It has been proven time and time again that mastermind groups work. We’ve heard stories of people who wrote books that became a massive success. There have been business owners who have made lots of money within just a few months, and others finally took the leap and made game-changing moves. So the question is – how do you make the most out of a mastermind group?

Leah Waller, for example, was able to double her invoicing and take a holiday for the first time in a while, which she says would not have been possible without her mastermind group. After just two months, she felt more focused on her business than she had in the past four years!

Simon Crisp, whose business has now won 13+ awards, was facing some seriously tough times in his business. Through his mastermind group, he was able to identify the issues and rectify them. Now the business performance has improved and the staff morale with it. He says that without his mastermind group, his business probably wouldn’t be what it is today.

Then we have Emma Canter, who, after only two spotlight sessions, came out with an action that ultimately led to her, either securing a new client or securing a new piece of work from an existing client. She reported a 25x turnover, making £40,000 in just a few months, which she says is all as a result of actions taken directly from Mastermind9.

This is just a snippet of the amazing results that have come from joining mastermind groups. You too, can reap the full benefits of a mastermind group, and I’ll show you how.

5 Tips to Reap the Full Benefits of a Mastermind Group

1. Stay Committed and Consistent
2. Build Individual Relationships
3. Uncover the Full Spectrum of Benefits
4. Set Clear Goals and Expectations
5. Embrace Vulnerability

1. Stay Committed and Consistent

Mastermind groups are a real commitment. You need to put in your time, energy, and resources. Whichever group you choose to join, you’ll need to show up and stay fully present. 

Why? To reap the full benefits, commitment and consistency is key. You have to be fully immersed in the process.

Find a group that matches your needs, whether it’s how often you meet or what’s expected of you. That way, you can dive in without hesitation.

Here are two ways to remain committed and consistent:

• Attend as Many Sessions as Possible

Different mastermind groups have different rules of the game. Some meet once a week and others once a month. If you’re paying for it, you might as well go for it.

We’ve noticed something pretty amazing: The ones who really get involved with the group often become the biggest cheerleaders for mastermind groups.

• Do the Homework

In many mastermind groups, the members help each other with action points to take away to solve their challenges or work around potential opportunities. 

As a business owner, life can truly get in the way and you find yourself not doing any of the things you said you would. This is the first mistake.

Make sure to carve out some time to follow through on everything you’ve promised, or you might not see the results you’re hoping for.

2. Build Individual Relationships

Mastermind groups are super effective because ‘two minds are better than one.’ 

They work on the premise of collective effort. 

Usually, a mastermind group will have more than two people. It’s advisable that beyond getting to know each other as a group, you also take time to get to know the individual members.

This is important, first, because it helps you to open up more, and secondly, you’re able to identify opportunities where you can help each other to build your businesses.

Here are two tips for building individual relationships:

• Have Lots of 1-2-1s

How well do you know your mastermind group members? 1-2-1s are a great opportunity for you to discover your team members. You must develop a friendship with each of them so that it can be easy to bounce ideas off of each other.

• Find Common Ground

The best relationships start off by finding similarities between the two of you. When you find yourself saying, ‘Oh you also do that? Me too!’

It’s the same for mastermind groups. Check out their LinkedIn. What are their interests, and out of those, which ones do you relate to?

Finding common ground makes a good conversation starter and is a fantastic way to get to know the other person.

3. Uncover the Full Spectrum of Benefits

In many mastermind groups, the benefits go beyond just the sessions. You should find out what ways you can maximise your subscription with your specific mastermind group.

At Mastermind9 for example, our group members enjoy these benefits:

• Monthly peer advisory mastermind group meetings Accountability actions
• Twice monthly networking groups Networking in…
• Business Planning Workshops
• Company membership The Alliance
• Business listing
• Facilitated introductions
• Goals, targets, KPI’s, specific to your business
• 1-2-1 ad hoc Business Support
• Small supportive team

The people who see the most growth in mastermind groups are the ones who take full advantage of each opportunity presented to them.

Here are two ways to find out the full benefits:

• Speak to Existing Members

Find out the members who have been part of your mastermind group the longest and speak to them. You can ask for your facilitator for an introduction, or you can check out the company’s website for testimonials.

Existing members are best placed to help you understand the company benefits and how you can leverage them to propel your business forward.

• Speak to the Facilitator

If you have specific questions about the benefits that you would like answered, don’t hesitate to reach out to the facilitator. Whether it’s access to resources, mentoring, accountability partnerships, or something else, inquire about how the group can support you in achieving your goals.

4. Set Clear Goals and Expectations

Why did you make the decision to join a mastermind group? What were you aiming to achieve? 

Set these goals, and then break them down into monthly, weekly, or even yearly goals. Be sure to monitor these goals regularly and see whether you’re on the right track.

Remember to be open to adjust your goals depending on the circumstances. At the end of the day, as long as you’re making strides in the right direction, you will eventually get there.

Check out this blog on Making SMART goals.

• Align With Your Business Plan

Go back to your business plan, what are your short term and long term goals? Make sure that your mastermind group goals align with your overall business goals. 

Then, make decisions that will take your business to the next milestone, and before you know it, you’ll be flying high.

• Establish Accountability

Mastermind groups are great because they offer accountability. In many groups, members are asked to come back and share their progress and how well the feedback landed.

At Mastermind9, each member is assigned an accountability partner to make sure they are on track with the goals they set for themselves.

5. Embrace Vulnerability

To fully benefit from a mastermind group, you need  a certain level of vulnerability. You need to get to a point where it’s easy to open up about your strengths, weaknesses, opportunities, and challenges to your fellow members.

Business is hard. Every business owner can attest to that, and every business owner has been through the highs and lows of it.

I know that vulnerability comes naturally to some people, and to others it’s harder. So here are two tips to become more of an open book:

• Start Small

Vulnerability isn’t as easy as it seems, especially for someone who has run away from it for years. So the best thing to do is start small. Share a personal challenge you’re facing, a mistake you’ve made, or a fear you’re struggling with, and pat yourself on the back for it.

• Challenge Negative Beliefs

There are many reasons why people shy away from being vulnerable, including fear of the response it could get. But by challenging these beliefs, you can easily move away from your comfort zone, and eventually build confidence in being vulnerable.

Making the Most Out of a Mastermind Group

Mastermind groups are a game-changer, especially for small business owners who face decision fatigue, want to be more confident, generate life-changing ideas, and grow their businesses through a ‘board of directors.’

In summary, the 5 ways to make the most out of a mastermind group:

1. Stay Committed and Consistent
2. Build Individual Relationships
3. Uncover the Full Spectrum of Benefits
4. Set Clear Goals and Expectations
5. Embrace Vulnerability

We’re launching mastermind groups! If you would like to gain support, ideas, resources and connections, plus accountability for your small business, apply for a free mastermind taster session to come and get a taste of Mastermind9.