sure everyone is in agreement, of course, and that it serves the purpose of the group.For instance, in my business Master Mind group, we share our monthly and quarterly goals and action steps needed to reach them.We do not, however, have the opportunity to cut and paste visual images of these plans, nor is that the focus of our meetings.But in another group or as an outside exercise, what a powerful way to state our goals, share with others to gain their understanding of our intentions, then have them support us in achieving them.
Yes, a little different approach, and "outside the box" of usual business oriented groups, but worthwhile, fun, rewarding and powerful all at the same time.Happy Visioning!
Graduation month, June, has just ended and many fine words of advice have been offered to the graduates of high schools and colleges.
The grads heard about the challenges they would face as they built their careers and shaped their personal lives.They were encouraged to move forward with setting goals and taking advantage of opportunities.
I wonder how often the commencement speakers, parents and friends advised the grads that while courageous independence is an important part of success, another contributor to success is giving and receiving help from others? Yes, I mean the benefits of a mastermind group.
High school grads who go on to college will do far better academically if they become members of study groups to help them through the harder courses.And isn't a study group, (like minded individuals helping each other with a common goal like passing organic chemistry) another form of mastermind group?
College grads looking for the fast track for career advancement in the corporate world will benefit from the encouragement and support of an unbiased mastermind group dedicated to career promotions and advancement for its members.The adjustment from college life to career life is filled with decisions about not only careers, but also auto financing, apartments, furniture, clothing, relationships and always life balance.Many of these decisions will be easier with some additional input from others who are going through the same learning process.
If you are in a position to offer some simple advice to a grad, let others do the speech about goal setting, discipline and drive. Don't be shy about recommending the value of the idea of making life easier with a little help from your friends in a mastermind group.
Use Your Mastermind Group To Identify Top Priorities
Most entrepreneurs are starters. They like to get new projects off the ground and hate finishing them and maintaining them. It is too easy to see many opportunities on the horizon and jump on to a new project because it is exciting than to stick out the details of finishing off your existing ones.
I came across a recent post by Mompreneur Elizabeth Weinstein that highlighting this typical behavior:
I'm such a typical Entrepreneur personality - decisive, open to calculated risks ... and easily distracted by bright shiny objects. :) A new information product, seminar, book, promotion campaign, marketing idea, or business venture comes along - and I run towards the new project, leaving tons of current projects either 95% finished, or finished and not yet promoted. That's where my Mastermind group comes into save the day.
If you are prone to starting but not finishing projects, bring the issue up with your Mastermind Group. Have them help you identify what the top priorities should be in your business and stay focused on those key initiatives.
In the three Mastermind Groups that I run for Toronto entrepreneurs, each member has to come up with a year end goal that they are working towards. It has to be measurable and tangible. Every month when we meet, the year end goals are given out with the agenda and the members hold each other accountable for reaching them. Will this new project help you reach your goal or are you being distracted from your existing business?
Use your Mastermind Group to keep you on track, discuss new opportunities, and make sure that you follow through on the goals you laid out for yourself instead of getting half way and starting the next project.
EvanCarmichael.com is the world's #1 website for small business motivation and strategies. Evan also runs a series of successful Mastermind Groups in Toronto for entrepreneurs.
" by SuEllen Hamkins and Renee Schultz.
