The benefits of a mastermind group | The Chameleon Guide
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The benefits of a mastermind group

What is a mastermind group?

It’s a group of five to eight ambitious business owners who meet once every month in order to grow their business, and achieve and exceed their goals.

If you want to grow incrementally, be competitive; if you want to grow exponentially, be collaborative. — Anonymous

The meetings have a structured format, aimed at making sure you identify and record your goals, overcome blocks and measure success and achievement. The sessions are facilitated by an experienced business consultant and coach but are powered by brainstorming and support from other group members.

I run mastermind groups and have done a lot of research into what people get from using a mastermind group as opposed to one to one coaching to make sure I get it right for my clients.

Below is a list of the sorts of areas that business owners have benefitted from by using Mastermind Groups.

The benefit of having fellow mastermind members/facilitator

  • Ability to step back from the business and look at it with fresh eyes (of fellow masterminders)
  • Accountability
  • Being asked the awkward questions
  • Getting advice and learning from others
  • Getting clarity on thoughts and ideas
  • No longer feeling alone
  • Having the courage to take risks (calculated ones!) with the support of the group
  • Working with other masterminders
  • Sharing resources
  • Keeping focused on the bigger picture

 Getting out of the owner’s trap/creating the vision for the future

  • Having goals in mind, both personal and business, then plan things through so you understand what you have do to achieve them
  • Goal setting
  • Letting go of the reins – easing out of the day to day management of the business
  • Empowering staff
  • Importance of process and procedures
  • Getting control back rather than flying by the seat of your pants/firefighting

 The business

  • Getting clear on what the business is
  • Moving away from time for money
  • Packaging products
  • Looking for recurring revenue opportunities
  • Having the courage to put up prices

Running the business

  • Realising the importance of taking on staff (the right ones)
  • Understanding own weaknesses and recruiting to fill the gaps
  • Establishing regular meetings with the team around your goals – that they share
  • Encouraged to re-invest in the business e.g. website
  • Having measures and review points in place (KPIs)
  • Cash flow
  • Saving for tax
  • Understanding the numbers and reviewing them regularly
  • Implementing proper HR processes – job descriptions, appraisals etc.
  • Managing team dynamics
  • Budgeting

 Work life balance

  • Time management
  • Increased family time
  • Time to exercise
  • Time to do voluntary work
  • Being able to take a sabbatical from work knowing the business will run without them
  • Reduced stress

 Other benefits

  • Managing confidence issues
  • Developing business skills

A mastermind group can be viewed as quite an investment, but once you discover the benefits and see the changes in your business – it’s definitely worth the investment.

If you’d like to learn more about how my groups work, there is more information here
or, please book a 30 minute call with me here 


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About the Author:

About Karen Espley, blogging for The Chameleon GuideKaren Espley of The Chameleon Guide works with ambitious small business owners on her Profit Accelerator Programme. She brings pragmatic and real world advice in a group setting to help her clients make a significant difference to their business through increasing profits and running a highly effective business.

Offering workshops and group profit programmes for companies wanting to reach their full potential.