After spending a week in paradise with one of my favorite mastermind groups, I thought I’d share a bit more about how this effective business tool can grow your revenue and the value of your business. The concept was coined in 1925 by author Napoleon Hill in his book ‘The Law of Success’, and described in more detail in his 1937 book ‘Think and Grow Rich’ in which he describes the idea of the mastermind, which referred to two or more people coming together in harmony to solve problems. An ideal mastermind size is about 8 members and a leader. Each member is in a similar time in their life or business so their experiences and skills are similar.
As a business owner, you face problems and challenges in your business on a regular basis. More often than not, you are facing them alone, in a silo as the chief of your company. The value of a mastermind has several tangible benefits that can support your needs, your company’s growth, and increase profitability.
There are a few types of masterminds. One for personal growth and the other for business growth. Some work on problems for both and others are targeted to just one area of focus. You’ll find free and paid masterminds. To be blunt, you only get what you put into it and pay for it. The commitment and quality of members exponentially go up with the price you pay to sit at the table. Only because those that pay, participate and want the same from the other members. The best masterminds go for at least a year and meet at least monthly if not bi-monthly.
Here are a few of the benefits that you can get from the right mastermind group.
Problems Solving: You can share your problem or challenge with the group and the group’s collective experience provides real-world experience to provide solutions. There is a leader that allows for equal participation, reduces the whiney complaining, and keeps the group moving in a positive and equitable direction.
New Skills: The leader of the group should provide facilitated learning around subjects that the group is interested in and that can benefit the group’s goal. These are generally short pieces of training done in the group at the beginning of each session or as assigned homework and time allowed for the development of the new concept. Some groups are purposefully designed around learning and the masterminding that follows is on the implementation of the strategies and tactics.
New Relationships: Masterminds share a safe place without competition or fears of loss of intellectual information. Often members will be asked to sign an NDA at the beginning to keep the space safe. But through the time together, conversations, and support provided, many end up becoming lifelong friends.
Masterminding has many other benefits to growing your business and they can become an important part of your business development. As Infinite Profit, my business growth consulting firm continues to grow, we have built a new Profit Booster™️ Mastermind to continue to support our business owners in a small group style of learning and sharing for growth-minded members. If this sounds interesting, text ‘PROFIT’ to 949-229-2112 for a no-obligation download on what the Profit Booster™️ Mastermind looks like.
Marcia Riner is a business growth strategist and CEO of Infinite Profit Consulting. Our effective Profit Booster™️ method produces results quickly for business owners who come to us looking to double or triple their net revenue without investing more money in marketing or advertising. In fact, we are able to share a clear pathway to profit and an attractive ROI prior to hiring us. Curious? Just ask, and we are happy to share with you some of our profit-boosting strategies.
Marcia hosts a weekly podcast with videos on YouTube @ www.Youtube.com/profitwithaplan and audio @ www.profitwithaplan.com. She is constantly sharing business growth tips on all of her social channels @marciariner
Marcia has created an incredible FREE webinar that will show you how you can boost your net profit by 45% in just 30 days. Go check it out while you can @ www.30dayProfitBooster.com