Article by Alan Clark, project director of dedicated mastermind membership organisation, Sterling Advance
For decades, business owners and directors have looked to Mastermind groups to take their businesses to the next level, however the aim of Mastermind extends far beyond driving business growth – it is equally focused around participants’ personal development as business leaders.
But what exactly is a Mastermind group and how can it help you to become a better and more effective leader?
What is a Mastermind group?
A Mastermind group can be defined as a peer-to-peer business mentoring group based around problem solving with input and advice from other group members.
Generally speaking, groups meet regularly to discuss issues that individual members may be facing, share advice and ideas, and feedback on progress made since the previous meeting.
Though many business owners think that Mastermind groups are focused solely around business growth, there are actually plenty of ways that being a member of one can improve leadership skills. Here are just five of the main ones.
As a business leader, you will set many goals for yourself and for your business in general – but do you hold yourself accountable for achieving them?
Mastermind groups encourage members to share plans and aspirations for their businesses with other participants, who are later keen to hear whether they have implemented what they said they would or not.
Knowing you will be expected to report back on your progress offers an added incentive to act upon your pledges, thereby providing accountability where there otherwise may not have been any.
It is easy to fall into the habit of brainstorming solutions but failing to see them through, and joining a Mastermind group can help set you on the right path to putting your plans into action.
Business leaders often have to make quick decisions that will have a significant impact on their entire company, so being able to make these soundly is extremely important.
Mastermind groups offer constant support and counsel to participants, which can be instrumental not only in current challenging times but for everyday business decision making.
Knowing you can count on your fellow members to review your options before making crucial decisions can provide you with reassurance, and getting the advice of other, like-minded business owners can help you weigh up the pros and cons of a given situation, and see it from a different perspective.
Having the capacity to assess the merits of a potential solution while paying attention to how your decision may impact others can help you make other difficult decisions in the future swiftly and with confidence.
Though led by an experienced business coach, Mastermind groups centre largely on the interactions between participants and the knowledge, advice and support that they share.
Listening to problems that other group members are facing within their own businesses can help you better understand different perspectives and become more sympathetic towards others, both of which are important factors in enhancing your listening skills.
A willingness to take advice from fellow participants will show that you value other peoples’ opinions – an important attribute for business leaders who are keen to prove that they are open to new ideas and ways of thinking.
Strong communication plays an integral part in directing employees and ensuring their goals are aligned with those of your business.
Mastermind groups offer a space to hone your skills as a communicator, being that each member is given the opportunity to share their thoughts and advice with other participants, as well as their hopes about where their business is headed.
By enhancing your personal communication skills, you will likely see an improvement in communication across your entire organisation, with everyone working together efficiently and with a clear goal in mind.
Mastermind groups are a unique source of ideas and opinions that can open you up to ways of thinking that you might previously have not considered.
Brainstorming with peers and bouncing your own ideas off of them can aid creative development and lateral thinking so you can implement exciting, new approaches into your day-to-day operations.
Business leaders who can show they are creative thinkers are more likely to inspire their workers to think inventively also, spawning a positive culture whereby everyone is able to express their views and ideas, and feel as though their opinions are valued.
Being part of a Mastermind group takes commitment, a willingness to both give and receive advice and ideas, and support business peers with total honesty, respect and compassion – all of which are important attributes in becoming an effective business leader.
Focusing too intently on the growth of your business without paying due care to your personal development is a mistake that many business leaders make – and they often pay the price for this negligence by failing to achieve their goals.
Taking pride and responsibility in your business begins with you, so you not only owe it to your staff, clients and peers to enhance your leadership skills, but to yourself also.
WeAreTheCity covers the latest female centric news stories from around the world, focusing on women in business, careers and current affairs. You can find all the latest gender news here.