5 ways a Mastermind Group benefits your business

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Originally coined by famous self-development author, Napoleon Hill, as “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony”, Mastermind Groups have been utilised by business leaders for decades.

While many entrepreneurs and business leaders join Masterminds to strategically expand their network, others are there to learn from the experience of established business owners, both with a view of propelling their business forwards and driving resulting growth.

For individuals yet to attend a mastermind group, what are the key benefits of joining one and how exactly can the experience help you progress in business?

Peer-to-Peer Learning

As the saying goes, if you’re the smartest person in the room, then you’re in the wrong room. If you want to grow, learn and develop as a business leader then you need to surround yourself with people who are more advanced in business than you.

Not only will it provide the opportunity to gain insight into the avoidable mistakes of experienced entrepreneurs, but it also provides the opportunity to learn from their successes, the things that have worked and proved vital to growth and can, therefore, be adapted and implemented into your own business.

This focused level of peer-to-peer learning and engagement via Mastermind Groups isn’t achievable via 1-2-1 mentoring or networking. Masterminds are restricted by numbers to maintain strategic discussion and ensure that each person can walk away with insight and action to drive positive change.

Accountability

Regardless of how diligent or decisive you are by nature, every business leader needs someone to keep them accountable, particularly when it comes to implementing new, strategic decisions and resulting change.

A Mastermind Group not only aids you in making the decisions for change, but your peers are there to keep you accountable, pushing you to continuously grow and progress without the option to shy away and stand still.

Revisiting the words of Napoleon Hill, “If you find yourself weak in persistence surround yourself with a Mastermind Group… A friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”

Strategic Network

All successful entrepreneurs and business leaders have a strategic network of like-minded professionals, who are supportive of them and their organisation.

A Mastermind Group provides you with the opportunity to establish a strategic network of your own, moving beyond the realms of one built and established through networking groups. Although the former shouldn’t be undervalued, a strategic network can’t be rivalled and, as a collective, will have an invaluable insight into your business, your challenges and your objectives. Only with this depth of understanding can your network help you achieve your goals, pushing you forwards in moments of challenge and despair and celebrating alongside you in moments of growth and success.

Objective Decision Making

While accountability for challenges, problems and mistakes in business is fundamental to growth, so is the ability to make objective decisions.

When faced with a significant challenge, such as debilitating cashflow, it can difficult to see the wood through the trees, where many business owners are likely to make a decision based on emotion and concern, increasing the chance of a costly mistake.

Taking this type of challenge to a Mastermind Group will result in an objective discussion that will work through the issue in hand and focus on resolving it, whilst also identifying the root cause to prevent it from reoccurring in the future.

Improved Mindset

The power of mindset shouldn’t be underestimated. However, a positive, growth mindset – one that truly believes in the continued and future success of the business – isn’t something that comes naturally, it is something that has to be learnt and developed.

Surrounding yourself with a group of focused individuals will not only enable you to advance your skillset in business but will enable you to shape your mindset too. According to research, we are the average of the 5 people that we spend the most time with. If those 5 people are negative, with limited self-beliefs and ambitions, you too will find yourself thinking on similar lines. Therefore, if the 5 people are focused, driven and determined, you will adopt and hone similar traits, advancing your mindset and your business as a result.

Ultimately, Mastermind Groups offer a wealth of benefits and are proven to aid both personal and business growth for the individuals who take the time to attend. However, like all means of development, Mastermind Groups work best for those who are truly invested and those who are focused and committed to advancing their skillset and driving business growth. When united in progression, the possibilities for growth and change are limitless.

For further information on how to join Sterling Advance please contact Tracey or details on our website – https://www.sterlingadvance.co.uk/