2017-02-15 00:00:00Running a BusinessEnglishExplore 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.jpghttps://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

2 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 peers – in this case, they would be fellow small business owners. Group members get together periodically to support one another, receive and solicit feedback on business development ideas, and motivate one another through accountability. You may also wish to join a mastermind group for brainstorming and networking opportunities. Because mastermind groups are voluntary, members typically are enthusiastic and 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 wish, 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 gathering, or online on career social networking websites, such as LinkedIn.

Support and Feedback

Few people understand the journey of a small business owner like other small business owners. 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 other people in your life – such as your family, friends, and employees – would understand. Your experience and insights as a mastermind group member are valuable as well, and you can give support and feedback, which has the potential to establish you as an expert on executive-level issues among your peers.

Peer Accountability

Being part of a mastermind group can be a powerful way to get things done. For example, if you share that you plan to implement a new social media marketing strategy immediately to grow your business with your peers, you won’t want to procrastinate. Mastermind group members hold each other accountable, so sharing the things you have planned for your business with your peers is the best way to ensure you’ll see them to fruition – or face embarrassment due to procrastinating when group members ask how your plans are coming along.

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.

References & Resources

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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