2017-02-15 00:00:00 Running a Business English Explore the benefits of starting a mastermind group. Being part of a mastermind peer group exposes you to new ideas and can sharpen you... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/mastermind-group-discusses-project-ideas.jpg https://quickbooks.intuit.com/ca/resources/business/mastermind-group-can-build-business/ Why Starting a Mastermind Group Can Build Your Business

Why Starting a Mastermind Group Can Build Your Business

3 min read

There’s more to being a small business owner than handling daily management tasks. As an entrepreneur, you need to stay motivated, inspired, and on the cutting edge of trends in your industry for your company to thrive. Consider the benefits of starting or joining a mastermind group to sharpen your business skills.

What Is a Mastermind Group?

Mastermind group members are fellow small business owners who get together periodically to support one another, receive and solicit feedback on business development ideas, and motivate one another through accountability. Some people join a mastermind group for brainstorming and networking opportunities. The concept of the mastermind group was introduced by author Napoleon Hill in his books, The Law of Success and Think and Grow Rich.

Because mastermind groups are voluntary, members are typically enthusiastic, active participants willing to share ideas and inspire fellow group members to be successful. A mastermind group can be as open or exclusive as you decide, depending on the group’s purpose. You can find potential members for your mastermind group or find mastermind groups to join at professional association meetings, chamber of commerce gatherings, or online on career social networking websites, such as LinkedIn.

Business Mentors

It’s easy to feel isolated from others as you run your own small business, and few people understand the journey of a small business owner like other small business owners. Reaching out to your peers lets you share insights with one another. You can share what works and what doesn’t for your business, and receive advice from other small business owners who’ve been in a similar position. You can get support for professional challenges you face from mastermind group members who have dealt with the same or similar challenges.

Along with support, you can also get feedback on your ideas that may be broader and more complex in scope than advice you get from other people in your life, such as your family and friends. In a mastermind group, you can also return the favour by sharing your experience and insights with others. Giving that support and feedback has the potential to establish yourself as an expert on executive-level issues among your peers. You may even decide to pool resources and cut costs on supplies, office rental, and other items. If your businesses’ customer bases share similar demographics, you could even set up a referral network between business owners and send mutual referrals, benefiting both businesses.

Peer Accountability

Being part of a mastermind group can be a powerful way to get things done because of the accountability aspect. For example, if you share that you plan to implement a new social media marketing strategy, the group may help you avoid procrastinating. Mastermind group members hold each other accountable, so sharing your business plans with your peers can ensure you see them to fruition. If you don’t, you can expect to get questions about it from your fellow mastermind members.

Brainstorming and Networking

You can also brainstorm ideas with mastermind group members. Tapping into their experience can help you find innovative ways to be more productive, get more customers, and make more sales. Mastermind groups are also great places to network. Among your peers, you may find group members willing to refer clients to you, invite you to speak at functions, and collaborate with you in other ways that can grow your business. Starting a mastermind group, or joining one, exposes you to some of the sharpest minds among your peers. Tapping into their experience and sharing yours is an effective way to achieve business success.

Being part of a business mastermind group is just one way to help grow your business. Business tools can also help you succeed. 4.3 million customers use QuickBooks. Join them today to help your business thrive for free.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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