Are you thinking about joining a mastermind group or advisory board? It might be the best decision you make for the future of your business.
Mastermind groups—also called peer advisory groups or advisory boards—are comprised of a small group of business owners and CEOs who meet every month to discuss the challenges and opportunities they face in their companies. Typically, with no more than a dozen members, mastermind groups offer a “safe place” where business leaders can ask questions and share information in an environment of total confidentiality. Group members encourage one another to set bold goals and support them in achieving these objectives.
A mastermind or peer advisory board can serve as a trusted space to receive unbiased feedback on topics like finances, marketing, sales, personnel, or products/service launches.
Questions to ask before joining
Like any other business-related activity, you want to gather key information prior to making a decision to join a mastermind group. After all, there is a considerable investment in time, resources, and energy involved.
Prior to becoming a mastermind group member, talk to the group’s facilitator or representative and get answers to these questions:
- How will I benefit from joining?
- What happens during a typical meeting?
- How many members are in the group?
- What are the group’s ground rules?
- What topics are usually discussed during the meetings? Are any topics off-limits?
- What is the facilitator’s background and experience?
- What time commitment am I expected to make?
- What’s the typical length of time members stay with the group?
The answers you get to these questions may lead to other pertinent inquiries that help with your final decision. At the very least, you’ll gain a much deeper understanding of how the mastermind group operates—thus making your decision to join (or not to join) that much easier.
Questions to ask as a mastermind group member
Every mastermind group member brings his or her unique concerns to a meeting. These can range from sales to finance, branding to employee recruitment, strategy to succession planning, and much more. Other broad-based questions to ask in the group include:
- How will I be held accountable for actions I aim to undertake?
- What is the structure for asking and getting input on a particular issue?
- Who in the group has had an experience similar to what I’m describing?
- What can I offer that will help my fellow members succeed?
- What should I do to reach my strategic goals?
- How can I improve operational processes within my organisation?
Membership in a mastermind group helps you gain a competitive advantage in your industry. The only way to get the most from the experience, however, is by sharing sensitive, personal information vital to the future of your company. That’s why whatever organisation you join must be reliable and have a solid reputation.
TAB not only pioneered many of the techniques other business owner advisory boards use today but has perfected a system of unique proprietary business tools that have helped over 15,000 business owners around the world achieve greater success.
The certified executive business coaches who facilitate TAB board meetings are among the most successful business advisors in the world. What makes TAB’s system unique is a combination of facilitated peer advice sessions as well as private one-on-one consultations between each business owner and their TAB advisor. This additional coaching strengthens the individual plans outlined in the mastermind group setting.
Find your local TAB board here