Business owners must make many decisions in day-to-day operations. If they make the wrong decision, it usually results in a minor setback for the company.
Sometimes these decisions are so important, the future of the company virtually hangs in the balance. What do business owners do when they cannot afford to make the wrong decision? What if they do not have the necessary experience to make the right decision?
SCORE recommends they join a mastermind group.
A mastermind group is a collection of professionals who come together to brainstorm, share best practices and solve problems in a confidential environment. By sharing collective experiences and advice, members of the mastermind can avoid costly mistakes and make better business decisions. Think of the other members as your board of advisors.
The best mastermind groups have a professional facilitator. The facilitator is not there to offer advice and solutions, but to encourage members to share with each other. A mastermind group is not a group coaching session run by the facilitator, nor is it a class or a workshop. A good mastermind group is all about the members helping each other.
During a meeting, the facilitator will select a specific member who needs help on a challenge. Members of the group then ask clarifying questions to be sure they fully understand the challenge.
Then all the members take turns offering solutions. Finally, the chosen member commits to the group the steps they will take to solve the problem, and reports the results at the next meeting.
The time invested in a quality mastermind group is a great investment in yourself. Imagine how much time and money you will save learning from the mistakes of others.
Having a trusted board of advisors to guide you through the tough decisions is priceless.
