Twelve Ways a Mastermind Accelerates Your Business Growth

Have you ever joined a business mastermind?

Mastermind groups have become quite popular in entrepreneurial communities. When run well, a mastermind can accelerate outcomes and overcome one of the biggest challenges faced by many solopreneurs — the isolation effect. The isolation effect happens when a business owner, who often runs their business from a home office, doesn’t have the support and momentum that a team generates. Many business owners end up making poor short term growth decisions because the people they surround themselves with are not successful business owners. So they play it safe. Or they ask for advice from people who just can’t imagine a more successful business.

But when you join an aligned mastermind program, an entrepreneur has the opportunity to AMPLIFY results!

I love masterminds. The connection. The bond. The results.

 

Melanie Benson mastermind program

 

There is something magical that happens in a mastermind group (at least the way I run the Amplify Mastermind) that just doesn’t happen when left to our own devices. It’s even difficult to access in private coaching. In my own mastermind experiences I’ve uncovered gems around marketing, leadership and client fulfillment that I never knew existed. I’ve participated in mastermind groups of one form or another for over 30 years I’ve been able to accomplish goals that felt overwhelming and access marketing advice that would have required 10 times the investment I paid. I’ve also facilitated mastermind groups for my clients for over 15 years and have found a unique way to bring power-house people together that sparks momentum, confidence and the inspiration to accomplish HUGE goals.

Over these years, these twelve factors of success have played out over and over again. I’ll lay them out here but please note that not everyone experiences all twelve and some people have even more payoff than they ever imagined.

1. It’s an Incubator

A well-run mastermind is a safe place full of support and tools that become a catalyst for growth and success. When you are in the right mastermind for you, you’ll find your mastermind is your “idea incubator” that helps you flush out the best path to success. Don’t be surprised if you don’t uncover a more powerful vision and start to evolve your business beyond what you ever believed was possible. In the last mastermind I ran with clients, one of the members started with one business growth goal and through the process saw how to create a more profitable business by changing the way she delivered her offering. That’s the incubation process!

2. Rising Tide Theory

John F Kennedy originally coined the phrase, “A rising tide lifts all the boats.” Often your mastermind will become your rising tide. As each person achieves bigger and more exciting goals, success infuses into the group and inspires others. It often creates a “give back” energy where people can’t wait to give back to each other. Just remember to ride the waves with YOUR mastermind.

3. The Third Mind

As Napoleon Hill explained in his book, Think And Grow Rich, a mastermind activates a “third mind” where more than two people are gathered a new level of creativity, idea generation and confidence are activated. In the “Third Mind” you’ll access ideas and clarity you wouldn’t normally access on your own. Call it brainstorming if you like, the Third Mind is a potent creativity tool. One of our Amplify Mastermind members found this happening for her in our live retreat as she realized she wanted to start a podcast. During those 2 1/2 days we brainstormed her theme, her title and a few of her first episodes. It was launched within a few short weeks.

4. Access to Proven ResourcesMastermind program with Melanie Benson, brainstorm your business growth.

An often time-draining and frustrating element of success is locating proven resources and tools. But your mastermind can shorten the cycle by supplying access to coveted resources like virtual contractors, automation tools, and other experts you might need to accomplish new goals.

5. Feedback

Sometimes you just need some input to get out of your own way and see things clearly. Your mastermind (and your coach) can provide a safe place to get feedback BEFORE you spend countless hours and invest big money on your next business growth steps.

6. Accountability

Left to your own devices, isn’t it easy to talk yourself OUT of a goal or project. But when you claim your bold goal in front of others (who have your back and see your success even when you can’t) its not so easy to backslide and fall behind. A mastermind can help you stay accountable in a loving way so you don’t fall prey to your doubts and fancy procrastination techniques.

7. Connection

An outcome of a mastermind is often the lifelong, heart-felt friendships that are created. When people go through intense life experiences, often they forge bonds that last a lifetime. A mastermind is a place where people SEE YOU and that means they believe in you – so deep ties are built. Not to mention how valuable it is to have people you trust to reach out to on days that you are feeling isolated or have a big list of doubts surfacing!

8. Collaboration Opportunities

Often a mastermind will provide opportunities to support each other with cross-referrals, promoting each other’s offers or even co-creating new offers based on your complimentary skills. The key is to stay curious and open to the members who already serve your ideal audience.

9. Better Success Habits

An intangible benefit, but highly valuable, is learning from the complimentary skills of others in the group. Often a group will have a lot of diversity in skill, expertise and even daily success habits. Learning how others accomplish tasks that are difficult for you can be invaluable! I remember my client Ira struggling with implementation and quick decision making. So we came up with a plan for him to study how others in the mastermind were able to accomplish more faster. Within a few weeks he had new daily success habits by “modeling” what worked for other members of the group.

10. Leadership Positioning

In a mastermind, there will often be times you can showcase your expertise and take the lead amongst your peers. If leadership is a growth area for you, then grab those opportunities to shine amongst your peers. Not only will you provide valuable insights to your mastermind, you’ll also be building up a bit of leadership muscle.

11. Challenge Your Limits

Way too often the reason an entrepreneur hasn’t achieved their goals lies in their limiting beliefs, recurring fears and blind spots. When you are in a coach facilitated mastermind, they can often see what you can’t see for yourself (especially your coach!) Take full advantage of this benefit to see what’s really in the way through the lens of others who are not stuck in your problem with you.

12. Acceleration

Call it momentum or acceleration, but a mastermind should be a success catalyst for you. From accessing proven growth strategies from your mentor coach to learning what’s really working within the group members, the momentum generated is contagious. Tap into the mindset, beliefs and thinking of those in the group that are experiencing expansion and your mastermind will become YOUR secret growth tool.

Now, the key is picking a mastermind that is ALIGNED with you and your goals. A bad mastermind can end up draining you and your motivation. But an aligned mastermind can be the fuel you need to accomplish more than you ever believed was possible!

So here’s the big question for you:

What would you do differently if you were in a mastermind that was challenging YOU to amplify your success?

I’d love to hear what you would want from a mastermind or what you are looking for in YOUR next business mastermind! If you are looking for a mastermind this year, check out my Amplify Mastermind to see if its aligned. We only accept applications twice a year for limited spots so apply quickly if you are interested!

 

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7 Comments

  • The Goal Guru

    January 21, 2010

    My expriences have varied over the years. I have participated in both paid groups and non-paid groups and I have found that the groups where I have not personally had a hand in selecting the participants, the experience was disappointing. I have left paid groups led by great people because half of the participants repeatedly failed to show up.

    I think my own screening process is much more selective and at the very least I know what I am looking for in my group, the climate, the commitment and the knowledge base. The more I mastermind, the more I grow and the higher the standard becomes. No surprise, in essence, it all comes down to Goals… is the participant clear on their goals and are they committed to achieving them? If our goals are aligned with each other, we are true Goalmates and make amazing progress together.

    I am assembling another group to work/play with right now and look forward to my greatest mastermind experience yet.

    Looking forward to hearing about other people’s experiences.

    Live Your Dreams,

    Jill Koenig

    America’s Top Goals Coach

  • Danielle

    January 21, 2010

    Great observations Melanie! I too have participated in several Mastermind groups, both that I have paid for and others that have been made up of like minded women (of offense guys, it just happened that way) and there are pros to both types.

    In a paid MM putting “skin” in the game is a critical component and a way too be held accountable) at least in my opinion and there is usually a level of that higher expectation bar. I have been part of a few and some of I “clicked” with and some not so much, so it’s vitally important when making an investment like that that you do your research…equal responsibility also lies with the person running the MM group in ensuring that the participants are not only cohesive, but also challenge each other. It should also be considered a learning environment.

    The other MM I’ve participated is in just meeting with like minded women and bouncing ideas off of each other, working together on projects, and in general supporting each other. There is a level of security and comfort because you have been drawn together naturally and it may feel “safer” initially to share ideas and thoughts.

    Both have contributed MIGHTILY to my success and I highly recommend them as well:-)

    Warmly

    • Melanie Benson Strick

      February 17, 2010

      I totally agree Danielle — great insights and I love how you point out the “skin in the game” is crucial.

  • Todd Weiss

    February 21, 2010

    Great post Melanie. I participate in two mastermind groups. I find them to be extremely valuable to a successful business. They can help hold you accountable while allowing you to contribute to the success of others. Every time I meet with my group I learn something new. Thanks for sharing.

    • Melanie Benson Strick

      March 2, 2010

      Totally agree Todd…curious — paid or self-guided group?

  • Mary Alice

    September 13, 2012

    I joined a mastermind group once, but my business is an online news source,grantcountybeat.com and I could not attend regularly, because I never know when NEWS will happen! But I need help!

    • Melanie Benson Strick

      September 13, 2012

      Mary, perhaps you should try a virtual mastermind group? I actually facilitate virtual masterminds for my clients as it often takes away the “I can’t come live” problem. But I also notice that when you join a mastermind you have to be willing to put the commitment first (and have the discipline to be there regularly) or the energy doesn’t work.