Posts Tagged ‘peer advisory group’

Joining a Mastermind Group will change your life and business in ways that you can’t even imagine, and once you get into the flow of the group, you’ll wonder how you ever ran your business without belonging to a Mastermind Group.

Here are just a few of the benefits of joining a mastermind or peer group:

1. Get a new perspective: The other business owners in your group will help you get a new perspective.  If you have mono-vision about a problem you’re facing in the business, you can count on your peers to view your situation dispassionately and offer objective input. Group members will give you insights that will help you take your business to the next level.  

2. Find novel solutions: Working on your own can make it harder to deal with problems that have been holding you back. A Mastermind Group will help you to get a bird’s eye view of your situation, and to think out of the box when it comes to business challenges. 

Consider joining a mastermind group.

3.Get practical advice: Members of your group will provide practical advice about things you may not be good at. We all have our weak points and participating in a Mastermind Group can help us overcome them. This guidance can make the difference between failure and success. 

4.Set goals and be held accountable for reaching them: You’ll share your goals with other members of the group, and will be held accountable for reaching them. Group members will ask you about your progress in reaching your goals. They’ll offer encouragement and advice if you fall behind in meeting the targets you’ve set for yourself.

5.Have a support system: Being part of a peer group will boost your energy and confidence. It will help you to overcome the isolation factor.  Apart from getting help and advice, you’ll also be able to make good use of your own expertise and experience to help group members. This can be a great experience for you especially if you work solo and are fully focused on your own problems.

A survey was conducted with a group of solo entrepreneurs who had participated in Peer Advisory Groups. Over 75% of the respondents said that their participation in a Mastermind Group was either highly beneficial and they’d do it again, no questions asked, or very beneficial and they got a great return on everything they put into it.

One of the questions was:  What benefits did you derive from your participation in a Mastermind Group?

Here are the responses:

100% of respondents said:

1. Peer brainstorming
2. To be held accountable to do what they said they would do.

75% of respondents said:

1. A source of energy and motivation
2. Help to overcome the isolation factor
3. Peer advice

50% of respondents said:

1. Increased my bottom line
2. Got the “cliff notes version” of something from a group member who had already done what I was about to do.
3. Got objective input when I had my blinders on.

All small business owners face challenges in running our businesses.  As a solopreneur you may work from home which can be isolating. Perhaps you find yourself unable to keep on task or hold yourself accountable to do what you know needs to be done. Some solo entrepreneurs look back and realize all they’ve done is to create a new job for themselves – with a new boss (you!) – and they’re not making as much money as they did in their W-2 nine-to-five job. Many soloists find it difficult to take time to work on the business, because they spend all their time working in it. Maybe you’ve found starting your business was easy, but running it is a different story.

Mastermind or Peer Advisory Groups as a Solution

Consider Joining a Mastermind Group or Peer Advisory Group

In a nutshell, a mastermind group is a gathering of like-minded individuals who brainstorm, assist and support one other.  Masterminding has existed throughout history. The Founding Fathers, for example, were essentially a mastermind group. The roots of mastermind groups for business go back to the early 1900’s and Napoleon Hill, author of Think and Grow Rich.

Call it what you will, Mastermind Groups, Peer Advisory Groups and Peer Advisory Boards are different names for the same thing. These groups are a growing phenomenon being used by business owners for inspiration, motivation and problem-solving. Belonging to such a group will provide encouragement and support, help with the isolation factor, and can help you bring your business to the next level of success.

One of the great benefits of peer work is learning the day-to-day practices of other highly successful entrepreneurs. The sharing of business facts, pitfalls and approaches to problems with other business owners can provide a unique insight.

If you’re a solopreneur who’s feeling isolated, if your business is stagnant or you just can’t get yourself motivated, consider joining a peer group.