I have to say that with the business coaching I do for technology business owners (IT consultants, engineering consultants, etc) the lean towards marketing and sales being just about the only important thing in a business from an operations standpoint is alarming.
Of course it's understandable as these are very important cogs in the wheel that many people are not very good at since they are completely different animals from the "technical" side of the business that they started the company for in the first place.
That being said, the operations side of a business has many facets that in some way tie into marketing and sales. These ties make marketing and sales easier to understand and more fruitful in the efforts taken to make them better. So it's a terrible mistake to not take into account things like client management, employees/subs, financials, metrics, revenue streams, exit planning and other pieces of the puzzle.
Why am I saying this? Because the mastermind group(s) you choose to be a part of need to address all business concerns. Whether that be one group for marketing and another for other facets or just one group that hits upon everything.
I hate to be the one that tells you this but a marketing or sales breakthrough that doubles your business from one year to the next can be more crippling than losing half of your business.
How? Let's take clients for an example. If you have 10 clients and you explode to 20 or 30 clients in say a month, can your business handle taking care of and managing this new load? Will your old 10 clients end up unattended to make way for the new ones eventually leaving you with 10 again in a never ending cycle? Do you have the in-house person-power and possible financial means to handle double the work load? Can you see where I'm going here?
Not hitting upon the whole big picture is truly doing a great disservice to your business, your personal well being, and your group members.
Please keep in mind that a business is a living, breathing entity that requires all parts to work together. So make sure your mastermind groups allow you to better and grow the entire business and yourself by focusing on the big picture.
In this post I'd like to talk about something that happened to me just last week with a peer run (unaffiliated) mastermind group I was involved in as somewhat of a warning to a particular pitfall.
I would like to first lead with saying that I have written about the differences between true mastermind groups facilitated by a paid mentor versus completely peer oriented groups. What happened to me last week is one of those things that are always a possibility.
So after being courted for a few months by a friend/colleague to join and participate in his current mastermind group I decided the members may be a good fit and the meeting structure of a half day once a month fit pretty well. The location was on the cusp of being a bit far for me but it seemed the group was worth it.
I attended my first meeting last month. After spending about 4 hours with the group and seeing how they worked with them doing their due diligence on me as well, I was happy and excited to get moving and attend the next meeting.
As required, I filled out the new member forms and exercises as well as began to participate in-between meetings with the other members via email giving feedback and such on the accountability issues of the others. All was good until 3 days before the next meeting.
This is when an email came from the person who started the group. He had decided that his time with the group was done for his own personal reasons. Of course this was a blow to the group but to make matters worse, it was his offices that we were using to hold the meetings.
So not only did the creator leave a huge hole in a small group that just took on 2 new members (I think it was now up to 7 after a year or so in existence), but 3 days before the next meeting we had nowhere to go. The only suggested place to go was brought up by the second in command of the group which now brought the location well out of my area making the group not worth attending any more.
To me, that was a lot of time and effort committed to get very little results. I knew going into it that this could always happen and due to the fact that this was a free peer led group that the possibility of volatility was always going to be there. Unfortunately it happened much quicker than anyone would have figured with no warning signs at all.
Please keep these pitfalls in mind when joining a group. There is no way to know when or if something like this will occur but understand that the possibility is always there without a mentor led group. I'm not telling you that these types of mastermind groups are not worth it, but I am saying that besides the extra accountability and educational pieces found with mentor led groups, these peer led groups are exposed to extreme volatility so be aware of it when joining one.
Obviously I also recommend looking into a participating in a mentor led group to get that extra edge it brings and to not have to worry about abrupt changes. The right group will be well worth the money as you will see it come back to you in many forms.
Very important aspects of being part of a mastermind group is giving to others in the group, learning in general, and of course getting your chance to speak your mind and get answers to your problems.
You and everyone else in the group need a chance to participate from both the asking and answering side of the table as well as receiving some pure education. A solid group will contain a set time to bring in an outside speaker for educational purposes and/or have the facilitator do this piece. If you are in more of a peer group, then the members should be volunteering for this time slot on a topic that works for at least the majority of the group.
On top of that, everyone should have adequate time to say their peace when it's their turn, without interruption. In my opinion, that would mean at least 10 minutes (2 minutes for an update, 2 minutes to ask/explain the question, 5 minutes to get answers and 1 minutes to state what the next goals are to be achieved for the next meeting). Break these down into percentages of time allotted and that should allow you to find out if a group works well enough to consider joining.
For example, if a group of 9 meets for 2 hours 1 day every month with 30 minutes slotted for education, then they have 90 minutes for group work. That should mean 10 minutes each to say their peace. You would be number 10. That spells trouble unless they are planning on expanding the group time.
See what I mean? Even if this is a free peer group setting, not getting your chance could mean getting slighted every month. Or at least someone will. That would be pointless at any cost.
Personally I like groups that do a half day with 15 people max. Or a 2 hour call per month group with 12 or less and the educational portion outside of the meeting. There are different ways to deliver the educational portions and the best way is to have it available remotely such as in a recorded webinar. That saves everyone time and allows people to ask the presenter questions without losing precious meeting time that is best spent putting your heads together to solve problems that are necessary to achieve goals.
The bottom line is that whatever the cost of the group, your time is valuable and you need to be part of something that's well organized, provides you with everything necessary to achieve your goals, and give you the respect you deserve with equal time to solve your problems as you are helping others as well.
Ok, so everyone has their own opinion. But from experience here's mine (even if I already told you this as it came up in conversation recently with a colleague).
Yes, the term "master mind" was coined by Napoleon Hill talking about the regular meeting of a group of successful peers to perform a "many heads are better than one" type of pow-wow. That was then though, and this is now. Not to mention the fact that this particular group of gentlemen Hill was referring to were already wildly successful people.
So taking all of these pieces into context, there is a difference between a peer group and a mastermind group. Unlike the small group of very successful people meeting in Mr. Hill's writing, groups today are successful, moderately successful and up & coming people with, hopefully, some kind of common ground looking to better themselves and/or businesses.
With that said, let's separate a peer group from a mastermind group. The main difference between these two terms is that a mastermind group is actually a group of people with a set of common ground meeting regularly (like a peer group) with a facilitator running the show. And I don't mean a facilitator in the context of just scheduling and running the meetings but also as a mentor and teacher.
You see the real purpose of the modern mastermind group is to make breakthroughs and get better. If you are sitting around with people at the same level as you or below you, you can't get any better. You can get some good outside opinions and do a little networking, but you can't get better. If you're thinking "well I'll just join a peer group where I'm the low person on the totem pole so I will get better", then you are correct. But it won't happen since a solid group won't let you in because you bring nothing to the table.
Suffice it to say that a peer group is good, but has tremendous limitations to it. But a mastermind group adds in that mentor/educator that has already been were you want to go and has friends in their circle that are at that level as well. They are there for you to tap that energy and information. That's why a good master mind group costs decent money. And that's also why anything but a very low cost or free peer group is most likely throwing money away. Medium to big bucks do not squarely fit a peer group.
Don't get faked out by a sign that says "mastermind group here". Make sure it's not a peer group in disguise where you are doing a lot more work than you should be for what you're paying for.
Try a well facilitated master mind group after experiencing a peer group and you will quickly see what I mean.
People have different opinions as to what should or shouldn't be a part of a mastermind group and their meetings. Many of my posts have given my insights on the differences between a completely peer based group versus one that is facilitated by a mentor that has achieved higher level goals you are seeking.
I've also talked about goals being a large part of a group as well as the help to implement what it takes to achieve those goals and the accountability to make sure you follow through. What I thought was a good idea to touch upon today is education.
When looking for a group to join or if you plan on starting a peer based group or facilitate a group as a mentor, education must be part of the mix. Every meeting should have an element of education on a subject related to all members of the group. Or the educational part should be available on a self help basis such as a download on a website that is updated regularly.
A mastermind group is a tremendous source of rallying behind you in whatever you are in the group to achieve. But I promise you that along that path you and your fellow members are going to need to learn a thing or two to make it happen. Especially in a peer driven group with no mentor to facilitate.
This is actually one of the main short falls of a peer based group. Sooner or later, nobody is going to be able to answer your questions especially if you are all sitting at the same level of experience.
If you're in a group now with no educational mode, I suggest making it happen. Take a poll within the group and see what subjects come up as a "I don't know but I want or need to know it". Make the effort to put together material or bring in a guest as constant education is crucial to the owner of any business.
In a business of any size, the top dog is often left pretty much alone. In a huge business that may be out of fear of the ultimate leader or inaccessibility in an ivory tower set up or something of the like.
In the small and micro business world it's often because you are probably the only actual executive in the company and/or the biggest stakeholder. You went into business because you wanted to be where the buck stops. But very few people going into business for themselves thinking they will be in isolation.
The people that work for you are not your friends (at least they really shouldn't be). Partners can often not be the best people to lean on especially if the issues you are having are with a particular business partner. Family and friends... well you never know how they will react to certain things related to the business so you can't count on them to talk to.
Well, I guess that's where the term "it's lonely at the top" comes from. If you look at it from a pyramid stand point, there's nobody above you to turn to, nor anybody else around you, in terms of the business. So where do you go to be surrounded by like-minded entrepreneurs on a regular, reliable basis? Mastermind groups.
Keep this in mind when you are thinking of the best expenditure of your time and money (for paid groups led by an expert business facilitator). If you had to pick somewhere that you could spend 1 day a week for a couple of hours or 1 day a month for half to a whole day, a mastermind group is a good choice.
Peer interaction, networking, joint ventures, education, sounding board for ideas, an environment to encourage new ideas, accountability... where else can you really get that on a scheduled basis? I can't think of any.
Just like many things in life and business, mastermind groups come in many flavors. What you are trying to accomplish will determine what kind to look for and ultimately join.
Of course, inside of the type or goal of a group, you then have to put into play whether or not you personally fit into the group. And that brings along a few other options to look at closely.
Take these questions into account:
Are you looking for a mastermind group that is industry based such as leaders of retail based or technology service based businesses? Are you looking for one catering to CEO's of businesses with fewer than 20 employees? How about one that only focuses on sales and marketing for small business? Do you want a true mastermind group that is facilitated by someone that has already been where you are trying to get to or are you looking for more of a peer group with no real leader? What about paid groups that cost $50 to $5000 a month versus ones that cost whatever it takes to eat breakfast in a corner of an IHOP? Are you into face-to-face meetings, telephone meetings, or a combo of both? Would you rather a mastermind group that meets for a full 2 days quarterly or just once a month? Does once a month for an hour work or is a half day or a full day better? How does the mastermind organization handle dealing with non-disclosure from the members? What about non-competing members? Do they encourage networking and joint ventures? Is there a high level of educational material available as a mastermind group member? What is the maximum number of members allowed in the group? Once a group is started is the membership locked unless voted on to let new people in? What's the minimum commitment (6 months, 12 months, 18 months)?
I could probably list out another 10 or so but I think you get the point. Mastermind groups come in all shapes and sizes with different nuances and focuses. For this same reason, those that believe in the power of the mastermind group for learning, support, accountability and camaraderie among like-minded people, often find themselves in multiple groups.
One last note here. Don't be discouraged if a particular group ends up not working for you. There will be questions you may forget to ask before joining a mastermind group before you realize a reason why the group is not for you. Sometime there are just too many personality conflicts to deal with that you could have no way of knowing existed. It take a commitment to make this work so you need to be comfortable in sticking around.
So good luck in your hunt for a suitable mastermind group.
Most business owners are very good at making goals. Unfortunately business goals often end up like New Year's resolutions... great ideas that never get done.
In many ways business owners are not like those that are employees. But when it comes to follow through on a plan versus winging it, they are just like every other person if not worse. Call it entrepreneurial spirit or what it really is; wearing too many hats to follow a structure and instead getting it done as time permits while putting out fires.
We all fall into this trap and the real reason is because the only people we have to answer to is our clients. Now of course businesses that have a board of advisors sort of have people to answer to. And those that have boards and others that are actually investors definitely have people to answer to.
This seemingly insignificant factor makes a huge difference in how an entrepreneur handles a business. There are a number of solutions to this problem that also solve many other issues that business owners face.
For those that like 1-on-1 problem solving, hiring a paid coach/advisor is the way to go. If you prefer a group setting with peers and a coach as a facilitator, then a business mastermind group is often a solution to the problem of being lonely at the top.
The name of the game with setting and reaching goals is accountability. No journal, computer program, etc will actually force you to do what it takes to make a goal a reality.
For this to happen three things need to be in place. First you need to set down realistic goals with a time line and measureable results. Next you need to structure a plan to reach those goals. And most importantly, you need to take action and follow the plan to make the goal a reality.
Most do part one. Some do part two. And almost nobody does part three unless they have accountability attached to it. Mastermind groups force the accountability into action. The facilitator makes sure your goals are feasible. But the group as a whole adds assistance, encouragement, and good old embarrassment for you not doing what you said you would.
This all ties together to give you the confidence, encouragement, resources and drive to get it done. Now you have multiple people to answer to and get help from instead of living on an island. Nobody survives on an island by themselves.
The bottom line; goals are very difficult to bring to fruition with out accountability. So set them, structure the plan, and utilize a business mastermind group to help you put them into action.
I know when people think about becoming a part of a mastermind group, one of their peeves is the commitment. And it is a commitment.
Here's my quick take on this subject. Things take time to change around. The purpose of a mastermind group is to meet at a specific time/day every month, help out your other members, and come to the group with a few things you want help or an opinion on. Your goal is to help them, leave with answers to your concerns, and vow to get something specific done to report on in the next meeting.
If you're looking to go to a meeting or two and expecting the answers to the meaning of life to be given to you, you're not ready for the purpose and power of a mastermind group. Especially since it's as much give as it is take. Too much on either side of this fence and it doesn't work.
This is how you best utilize a "many heads are better than one" situation. A trust is built between everyone that is necessary to feel comfortable laying out your issues candidly and getting candid answers. The commitment lets everyone know you are in it for the long haul and the benefit of the group as a whole.
So once you understand how a group works, you can now see why if you can't commit to a year, 6 months at a minimum, you shouldn't bother joining. By the way, many times there is a minimum required commitment and rightfully so for the benefit of all members and the sanity of the facilitator.
Now that we have you looking for a group that you can see yourself committing to for 6 months or more, I can give you the rest of the big picture.
A mastermind group is not a life long commitment. If you did your homework, your current group should serve you well from 6 months to 2 years (in my experience). But don't think that eventually it won't work for you anymore. And I'm talking from experience here.
Sooner or later, something will prompt your exit of the group: - the premise of the group (heavily marketing oriented or some other subject), - the member make up of the group (you should eventually “outgrow” the membership in terms of reaching your goals and hitting the next level), or the - facilitator of the group (you may have gone beyond the facilitator's ability to be a mentor based on your business growth or shift)
One way or another, you will outgrow the group. Stick to your commitment, be a true group member, reach the ultimate goals you set as a reason to join the group, and then move on to the next mastermind group that fits your needs.
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.
I don't know about you, but I really love Thanksgiving here in the US. Not only do you get to spend time with people you may not see too often, it's also a great excuse to take Friday and the weekend off for a tiny needed vacation as the year comes to a close.
My question to you is; how are you treated at the holiday dinner table by your family?
Since I've been an entrepreneur for over 16 years now, I don't get as much guff as in the past, but let me give you a typical conversation from the not so distant past.
Dad: So how's being in business for yourself going?
Son: Not too bad, Pop.
Dad: You've been at this for a while now. When are you going to grow up and get a real job?
Son: I don't want a job, Pop. I want a business like I have.
Dad: But there's no stability in it? No known paycheck coming in? How can you live like that?
Son: Well I think that knowing I can make as much money as I can figure out how to make is a better option. And for stability, as far as I'm concerned, I 'd rather know when I'm going to fire myself and not leave it up to someone else that could care less about me more than themselves.
Dad: I don't get it.
Son: Nope. You don't.
Hmmmmm. Does that sound familiar at all from family and friends when sitting around a table or on the phone? My guess is it probably hits a few nerves.
So what's my point? Surrounding yourself a few times a year with people that don't understand you is bearable because they are family and friends. But if that's the only time you find yourself talking about your business to others, basically in a battle zone, I promise you it's not mentally or physically helping you or your business.
Wouldn't it make more sense to talk to like minded people on a regular basis around a positive energy charged table or phone call? Enter the mastermind group.
If you're not in one, find one facilitated by someone you would like to emulate. And if you're already in one, maybe join another. As many heads more than one as possible to bounce ideas off of and get positive or constructive feedback from is a must for an entrepreneur heading up any sized business at any point in the business lifecycle.
Hope you had a good Thanksgiving and Happy Holidays to you!
Any kind of coaching or use of an outside advisor is a great idea for advancing your business and staying at the top of your game but there are many choices in how you do it. Much depends on what your goals are as well as how you particularly respond to getting help.
Some people would rather the total privacy of 1 on 1 situations. Of course you will certainly pay for that kind of luxury, but it's well worth the money for the results you get. The coach you are working with is completely dedicated to you during your time together and their only goal is to move you from point A to point B in the straightest line possible every time they interact with you.
Your coach should have a lot of connections so to put you in touch with to attain your goals, but unfortunately there is no true networking aspect to 1 on 1 training.
Some people like a group setting for the camaraderie and networking with trusted individuals. This group is made to be a board of directors (that can't fire you) and a sounding board all in one. The facilitator, who should be a business coach/advisor, also puts their 2 cents plus in and keeps the others focused on the concern on hand.
Some groups are set up for only those in a certain industry and others are a hodge-podge of different industries. Either way, these groups are not made to promote conflicts of interest. If it's a local type face to face group, nobody will represent the same business that you do. A larger geographic group that meets only a few times at a central location or those that meet regularly by phone may have some overlap, but the geography should avoid a conflict.
As a matter of fact an overlap in a geographically diverse group could be a great thing to find out what others that are in your field have done to get past the problems you are having. It's all about openness, sharing and keeping a lid on everything said. Your fellow members will adhere to these rules or they will not be welcome in the group.
On another note, brainstorming and networking is the key to a group run by a coach versus just you and a coach. In additional, a well facilitated group also has a much desired educational portion to it that you often don't see in a 1-on-1 setting.
By the way, the beauty of a well run Mastermind Group is that you will have 1 on 1 opportunities and pay much less for it since it comes as a package deal. Can you really beat that kind of ROI?
Don't forget how lonely it is at the top. A dedicated group can do wonders. It certainly does for me.
If you haven't done so already, look for a group to join as we come to the end of 2008 so that your 2009 gets a true jump start.
So why would I choose this particular title? Well, for two reasons actually.
First, many business owners come to me with the misconception that their only real need for help is in beefing up marketing, which will then increase sales and make them more money. The reality on this is two fold.
First of all, marketing prowess and then hopefully increased sales, will only result in a better "top line". How you have your business structured will actually determine what your next "only problem" is in running your business.
Increased revenue actually brings about a huge change in any business. It causes the need for more employees to handle all of the additional work, if not contractors of some sort. Will you have the time and upfront money to handle the sudden need for more people? Do you have the ability to hire the best people possible in what is often a very short time period since you didn't already plan for this need?
You now also must have in place a way to handle your finances through systems and possibly accounting/bookkeeping help. Client management will also now be on your plate so your newfound customers are happy and stay with you as well as your original customers.
Sadly, without the right infrastructure, you could end up like many who experience a growth explosion in their business. It actually causes them to lose money or sadly altogether causes the business to implode.
The second main reason I chose this particular subject/title was to point out that marketing is often the only thing an entrepreneur will admit to not knowing. And that's frequently because nothing else has been a major issue yet due to low sales or they are just fooling themselves into thinking they are great managers with all the knowledge they need about handling employees, financials, clients, etc.
Very few people are born into being good at every aspect of running a business and even if they are, there will always be other things to get help with from others as well as a knowledgeable facilitator. Maybe all you need right this moment is marketing help, which a well-run mastermind group will provide. But more importantly, a mastermind group will keep you on track with the other parts of your business as well as give you other entrepreneurs that understand what you are going through to communicate with.
Even for the best of the best business owners, it's lonely at the top. Just having other like minds to talk to makes a mastermind group worth its weight in gold. And that's why thinking there is no need for a mastermind group when only marketing help is needed will be a huge mistake for any entrepreneur to make.
For this post I'm talking about the age old problem that most business owners have. They think that the only thing missing in their business is well developed and executed marketing. Although this is a big issue, marketing is only a piece of the entire puzzle to have a business that really clicks.
Mastermind Groups are a source of education, planning, implementation and accountability to get things done. When you have an entire business and everything that makes it click to think about, this type of resource for an entrepreneur becomes even more important. But many entrepreneurs still think that all they need is someone to tell them how to market their services and products, which makes them also think that any type of help with anything else in their business is a waste of time and money.
At least these business owners realize they need some kind of help but this limited thinking couldn't be further from the truth, my friends.
Let's put the big picture in place: First off, if you already have a decent amount of clients you have already worked with, then Client Management is more important than marketing to new clients. It's the easy pickings with a lot less work involved than getting new clients and allows you to not need as many new clients. It’s simple to see when you sit back and reflect on it for a second.
Next, the main culprit that business owners get bit by after marketing is Time Management. Solving or at least lessening this problem would give them more time to market to new prospects and current clients. Oddly enough the biggest excuse I hear about marketing is not having the time to do it. Now how does that make sense?
How about Metrics and Financials? These are foreign or scary terms to many business owners but are the keys to effective marketing. Amazing, but so true.
Guess what happens when your marketing really starts to kick in? That's right, you will need help from others so Employee and Contractor Management comes into the mix. I can't tell you how many businesses I've seen take a dive not long after big money started rolling in. Believe it or not, like many, they were ill prepared to handle the increased revenue and the responsibilities that come with it.
So, do you still think you may only need help with marketing and not belong to a well rounded mastermind group?
There are so many ways to connect with groups of people that can help you out in different aspects of your business that sometimes it's hard to choose which ones to go with. Knowing the difference between each and testing them out, just like with any other thing worthy of trying in your business, is the only way to do it.
There are a variety of different venues available for entrepreneurs today. They include online forums, networking groups, business/technical associations, round table groups, and mastermind groups. For today, I want to give you some insight as to the difference between networking groups and mastermind groups.
Let's start with networking groups. This goes for the big national/international associations as well as local groups and chambers of commerce. They are built to encourage referrals, most add in some general business education, and none do anything for implementation and accountability.
That leaves a big hole in the business fabric for any entrepreneur in any industry since implementation and accountability are use the real crux of most business issues. Yes, even marketing and sales.
Most entrepreneurs that decide to join a networking group or chamber do so because they want to create new business. Well, I have to tell you from experience that you are much better off sending a salesperson to these groups than yourself as the owner.
As entrepreneurs, we all know that it's lonely at the top. Even more so if you have a micro business since you spend most of your day never interacting with people on a social level. Here comes the problem.
With no water cooler time outs, networking groups turn out to be a social event for you. Sadly, those groups sometimes are already run like a social group at the meetings and the functions they sponsor. It's nobody's fault, it's just human nature.
Having a solid relationship with people is important when you want to be able to refer them to others and vice versa, but at one point things can turn more social than business like. At this point, your ROI for the group has just turned sour on you.
Often times to make matters worse the bigger the group, the more social cliques end up forming. This is a major drawback especially in chambers of commerce. They draw you in making you think you can do business with 100's of other business people. What they fail to tell you is that there are 20 other people in you field there and most of your networking is going to be finding a little group within this big group that will let you into their fold. Not fun and a huge waste of time.
If you are going to involve yourself with a pure networking group, stick to that conduct a business like meeting and don't let businesses overlap each other to create unnecessary competition. If you feel compelled to join a chamber, stick with a town chamber to avoid huge numbers of members that are probably in direct competition with you and participate in a small offshoot group within the chamber to network with a smaller bunch of people that will actually pay attention to you.
So why join a mastermind group instead or as a combination to your networking groups? Well, it's all about those missing links. The truly successful people in business have a strong network, but also constantly educate themselves, expose themselves to new ideas, implement what they learn, and understand that you need someone above you or at the same level as you to make sure you are accountable for doing what you said you would accomplish.
Mastermind groups are good for networking, depending on if it's an industry based group or not, but they are built to be small and powerful as well as having a true facilitator to keep things in order. You would be amazed at how much business can be referred to you by a group of 5 to 15 people that know you inside and out.
My final thoughts to you are to keep track of your networking group ROI and get out if you are wasting time and money. Do the same with your mastermind group. At some point there comes a time when you need to move on from any group, teacher, or advisor when you have reached your goals or they are no longer being met.
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.
Guest Contributor: George J. Sierchio
