5 Important Reasons a Mastermind Group Accelerates Business Growth

What do King Arthur and Napoleon Hill have in common? They both knew the power of a mastermind group. King Arthur had his round table of knights. Napoleon Hill dedicated his life to learning about the secret to success from the most powerful men of his time. Having a group of advisers you can trust is necessary for all successful business owners and leaders.

Consider the countless times you have used someone as a sounding board for your ideas. When two or more people collaborate with a specific goal in mind, the mastermind process is activated. A third unique consciousness is created by the discussion.

So many times I will be talking with a colleague and new ideas occur because of the conversation. I might have eventually gotten these ideas on my own, but the process is speeded up by discussion and feedback.

The diversity of the group lends power to the mastermind. All members of the group must be committed to a similar goal, whether professional, personal or spiritual. Having a common focus with like minded people is dynamic. Your mindset for success will strengthen from this collaborative process.

The list could go on and on about the benefits of a mastermind group. These are the top five reasons for joining a mastermind group to help you reach your goals.

1. Test ideas with the group before beginning a project
This will save you time and heartache. How often have you thought you knew exactly what your clients need? You begin to implement this idea and then launch the new product or service only to find there is no response. What you thought they needed and what they wanted were two different things.

Being able to bounce your ideas off the group will help you gain insight. When you trust the group and their feedback, you will begin to flush out an idea before going live with a new product saving a lot of time and angst along the way.

2. Accountability
It would be ideal if we were all natural implementers and be accountable to ourselves. That is true for some people, but not for everyone. The truth is you will have increased success for reaching your goal when you know others are counting on you. None of us want to let our peers down. Being part of a group helps to give you that extra nudge and drive to keep on going even when obstacles get in the way of progress.

3. Stepping out of the box
What I have learned from being in a mastermind is how much I just don't know. We all have different experiences about what works and what to avoid. Your mastermind group is your resource. Ask them your questions. You will likely get the direction you need to take the next step. The group is a valuable resource.

I am a big fan of stepping out of the box and doing things differently than everyone else. Be outrageous and have fun with the process. The suggestions I have received from my mastermind group have helped me to create products and services which are uniquely mine. The amazing women in my group have supported me with tapping into my unique purpose in a loving, gentle but honest manner. This priceless guidance has helped me shape my business and maintain a positive mindset. Sometimes you just can't see something yourself because you have always looked at things one way. Receiving insight from others opens up new possibilities as you strive to reach your greatest potential.

4. Stretching yourself
How often in your life do you have the opportunity to connect with people who encourage you to expand your focus? When you are part of a dynamic mastermind group, you will receive support to stretch yourself and reach even bigger goals than you would have envisioned on your own. There will be moments when you are stepping out of your comfort zone as you progress. You might not always know how to do something and realize a leap of faith is required before you can move forward. This is where your mindset might falter. Your mastermind group will give you the encouragement and support you need to take the next step. It is almost as if they are taking that leap of faith with you.

5. Dividing the sorrows and sharing the joys
Let's face it, there will be setbacks. Along the way toward your success challenges will arise and you might not understand where it all went wrong. Instead of allowing you to retreat, your mastermind group will provide the feedback to learn from the experience. With a positive mindset you will receive insight to refine your process. You will also know you are not the only one with challenges. Each of us experience setbacks. This is all part of the learning curve toward the next level of success.

You will achieve milestones. Share your successes and breakthroughs with the group. It is okay to brag. When you succeed, the group benefits and it motivates everyone else to keep moving forward as well. This is the place to allow yourself to shine and not feel self conscious about it. In fact, create a ritual with each mastermind meeting. Set aside a check-in process where you get to brag.

You might be in a different league from King Arthur and Napoleon Hill, but you will benefit from having your own personal board of directors. Your mastermind group will fill this role. All successful leaders have a team of consultants. This association with other like minded people will help you maintain a winning mindset to achieve the next level of your success and beyond.

Activity: There is no one right formula for a mastermind group. It can be as small as two people or as large as you want. Consider your reason for being in a mastermind. List all of the pros and cons. Write your intentions for joining a mastermind.

You can either choose to have a paid group leader or have it be a lay-led group where everyone takes a turn. If you were to be in a mastermind group, what would your goals be? How would you benefit from this type of support system? Determine how often you meet. Will the meetings be face to face, phone or virtual?