Small Business Growth Strategies

I formed a mastermind group last year and it has been an invaluable resource for growing my business. I’m often asked how to start a mastermind group so here’s some advice based on my experience: 

1. Define the purpose for your group and create a mission statement. This is a great way to make sure everyone is on the same page. 

2. Hand-pick members so that you know each person. Trust is important and having some history with members can help. 

3. Avoid bringing in members from the same industry as this can cause problems with competition. Ideally your group should have a broad variety of skills and businesses. For example, you might want to bring in someone who is number-focused (an accountant or financial planner), someone who is creative, someone who works in marketing, etc. Think about the “roles” you want within the group and fill your seats accordingly. 

4. Know how many members you want to include. We set a maximum of eight. Though it would be nice to have more, it would also limit the amount of time each member has to get feedback from the group at our monthly meeting. 

5. Meet at least once each month. My group meets for five hours one Friday per month. Each member gets 30 minutes “in the spotlight” to discuss business issues and challenges and get feedback from the group. 

6. Set guidelines for the group. We have an attendance policy (no more than two absences per year) and guidelines about positive collaboration and privacy. 

7. Create a way to communicate between meetings. We set up a private forum through www.collectivex.com so that we can swap ideas, get feedback and plan meetings. 

8. Have a process for bringing in new members. Inevitably some members will eventually leave. Decide how you will nominate and accept new members into the group. 

9. Address any issues with disruptive members. If one person is negatively impacting the group in some way, don’t let the problem fester. 

10. Participate in your group with an open mind and an open heart. This is not the place for egos. Your mastermind group should be a safe place to talk about successes and failures and to seek the wisdom of the other members. 

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written by Stephanie Chandler