The Secret of Kingsford Charcoal Briquets
You’ve probably heard of the names of Edison, Firestone and Ford. Today we know these names as a brand of products but behind these brands there is much more than a fancy corporate marketing department. These names were the surnames of men in the early 20th Century, Thomas Edison, Harvey Firestone and Henry Ford. All were real people and they have something else in common.
That collaborative group is called a Mastermind. It’s the most powerful thing you can implement into your business immediately and begin to see results almost as fast. This weekly email is a product of my attendance in a Mastermind Group. This is the beginning of the fourth year of these weekly emails and I’ve only missed a dozen or so weeks over the entire time. For me, that’s an incredible accomplishment! (Insert Applause Here!)
A mastermind group commonly consists of anywhere between 4 and 18 members who all have the same goal – expanding their business. Personally, I believe between six and twelve members is the sweet spot. You definitely don’t want any more than 18, and that’s probably pushing it.
At each meeting (we meet three times a year), each member is expected to share their best strategies, techniques, and be willing and eager to help everyone else take their business to a much higher level. When each member contributes in that way, the results are fantastic. I’ve see Mastermind Groups where literally millions of dollars have been created simply by following this concept of being willing to share. When everyone is willing to give out, they receive back ten fold.
Obviously the dynamics of the group are important. There needs to be some kind of synergy between members so that everyone respects each other. In other words, I don’t believe you should have a mix of newbies and experienced members in one group – that would be frustrating to everyone, like a class of students where some feel held back while others are out of their depth.
I can confidently tell you that the mastermind group concept has made a bigger impact on my business compared to anything else I’ve done in recent years. Why? There’s a number of reasons.
- First, you surround yourself with a team of expert consultants that analyze your business, take it apart, and then re-build it to be much stronger. They see things you would never have picked up on in a million years, which when implemented help you take it to another level. That kind of independent analysis is extremely important because we all get too close to our businesses; we all assume we know the best way of doing something, when often there’s a much better way that was staring us in the face all along – we just didn’t see it.
- Secondly, there is accountability. At each meeting, you are expected to share your progress with the group. Without that accountability, you can roam free, and things get done when they get done. Knowing that you are answerable to the group for what you’ve accomplished since the last meeting is a strong motivator, and it provides the deadlines that many of us need.
- Thirdly, there are the joint venture opportunities. As you get to know the other members, you’ll see natural ways to work together, and the partnerships that are forged can be extremely useful – and powerful. In our group, I’ve teamed up with a number of members, as have others on projects where we’ve combined our strengths to produce and market all kinds of products and services.
- Lastly, there is positive reinforcement. It’s no secret that when you surround yourself with successful people, you become more successful. It makes sense, and it really does work that way.
By the way, there are many other benefits that I haven’t talked about and that space simply doesn’t allow, but I hope by now you understand the power of the mastermind concept. To talk to me about a Mastermind Group click here.
To Your Success!