We've found two key things about entrepreneurs and goal setting. 1) When you commit to someone else (ie your Mastermind Group) you are more likely to follow through and 2) When you have clearly written goals you are more likely to understand where you want to take your company and will actually go out and achieve it.
In my Mastermind Groups everyone has two set of written goals. The first is one main annual goal. Each entrepreneur takes the most important goal for them for the year. Come December 31st what does your company look like? It has to be a goal that is numeric and can be measured. It can't be something qualitative like "I want to feel better about my company." Most of my members choose a revenue goal but sometimes they have a goal that is more meaningful than revenue. For example, my December 31st goal is to be at 35,000 or under in Alexa rankings.
Each meeting the members update where they are with their goals and how they are making progress (or not). The key here is to have the other members help hold you accountable for doing what you said you were going to do and help you achieve your goals.
The second set of goals we write down are the plans of action for the next month. We meet on a monthly basis so at each session the members discuss their plans and write down the three most important things they are going to work on over the next month. Throughout the month they are partnered with another member who will check up on them to make sure they are following through. Then at the next meeting each member updates how they have done and checks the items from their list.
By writing down your goals and sharing them with the Mastermind Group members you gain greater clarity on where you want to take your company and have someone to help hold you accountable for accomplishing what you said you were going to do.
Kerry-Ann writes the A Happy Inspired Life blog and recently posted about a new Mastermind Group she was setting up.
There is always a lot of excitement that goes with creating a new Mastermind group - it is the opportunity to find a group of peers that can contribute to your success and hold you accountable to actually following through on what you say you are going to do.
In Kerry-Ann's words:
I was very excited about the thought of being in a mastermind group because I feel the accountability will be in valuable. When it is just me it is so easy to have good intentions but also to let them be swept under the carpet and promise myself tomorrow.
But with a mastermind group I have to state what it is I want to do this week, knowing that next week I am going to have to report on what I have and have not done. This is a huge incentive to get off my butt and do what I say I'm going to.
Your mastermind group will also support you when things are tough and can be a great place for resources when you're not sure where to turn.
It is so nice to know that some one out there cares and has your back but does not have emotional attachment to you achieving your dreams. They can also help you to see a different point of view and hopefully help you stay light and happy even in the face of difficulties.
What have you found to be the greatest benefits of your Mastermind Groups?
One of the greatest benefits of a Mastermind Group is taking advantage of the opportunity to re-commit to the goals you set out for yourself. How often have you made a goal and not followed through because "life" got in the way?
When you commit to others and you re-commit on a regular basis you are far more likely to follow through. Philip Humbert highlighted this issue in a recent post in the Boatrocker's Blog:
RE-COMMIT TO YOUR GOALS EVERY DAY!Every day, remind yourself of your priorities and re-commit to them.For some this means time to meditate or pray.For others, it means a quick call to their coach, a friend, or members of a mastermind group.I encourage clients to start their day by writing a brief statement of where they are going and what they value in life.
Every day, 1001 minor tasks and distractions will interrupt you.The phone will ring, the boss will give you a “special” project, the kids will interrupt.Life will get in your way.Count on it!Plan for it and innoculate yourself.Every pilot and ship's captain knows that winds and currents will take them dangerously off-course.This is a natural process, something they know about, expect and plan for.It is not a surprise or source of frustration!Every day, plot your location, check your direction, and make sure you stay on course!It only takes a few minutes, and it is essential.
Mastermind groups come up with new, fresh, thought provoking ideas that sometimes make my head swivel.
Some ideas are small, some are big, and some of them are off the wall!
Out of all of these great ideas, very few Mastermind groups follow through with their ideas. What? Isn't a Mastermind group supposed to come up with new ideas?
Yes. However, once you have all these great ideas, you have to act on some of them and develop them into your business or business model. I have seen too many groups not do anything with them. They just sit there on a sheet of paper, never to be looked at again. But all the members will go home and say "Man, we came up with some great ideas today..."
Here's a simple guide to what my Mastermind groups go through:
1. Brainstorming: Come up with 20-30 ideas and write them down on a sheet of paper. It doesn't matter where the idea came from, what it's about, or how silly it seems. All ideas have a place in business, it's just finding where they fit.
2. Think it through: Take some of the best ideas and develop them more. After you have your list of 20-30 ideas, agree as a group to evaluate 3 or 4 of the ideas. Find out how it can be implemented into someone's business by either a new product, a new service, or a new process to make business easier. Write this down and incorporate it into one of the group memebers business plan.
3. Take action: Finally, you have this new idea and you've put it into your business plan, what to do now? Take action! Utilize this new product, service, or strategy. That's what this is all about! See how it works for a month. Then evaluate if it's working as planned. If not, go back to the group and let them have feedback and modify it a little. If it's working, let the group know and everyone will be excited that their idea brought results.
Too many times I have seen Mastermind groups not do anything with the ideas that they've thought of and discussed. The best groups follow through with their ideas and turn them into action and results.
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.
