Home » Blog » Masterminds: Harnessing The Power of Collective Wisdom for your Business

Masterminds: Harnessing The Power of Collective Wisdom for your Business

It’s the hot button topic that has the entrepreneurial world all aflutter.

If you’ve never heard of a Mastermind, it’s a fancy term for a small (4 -6) select group of people with common goals, who come together once or twice a month to share, learn and improve their businesses. But it’s not as pedestrian as it sounds!

A mastermind is like a jet pack for highly motivated people who seriously want to get shit done.

Masterminds Elevate Your BusinessMy first Mastermind experience was part of a high level business and personal development coaching program. I was interviewed and then matched up with four other individuals and a Mastermind coach. We met twice a month online for seven months, gathering across the globe from Toronto to California to Aspen to Germany to BC.

To be perfectly honest it was a bit awkward in the beginning. We were there to share and support each other in our businesses, lending as much knowledge as we could to elevate and promote each other. We were expected to speak openly, honestly and respectfully to each member’s challenges and goals. But by the end of the first month the group was united and deeply invested in each other’s success.

The mastermind is different from individual coaching as it relies on the collective wisdom and experience of everyone in the group to offer insights. Everyone has a level of knowledge and experience they bring to the group which is highly valuable. 

If you face challenges in your business like how to scale, productivity, ideas for new products or services or client acquisition, a Mastermind may be just the thing to create a big positive change for you.

In a Mastermind you’re able to lean on each other, give advice, share connections and do business with each other when appropriate. It’s very much peer-to-peer mentoring and if you are lucky enough to get invited to one, you will most likely see an elevated change in yourself and your business. 

Most entrepreneurs are over achievers but most of us suffer from the frustration of not accomplishing the goals we set for ourselves. Masterminds fix that.

In six weeks I launched a brand new program from scratch, thanks to my mastermind. I also reworked my website copy, solidified new offerings, dropped things that weren’t working and developed strategies to acquire new clients. My mastermind peers became very familiar with my strengths and skills and were able to confidently recommend me to people they knew, also helping to grow my business. Finally and most recently, I was invited by my coach, to become a mastermind coach and work with her clients. This has diversified my streams of income almost over night.

Masterminds aren’t just scheduled meet up free-for-alls. They have a specific structure with a specific function, to make you more successful.

mastermind meetingIn a good Mastermind the members in your group have been vetted. They’re able to provide you with sound feedback and advice, and receive benefit from your feedback as well. Beyond that, and most significantly, at the end of each mastermind session you set goals to reach by the next time you meet. This kind of accountability has an unparalleled effect in elevating how fast you can build and create change, driving your business forward at light speed. 

Imagine you got everything done on your to do list every week… that’s the power of a Mastermind!

About four years ago I did B-School, a popular online course on branding and marketing. The whole soup to nuts. The course comes with access to a Facebook community and some live calls. I loved it. The content was excellent, highly actionable and incredibly valuable. But I had a hard time implementing all that I was learning. I had resistance to doing somethings that I knew would create shift, I had a hard time committing to working on my business and not client stuff and I had no one to offer critical feedback or alternative strategies, critique my copy and be sounding boards for all my great ideas. B-School doesn’t have a mastermind portion to it. It can’t, there’s thousands of people that enrol every year.

Masterminds work with small dedicated groups of people that help you take the big picture stuff, drill it down to actionable tasks and support you in accomplishing those tasks. They’re a perfect add on to a training.

If you’re looking to create a significant shift in your business and really are committed to going next level, there’s nothing quite like a mastermind to help you reach your goals. But there’s a lot of them out there so do your research and pick wisely!

Learn more about Masterminds and if it’s a good fit for your business. You can also join our Marketing & Strategy Facebook community and get all kinds of motivation, insights for marketing and branding and connect with other entrepreneurs.

Leave a Reply

Your email address will not be published. Required fields are marked *