One of the secrets of business growth is to reach outside of your small business and get help and expertise from others. Among the alternatives out there, forming an advisory board offers accountability and stability to that business.

Corporate America functions with a board of directors, and nonprofit organizations also form a board to guide them. A small business owner, and entrepreneurs alike, can learn a lot from the nonprofit model. The nonprofit organization forms a board with diverse skills. It looks for expertise that it does not possess and fills the board positions with experts who will help them in different areas. So they may look for experts in marketing, sales, client development, finance, etc. And in doing so, they gain the knowledge and the help they need. The possibilities are infinite.

An advisory board can be formalized and meet together on a regular basis, say monthly or quarterly. Or, an informal board may be formed with a group of people to whom the small business owner goes for help and advice as the need arises. Whether it’s a formal or informal group, these people must be chosen wisely. They may be the key to your future success!

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A mastermind group is a “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”

Have you been asked recently to join a MasterMind? Some meet in person, some over the phone. There are all shapes and sizes. And all sorts of prices.

Napoleon Hill in “Think and Grow Rich” was the first to propose the idea of a mastermind group. He defined it as a “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”  Today, it has become a small group of people who have similar goals and who meet on a regular basis to help each other with brainstorming, accountability, or to educate each other.

There are two basic kinds of mastermind groups.  The first one is a group of people focused on helping one individual succeed.  These groups are usually called advisory boards. A second kind is a group that wants mutual benefit. They join because they want accountability, inspiration, or other guidance. These groups may be created by someone who had an interest or could be formed by a coach, consultant, or specialized person who desires to lead others to their success.

The benefits are endless. Can you see them? You can have a group “in your corner”. A group of like-minded individuals who will support, encourage, and cheer for you. A group who will hold you accountable to the things you say you want to accomplish. A group that will inspire you to keep going and to reach higher goals. The group is available to help you succeed. In turn, each person adds his/her own perspective, expertise, input, and feedback. 

Your mastermind group has a network available to them who can offer resources and connections that you may need.

Doesn’t this sound wonderful? The synergy of energy, commitment, and excitement that each person brings to a mastermind group helps to challenge participants to reach higher, dig deeper, and go where no one has gone before.

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