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November 23, 2011

5 Factors for Successful Mastermind Groups

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So How Do You Know if Your Mastermind Group is Optimal?

Great Business Mastermind Groups deliver quantifiable value for member companies, to be sure. It is often the qualitative value that becomes life-changing for business higher-ups involved. That qualitative value can be measured by the following results:

Constant Member Progress

By whatever metric assigned, all constituent businesses are constantly moving toward the accomplishment of their objective in the group, be it business growth in sales, developing a scalable model, or global growth. Purposes don’t have to be financial, but this is often a measurement that is easy to keep score of a common expected outcome for small business participants.

Determination
Mastermind Group members must be totally committed to their objective for joining and the aggregate objective of the group. One hallmark of a mature, high-performing Mastermind Group is a high level of attendance at all group meetings and training events. As we explained in an earlier report, commitment can also be seen in the level of active involvement in the positive resolutions for the challenges encountered by other businesses in the Mastermind Group. Groups that rally around one another, drawing out and resolving member problems, helping others with goal setting and attainment, celebrating victories and that don’t hesitate to take a poor performing member to task demonstrate great Masterminding proficiency.

Hold Accountable

Members who aren’t growing or performing as expected are held to task by the policing that occurs within a healthy group. This helps member success and, ultimately, extracts members who are not dedicated. Level of dedication will be evident as defined above. Liable Mastermind Groups count on results from other members and are displeased when they don’t occur. They set up corrective action periods to help straying members rebound and get on track, and when necessary, will remove members who do not show signs of the dedication demanded by the Mastermind Group.

Group Transcendence

The greatest Business Mastermind Alliances coalesce as a group and move beyond where they were upon inception; they take it to another level. That is a combination of the individual transcendence of each member as it constantly accomplishes its goals, AND the group itself becoming more than just an assortment of individual businesses but a united entity that has an identity, voice, and makes a contribution. The United States collectively is a greater body than the sum of its individual states, and great businesses have an identity making them far better than a collection of individual divisions and departments. Group transcendence is measurable by the productivity of a Mastermind Group that stands on its own as a value brought upon by the group as a whole such as charitable foundations or group knowledge data banks that can be circulated and enhance the condition of other businesses that may not be a part of the Mastermind Group.

Important Partnerships

As the group grows, the partnerships between members grow beyond business peers to individual, trusted counselors, facilitating the sharing of more relevant issues for each member that links personal and professional life, and reinforcing the group in the process. This relationship deepening is a necessary growth that occurs in a Mastermind Group and typically occurs at a different rate among groups as determined by their individual memberships. Groups that don’t develop deeper relationships over time have a tendency to go stale and eventually disband, as the low-lying business improvement fruit has been picked. Further success comes from searching deeper purposefully and often personally within members in order to create purposeful growth.

Determining Your Mastermind Group’s Success Rate

If you’re in a Mastermind Group, look for the factors outlined here to gauge how effective your present group is. If individual members are continually growing, dedicated, held accountable, and if the deepening relationships between the members allow for a collective transcendence into something better, you can feel confident and proud that you’re part of something special.


Stuck in a business rut? Need higher profits and more sales? Check out the power of Mastermind Groups in this FREE e-course, video and eBook. Groups forming today! Karl Walinskas owns Smart Company Growth and Virtual Mastermind and is a noted author and speaker on small business growth strategies and best practices. Read more at the Smart Blog for Small Business.

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