Keys to Making Mastermind Groups Work

I once got asked the importance of mastermind groups, and why they're so powerful, and why is being part of a mastermind group so important for people to be successful?

Well, for one thing, it's another way to bring some accountability into the entrepreneurial life. And I find the people in all of the Magnetic Marketing coaching groups…they hold each other accountable. Nobody wants to come to show and tell, without nothing to show.

Entrepreneurs are competitive by nature. So, in our diamond memberships, we've got people with larger business, one which I think is the biggest did 40 million last year. And I don't think there's anybody in that room who doesn't have a helluva personal income, but they are extremely competitive with each other.

So that's one of the motivations from mastermind groups, which we once did in three month cycles to bring a lot to the table. Usually we each present: “Here's what I got done - Here's what I accomplished - Here's what I discovered.” So that's another form of accountability. It saves a lot of time through shared testing.

I’ve had groups where everybody's in the same industry and I’ve had groups where they're a mixed breed. The fact that you have a dozen people experimenting with different offers, different media, different marketing strategies, different ways to solve employee problems, different financial strategies, and reporting the results to everybody only makes the mastermind stronger.

It's simple math. If you have 12 people who each run four experiments this month, you've got 48 experiments done in a month. If you gotta do 'em all, how long is it gonna take you to do those 48 experiments? So masterminds are a terrific time saver from that standpoint.

And lastly, it's a pretty efficient way for everybody to kind of recharge their batteries, especially the group coaching environment, which forces them to get out of their office, forces them to get out of their regular work environment, forces them to one degree or another to disconnect from whatever is going on in normal business communication and be in a group of peers for a couple of days where the entire focus is on improvement of the business.

Masterminds are a great place to make your customers accountable to each other while ensuring your time is optimized using their problems, strategies, and insight. See how you can optimize your time using “Renegade Time Management” a free course inside of my NO B.S. Newsletter. If you want to listen to it for free, let me give it to you along with multiple other courses worth $19,997.