Investment Strategies Mastermind Group

Guest Contributor: Melanie Benson Strick
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I've been talking with a friend about forming a new Investment Strategies Mastermind Group. As we mapped out the process we planned to use, it reminded me of the single biggest question I get asked about setting up a mastermind. The question is, "What do we do?" Knowing what to do is essential to having a successful mastermind experience. Especially if you are creating your own self-run group, where group longevity is rare, having structure and accountability can assist in creating all the members

Here are five must-have elements for a successful mastermind group:

- Regular Meetings. Set up a time and date that you will meet regularly. I recommend weekly or every other week. Some find that monthly works best, especially if it is an in person meeting in a big city. When you have a regularly scheduled meeting it allows people to plan their schedules around it.

- Consistent Process. Having a way in which the meeting is conducted keeps order and moves the mastermind experience along. For example, you might want to have a one-hour agenda with 15 minutes for check in's, 35 minutes for hot seats or support for 1 - 2 individuals and then 10 minutes for commitments and accountability. Always appoint one member to be time keeper for each meeting (rotating responsibility is best.)

- Goals Check In. Most mastermind groups are centered on achieving some type of goals. Be sure to have a way of tracking the successes of the group so that members experience accountability to accomplishing their goals.

- Buddy Support. A buddy can be the connection to accountability, support and consistency in between meetings. If you have weekly mastermind meetings you might want to have a 5 minute daily check in with a buddy. If you have a monthly meeting, then maybe weekly check in's would suffice.

- Confidentiality Agreement. Whether written or expressed, the group will accomplish more if there is an agreement around confidentiality that includes: non-compete, non-disclosure of anything said in the group, and ability to process without fear of judgment.

By taking the time up front to establish the group process, you will create strength, confidence and commitment from your group. Good luck!