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7 Tips to Keep your Mastermind Group Alive and Kicking

Mastermind groups are formed by professionals for a number of reasons. The three top reasons being:mastermind-question

  1. To generate new ideas and share best practices in an effort to increase revenue and create efficiencies in each member’s businesses.
  2. To establish a space for accountability, goal setting and encouragement amongst entrepreneurs who are not necessarily reporting up to or being pushed by a Manager. (They are the captain of their own ship)
  3. To network and cultivate possible referral relationships with other professionals.

Professionals generally enter into mastermind groups with great enthusiasm and high expectations. However, after six months to a year of meeting, many groups find that the excitement has a tendency to wane and unfortunately, the attendance then follows suit.

Here are 7 helpful tips to help keep your Mastermind group engaged, consistently attended and growing…

Tip #1-Make sure you have a variety of professionals attending who share similar pains.I’ve talked to Mortgage Professionals who have formed mastermind groups made up soley of Realtors or Financial Planners. This may seem like eutopia for YOU, but the group will eventually suffer and may even begin to feel that your attempt to put together a mastermind group was purely self serving. Fresh perspectives, unique approaches & creative business models are more easily derived from groups that include different types of professionals. Of course, only include professionals who share in your pains (i.e. generating leads, branding one’s self, teammarketing, effective sales scripts, budgeting, etc.)

group-meetingTip #2-Include creative “shake-ups.” Make one of your Mastermind sessions an event that the entire group attends, like a seminar or presentation on sales techniques or social media, a chamber mixer or www.meetup.com event.  Assign chapter readings and group discusssion from popular business or self help books, like Think and Grow Rich, The Success Principles, The Tipping Point, or Taming Your Gremlin. Use one session to train on a particular product, system or new technology the group is interested in. Spend one session watching a Brian Tracy, Tony Robbins, Jack Canfield or Wayne Dyer DVD.

Tip #3-Establish a rotating guest speaker list. Assign each mastermind group member a month that they are responsible for inviting a guest speaker. The guest speaker could be a physical fitness expert, a life or business coach, a social media guru, a holistic healer, a local top salesman, a Manager sharing his/her team leadership secrets, a branding expert, a local blogging superstar, etc.

Tip #4-Share the knowledge.Post your agenda, guest speakers’ names, take-aways and “aha” moments and newfound knowledge from your mastermind groups on your blog, LinkedIn and Facebook profiles. Encourage everyone in the mastermind group to do the same.meeting-in-restaurant

Tip #5-Don’t be a venue hog. Find other locations, other than YOUR office, to hold your mastermind sessions and change it up from time to time. I had a client hold one at a local park with great success. You can also go to your local library, favorite coffee house, wine bar or bistro, community center or recreation center, pastry shop or even one of your group member’s residences.

Tip #6-Introduce the 20 Questions game. When utilizing “group think” to help solve a member’s current issue, dilemma, roadblock, bottleneck, conflict, etc., have each member ask that person questions about their current situation, not to exceed 20 questions.  No one is to suggest or tell the person what to do, nor make statements or share their opinion. They are simply to ask questions to help the one individual experience a breakthrough and to do so without comparing, assuming one person has the solution, or inadvertently creating tension or conflict in the group.

Tip #7-Survey the group. Never assume that your members are satisfied with the current format, agenda, guest speakers, direction and/or vision of the mastermind group. You know what they say about “assuming.” The best way to keep your mastermind group alive and kicking is to be open to changing things up, trying new things and most importantly, listening to the V.O.M. (voice of the mastermind) Here is an example of a mastermind group survey using www.surveymonkey.com that you are more than welcome to copy…Click Here to take survey

The power of the mastermind comes from each member’s unique experiences, knowledge and willingness to share. As the leader of the mastermind, you owe it to yourself and the group to be picky about who you choose to invite as a member. Set the bar high!  Find individuals who are smarter, more creative, more innovative and more financially savvy than you are.

It’s like Jack Canfield once said, “You are the average of the five people, outside of your family, that you hang out with the most.” Take the time to find the “right” members and choose to raise your average.

August 5, 2009 by · Leave a Comment

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About Victoria

Victoria is Founder of I Can Coaching Company and I CAN Plan. She is a full-time Business Coach, working exclusively with Mortgage and Real Estate professionals, helping them to define and implement winning, business-growth strategies, systems, and habits.

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  1. karina says:

    Thanks Victoria,
    Just recommended a client of mine today to find a great mastermind group as a way for him to deliver himself and he had no clue what one was.
    You description was great and insightful and i\’ve passed it on to him. Thx Karina

  2. Thanks, Karina! I\’m thrilled to know that the article is a help to you and your client. Bravo to you for introducing the idea of a mastermind group to someone who had no previous knowledge of the concept. Your advice, if followed, is sure to open up many opportunities for your client. What a great gift.-Coach Victoria

  3. Victoria,

    This is EXACTLY what we were looking for in our group.

    THANKS

  4. Glad the ideas could help your group, Derek!

  5. Love it! This will be so helpful in keeping our newly formed group energized over the long haul!

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