What Makes a Successful Mastermind Group?
As Stephen R. Covey said, “Start with the end in mind.” Start with how your mastermind group will look 10 years from now. Yes, 10 years. That is how long you can have a group stay together and even longer if you do it well. Your thinking starts with the end in mind, where it begins with how the group is put together in the first place and how you lead it through the years to come.
8 Characteristics of a High Functioning Group:
Shared essential values
Not everyone should believe or think exactly like you
Give and take mentality
Share important values like integrity, confidentiality.
Engagement and growth on some structured level
Are you trying to move forward and progress in some way; grow
Committed to doing self-improvement behaviors
Challenge each other in a positive way
Apply learnings
Stand “for” you
Even if you make a bad decision or mess up, the group will be honest with you.
Your peers will pick you up and want you to win
Not judging of mistakes; seek to understand
Truthfulness
Be honest, no rubber-stamping
Don’t stand by and let things happen; speak up
Mutuality
Sharing of successes and failures both
Share learnings
No secret pockets
Chemistry
You like each other, genuinely
Availability
Monthly interaction to stay connected
Have and make time for each other
Vulnerability. Transformation happens here
Unpack weaknesses, failures, insecurities both ways
Mutual, two-way
Acknowledge shortcomings
How do you begin?
It starts with your interviewing for these characteristics. Each executive should be made aware of and sign off on these characteristics before joining the group. Setting the expectation upfront with the type of behavior is important for buy-in and commitment. The executive may not be proficient in each characteristic, but they need to want to be.
Another critical component to a successful mastermind group is the diversity and similarity of members. A common mistake is putting CEOs and business owners together based on revenue and the number of employees. That will not tell you what you need to know about their level of sophistication. How you match true peers that become comrades is through being sure they are true peers. How do you do that? By interviewing them to learn their past experiences, future desires, challenges, type of business, what they excel at, what they don’t, and their learnings along the way. You will match those answers with the other's answers, looking for synergies. You will be listening for how one member’s challenge is another’s expertise. One member’s experience is another’s future opportunity or strategy where they share similarities in structure or type of client. Where one thinks differently than the other to create “ah-ha” moments, basically, their sophistication levels match. Think of it as being an executive recruiter. You match the candidate (the prospective member) with the right company (your mastermind group) and visa versus.
One other key component is diversity. Not just gender but also ethnic background and age into consideration is critical to CEOs not having blind spots in their leadership. If you have a group of all the same type of people, you risk group thinking. Countless times we receive accolades from members who value diversity in their group and thank us for it. They usually do not have diversity in their own teams and certainly can’t trust unbiased feedback. So having perspectives well-represented is invaluable.
Making a match with these characteristics will enable members to leverage learnings, key initiatives, connections, and strategies that catapult their success beyond just another CEO business acquaintance. You are creating a true team for them. A dream team that emulates as close to their own personal board of advisors as possible.
Characteristics of an Effective Mastermind Group Member
Some executives will want to be part of your mastermind group for the wrong reasons and the right reasons. It will be your job to discern which and ensure they have what it takes to be a good member.
Don’t let them join for the wrong reasons:
Too self-absorbed, not willing to give, only wants to receive
Only want to join for networking, business development reasons
Not willing to change, only want to whine
They are a joiner but not a doer
Will not be honest, very close to the vest
Think this is the answer to all their problems that need fixing immediately
Have them as a member if they:
Are open to new ideas and perspectives.
Realize they don’t have all the answers.
Realize there are things they don’t know about business.
Are getting the same unsatisfactory results over and over.
Want to interact with other peers on a deeper level.
Feel lonely at the top as the owner.
Need to take time out of business to be more strategic and proactive.
Want to take your business to the next level.
Can check their ego at the door.
Are willing to help others who are willing to help you.
Have business experiences to share.
Desire a safe place to have candid conversations.
Are okay feeling uncomfortable at times, knowing it is for your good.
Want more peace of mind.
Characteristics of a Creating a Lasting Member Experience
By now, you can begin envisioning what your group looks like and is acting like in the future. We talked about how you put the group together, the characteristics of the members, and the expectations of a high-functioning group. Now how do you make sure the group evolves, grows, and stays together year over year?
The answer: you create a lasting member experience every time you meet.
Creating an environment that encompasses the below attributes will keep your members coming back, giving referrals, putting their mastermind group as part of their business's fabric, and making your role as moderator easier and easier.
Innovation: Always innovate and improve upon the meeting format, structure, and tools. You’ll never get away from the basic foundation that is proven but tweaking it to be better keeps things fresh and current.
Change it up: Change how you introduce a new member. Change your meeting environment by going to a different location of a place they admire, taking a tour in one of the meetings, doing a retreat, having an outing, and a social including their spouses and guests. Create space for them to learn and grow their relationships with each other.
Push the envelope: Don’t get lax. Keep things sharp. Keep on your game. Improve your skills. Always seek ways to up the game for your group. Always show there is more, another level they can operate at. Don’t let them or yourself get complacent.
Taking your time to do things right up front pays off in the end. You will have less to no turnover, happier members, higher income, greater satisfaction, and save time. It will well be worth it- keep the end in mind as your goal and don’t settle for less.
