A tool many highly successful people say they have used to help them achieve success is being part of a mastermind group. Mastermind groups are groups made up of people bonded together to work on a common objective. The concept was introduced by Napoleon Hill in his book, “Think and Grow Rich.” He describes masterminds as the coordination of knowledge and effort of two or more people who work toward a definite purpose in the spirit of harmony. The main idea is that by being part of the group, and working together, you can accomplish more. As part of the group, people with similar interests share thoughts, ideas and information in order for the benefit of group members.

Mastermind groups provide huge benefits for small business owners. The Mastermind group can act as your board of advisors. Large corporations have advisors and small business owners need them as well. Imagine how far you could take your business with a team of advisors. Mastermind groups provide business owners the opportunity to brainstorm, get feedback on new ideas and even discuss business challenges. Confidentiality is critical within these groups. Over time, the group synergy becomes very powerful. This leads to a valuable support network. Business challenges including strategic planning, increasing sales, marketing, personnel issues and others can all be addressed.

For the best results, members should be motivated, committed, have similar goals and willing to work in a group environment. The size of the group is generally from six to eight people.  Groups can meet weekly, monthly or even quarterly. Meetings can be in person or over the telephone, which often works for busy people. Some groups have guest speakers while others use the time for members to bring situations to the group that is a concern for them. Both formats work well and many groups use a combination of the two.

Mastermind groups have proven to be a great way for business owners to get together and grow a successful business.  What action would you take if you had access to a board of advisors like this?

This article may not be used without the permission of the author, Denise Kirk-Murray.