Recessions & Mastermind Groups

Guest Contributor: George J. Sierchio
George's Posts - George's Blog

What could this blog post title possibly mean? How can a recession be related to mastermind groups? I'm glad you asked.

Look, we a re most certainly in a recession in the US and in many other countries. But that doesn't mean it's as bad as the media makes it out to be. There is still plenty of real money out there and it's being spent on things that bring a value in the B2C and B2B world. As long as you're a value provider, people should be praying that you stick around to give them what they need.

Actually, the situation is only as bad as you let it be. The beauty of being a business owner in a rough economic climate is that you have the opportunity to control your own destiny.

Others that are employees are at the mercy of an employer. Those that are employees of very large companies are in real trouble. They're just waiting for someone on the board to realize that they've been over staffed for years and this is a great time to make lots of heads roll with nobody questioning it.

If that doesn't motivate you to get on the ball right now in 2009, I don't know what will.

So here's how this is all related to Mastermind Groups.

Although now is not the time to pull your money out of dwindling investment funds, you should most certainly be investing the money you are earning now in yourself and your business. I'm referring to education and tools for your own business operation.

Open up your business to new revenue streams that allow you to generate more income from your current clients. These streams should be relevant to your current capabilities so it doesn't need a learning curve on your company's part and fits your target audience as something they need. It will also open the door to new clients that have been hanging around on your "potential" list for some time now.

Stay connected with thought leaders, mentors/advisors/coaches, mastermind groups, networking/business associations, etc. People are doing well in many places. It's a safer place to be and easier to do well in numbers versus all on your own. That goes for any time, but now especially.

Be serious about your goals this year. Don't just write them down. Make an actual structured, realistic plan with a timeline to reach those goals. If you get stuck on how to get it done, get help! That's what a mastermind group is for, my friend.

The resources and tools to come out ahead of the pack are out there. If you're not involved in a mastermind group yet, make that part or your personal/business investment portfolio this year. If you are in one, take a hard look at what that group can do for you and utilize it. Join another on top of that group or drop the current and find another if necessary. Just be in a mastermind and participate.

Now you know what you have to do but here's a quick recap:

- Close your ears to the media hype and use your own eyes to determine how the economy if affecting you and your clients

- Keep providing value to clients and add more revenue streams providing value

- Utilize a "more heads is better than 1" approach to keep the new ideas coming and for help in implementation.

Best of luck in 2009!