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Why You Need a Board of Advisors/Mastermind Group

Guest post by: Kerri Salls

Article Overview: This week I’ve had a lot of discussions with people about Mastermind Groups. All large corporations have a Board of Directors to be sure the company stays true to their mission, hit their numbers and fulfill their responsibility to stockholders. Small businesses (even sole-proprietorships) need them too. But usually, only those small businesses who accept private funding (from banks, angel investors, venture capitalists) have outsiders on their Board of Directors. A professional Board of Directors may not always create a happy, supportive, safe environment for business owners to turn to for problem solving, brainstorming, or even feedback.

Why You Need a Board of Advisors/Mastermind Group



This week I’ve had a lot of discussions with people about Mastermind Groups. All large corporations have a Board of Directors to be sure the company stays true to their mission, hit their numbers and fulfill their responsibility to stockholders. Small businesses (even sole-proprietorships) need them too. But usually, only those small businesses who accept private funding (from banks, angel investors, venture capitalists) have outsiders on their Board of Directors. A professional Board of Directors may not always create a happy, supportive, safe environment for business owners to turn to for problem solving, brainstorming, or even feedback.

On the other hand, we all need a sounding board, experts on our side, and a safe haven in which to ask for and receive help and advice. Every small business owner, CEO, or entrepreneur (in my opinion) must have a Board of Advisors. The easiest and fastest way to put one together is to join/create a Mastermind Group where each member gets and gives equal doses of advice from the group. I wanted to share with you my top ten reasons why you need one.

1. In a Mastermind Group, everyone agrees to an agenda, rules, and objectives for the group to maximize results for each person. Each participant commits to engaging fully in the group by both giving and receiving peer feedback, an essential element of a Mastermind. As a result. your Mastermind becomes a cohesive community of peers who will support you, encourage you, hold you accountable and problem solve with you.
2. In a Mastermind Group the agenda belongs to the group and each person's participation is key. Peers give each other feedback, help each other brainstorm new possibilities, and set up accountability structures that keep each other focused and on track. They create a community of supportive colleagues who will brainstorm together to move each member of the group to new heights.
3. Each member gains tremendous insight, which can improve their business and personal life. A Mastermind Group is a powerful influence and resource.
4. Here is a golden opportunity to interact and collaborate with like minded people in a non- competitive environment.
5. Be part of a distinct community – a tribe. It is an instant and valuable professional support network. You get to team up with people who are better than you at some area of business or experience – people you can learn from.
6. You will find and attract people who can help and support you – good match for the long term growth and success of your business.
7. It helps you establish a strong personal foundation and see beyond what you can see yourself.
8. Share business models with each other and brainstorm with people who are already on the same wavelength. You get a sense of shared endeavor – that there are others out there!
9. You can walk away with a gem/perspective changed from each meeting – there’s no wasted time or energy.
10. Experience, skill and confidence develop from the Mastermind Groups’ support freeing you to take more risks and reach for bigger goals and dreams.
11. The Mastermind Group will help you design your business (and your life) to be the way you want them to be, not as you've been told things should be.

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Article Tags: accountability, board of advisors, brainstorming, mastermind group, problemsolving, support



Related Forum Posts
Just A Hello From newbie - Hello All its Adalia From Yucca Valley , California . i just want to say that i'm glad i join this Board , Such a nice Board with lots of info, can spend hours here reading all the great post. Thanks
BNI Groups - do they work? - Hi Lesley, From the members in my Mastermind Group I've heard a number of positive and negative things about BNI Groups. Just like a Mastermind Group, it all depends on who the people are. If the personalities fit and the members can add value to your business it can be worth checking out. The best bet is to go to a meeting as a guest to get a sense of who is in the group and if it is for you. It doesn't cost you anything except a little extra sleep the morning of. Good luck!
Re: On Which Social Media Sites Are You Most Active? - I must respectfully disagree completely with that premise Evan. When speaking of a "Small Group", we are talking abotu a "Mastermind Group". As we all know, such a group is instrumental to success, online or off. The groups can grow quite large too. My group currently has 35 members, but several are actively participating and sharing content.
Advisory Board - Steps 9 & 10 - Hey Everyone - Sorry for the delay. I have been battling the flu the last few days which has been brutal. But I guess I cant complain, my jeans are loose and I'm down 6 pounds in 72 hours. ;0) Pretty soon I will be back at my high school weight of 117 only 5 more to go! ;0) Anyway, onto the last two steps for setting up your Advisory Board. The caveat with each of these steps is that it is YOUR board. You decide what you want and need and then work it out so it delivers. Step 9) Keep your Board Members Informed There's nothing worse than having a great team of advisors - who dont know what's going on. Once you have your board in place, its important to keep them motivated and excited about your business by giving them updates at times when you arent soliciting their advice. The fact that they have agreed to be on your board means they care about your company - so keeping them up to date will help them be of greater value to you. They are champions and evangelists for your business - commit to giving them constant communications so they can share the message. 10) Fire Bad Board Members. if you realize you have made a bad choice, get rid of him or her as fast as you can. Because your advisor board is not a formal board of advisors you wont have the typical legal issues - but you will have a good management/leadership task on your plate. Tread carefully and lightly but remember that the longer a 'bad seed' sticks around, the longer it takes to remove the 'stench' after they are gone. Just think Omarosa - and cut em loose! This can be very uncomfortable but if you act with integrity and are really upfront about what you need, you should be able to bypass having to let anyone go. Go slow in bringing your board together - perhaps have existing advisors talk with / interview potential new advisors in order to confirm your decision of fit. Good luck! I'm here to help! Jude
Re: I am a newbie to this forum - Yes, on the Board Index page there is a search where you can see what we already have going. If you are looking for a particular subject, that's a great place to start and it keeps us from having multiple threads on the same subject.


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