What is a Mastermind Group?
The phrase alludes to some kind of group, an alliance, which meets for a specific purpose, the benefit of its members. It usually focuses on sharing or exchanging business knowledge, experience and ideas to improve business performance. It uses the power of partnerships to create massive productivity gains and prosperity for its members.
You can go to free DIY groups all the way through to the corporate/franchised models through to exclusive guru versions. You get what you pay for.
There are no shortage of players in the ‘corporate’ and franchised models where you get a speaker in the morning and some form of coaching or board room ‘hot seat’ scenario in the afternoon hosted by your resident facilitator.
There is now a developing trend for a ‘guru’-led model. The guru in question should be an expert in their field (as recognised by others and not by themselves!), have the tools that are relevant to your particular issues and be able to share, communicate and motivate you to achieve. A large part of this is to do with the personal. Do they ‘get’ what you are trying to do?
Results: in the long run
I have just traced a series of mastermind clients from some ten years ago. It makes fascinating reading.
10 businesses were turning over just under £1.3 million (on average). Some ten years later all are still in business (in some form) and the average turnover is now £15 million. More significantly, profit grew a staggering thirtyfold in the time period.
Quoting statistics is always a dangerous thing but those who wanted fast growth got it (eg £30m in four years) and those who wanted a new lifestyle choice got it (selling their shares for in excess of £20m).
On average, the long-term performance of these businesses has outperformed the market. Those who choose to attend such programmes achieve above-average performance. Do you want to be part of that crowd? Are you an above-average performer?
Results: in the short run
In the short run, attendees see dramatic results very quickly. This year I have seen a delegate save 51% on a £100k bill, one found himself on TV and radio, one is now trading in Australia and the USA, one has just had his best year in thirty years of trading and one has sold his business. Dramatic things happen and very quickly.
I have worked with most of the recognised mastermind market leaders, business growth programmes and action-centred learning groups. I have also run my own Mastermind Groups. I have observed is the following:-
• The dynamics of the group, the peer-to-peer support is almost always under-estimated
• The success of the group leader is in the title: they are not just a facilitator (ie helping delegates ) but they should be a leader (inspiring action)
• The focus on action and delivering results is crucial
• Results and progress needs to be measurable
• Delegate commitment is vital
• The selection of delegates requires careful consideration
• Most people want and need frank and honest feedback.
• Entrepreneurs need to be accountable: it is the role of the leader and the rest of the group to hold the individual’s feet to the fire.
It is this last piece, being accountable, that creates the power of the Mastermind Group to get people to deliver stunning results. You can now see a formula for excellent performance emerging:
The right group of individuals
The right leader with the right knowledge/skills/attitude
An action orientation
Honesty, not politeness
Respect and the right chemistry
Accountability to deliver
Massive results for all the individuals concerned
And the BUT...
The Mastermind Group is not for everyone. It is right for very few people (despite what scurrilous marketing blurbs might tell you). It is not a universal antidote.
Typically, people join such groups because they want to “achieve their goals faster”, “be part of a club that understands them”, where they can “share their dreams and their fears”, where they can “learn from the expert”, where they are “working with other people facing similar challenges”. Every person’s reason for signing up is different.
The group provides tough love, safety, security and confidence from a solid, inspiring sounding board. It fast-tracks results by working with people who have ‘been-there-and-done-it’, by using unique ‘insider secrets’ and top tips to grow your business. Powerful contacts, referrals, recommendations and joint ventures are made. Do not under-estimate the power of the intense personal relationships that develop from the honest discussions that take place as the each member of the group grapples to find their own elusive magic success formula.
It is not for everyone. But is for the highly motivated who are truly committed to making things happen.
Before the article descends into some kind of self-help manifesto it is worth asking, “Do you feel frustrated by your progress?” If so, a Mastermind Group could be for you.