Who’s Got Your Back?
As an entrepreneur, you’re used to doing things your way. Sometimes, however, the top seems like a lonely place. That’s because everyone turns to you with their questions. But who do you reach out to when you’re seeking answers? That’s where selectively choosing an inner circle, or mastermind, fits in. They do for you the very thing that you do for everyone else. Their high level of support and insight fuels your business growth.
Going it alone can unwittingly backfire. That’s simply because sometimes you’ll have more questions than answers. Figuring those business problems out yourself increases frustration, wastes time and costs you money.
Strategically choosing you inner circle of advisors and thought collaborators is one way to speed things up. The people you turn to, whether it’s an informal group of peers or a mastermind group, are a rich resource.
Surround Yourself with Trusted Advisors
These select individuals act as your trusted advisors. They help you gather information regarding important decisions, offer direction about the best way to deal with a difficult client or lay out the strategy for your growth plan.
When you surround yourself with people who have already achieved your goals, you gain from their experience. This move uplevels your mindset. You’ll save valuable time and money as you learn from their failures and successes.
Their approach to resolving a specific problem or the steps they took to make a strategic decision will fast track your growth. The entrepreneurs in my mastermind act as a sounding board for one another. There’s no hidden agenda. They openly offer direction and insights so you can choose the best possible decision.
The Cost of Doing it On Your Own
Attempting to figure everything out on your own can leave you swirling in a downward spiral. Every entrepreneur faces numerous decisions. Periodically, some things fall through the cracks.
Doing everything yourself eventually leads to overwhelm and burnout. Especially when everything needs to be done right now. When you’re pulled in too many directions, then choosing where to start can feel like a difficult decision.
Most entrepreneurs excel at their specific skill set, but lack specific business skills. However, there’s value to someone else reviewing your strategies and tactics. This saves you valuable time. Otherwise, you end up developing plans that don’t quite meet your exact needs.
When you don’t know the best option that would solve a problem, then you’re stalled. You’re unable to do anything because you don’t have enough information. That’s where perfectionism or procrastination often get in the way.
Choosing Your Inner Circle
No one person can do everything. Okay, maybe you can. But it’s not a long term solution.
Follow the lead of large corporations. A select board of directors offers insight regarding your best next move. Although you’re business is on a smaller scale, a collection of trusted people, similar to a mastermind group, does make a difference.
You can either create your own inner circle of advisors or join an already formed mastermind group, like the one I offer. The purpose is to gain insight regarding your business growth.
You’ll save money by avoiding costly mistakes. And you’ll increase your revenue by knowing exactly what to focus on and what to eliminate. Napoleon Hill, in his famous book Think and Grow Rich, shares his experience with the group of advisors in his mastermind group.
Everything starts with choosing your inner circle and gathering the right people. This only works if you surround yourself with people whom you trust and respect.
Which entrepreneurs do you know, admire and believe will offer support? Go ahead and reach out with an invitation into your inner circle.
Here’s what to consider when building your own mastermind group.
- Ask. Invite the people you already trust, know and respect. You’ll be amazed how many people are willing to share expertise. Plus, they’ll be honored by your request.
- Network. This includes online and offline networking. Begin to identify people from other professions whose skill set differs from yours. Diversity of thought offers you a competitive advantage. My inner circle includes a bookkeeper, marketer and human resources professional. We’ve developed a mutually beneficial relationship where we gain from each other’s wisdom. Once I found someone that I connected with, I asked.
You don’t need a large group. Three knowledgeable individuals who are willing to share time with you will triple your decision making power. Ideally, consider five to six individuals for your inner circle. One of my clients is part of an informal 5 person business group that meets monthly. She walks away with new ventures and insights because her group openly shares collective knowledge.
The Business Benefits
Of course, you may be thinking that spending time with other people will take up precious work hours. Yes, these relationships do require time and attention. On the other hand, an inner circle offers a number of benefits which can accelerate your business growth.
First of all, an effective inner circle offers accountability. When you tell someone you will do something specific for your business, you’re more likely to follow through. You’re less likely to disappoint someone else than yourself. Don’t surround yourself with entrepreneurs who buy into your excuses when you fail to follow through.
Speed up decision making. Instead of second-guessing yourself, your inner circle offers you honest feedback. The mastermind discussion with my clients this month covered a variety of concerns. This included the best way to let go of a non-ideal client, how to create new client programs and ways to raise fees without losing clients.
Your inner circle can collaborate on ideas. Include complimentary services when choosing your inner circle. This leads to joint venture opportunities. My mastermind clients who are bookkeepers and accounting professionals frequently team up.
Combining efforts adds value to their clients. Plus, this cross referral relationship opens new opportunities for potential clients. It’s fun to see my clients make money because they developed a strategic alliance with another mastermind member.
Every member of your inner circle will know somebody who knows somebody who can help you with your business. One of my clients is going to London and was looking for additional speaking opportunities. Another client in the mastermind group offered to introduce her to a business associate that can help her get booked to speak during her trip. This is an example of how your inner circle is a valuable network.
It’s about collaboration, not competition. Align yourself with a group of entrepreneurs who will happily connect you to others within their sphere of influence.
You will find the support of your mastermind group not only gives you access to strategic resources, but bolsters your confidence by supporting your efforts. Like you, they are also taking risks to expand their impact and influence.
A Circle of Growth
All the support, tips, tactics, strategies, and collaboration will accelerate your business. Your inner circle places you in a win-win situation for your business. You’ll get new ideas, new ways of looking at old problems, solutions to burning questions, and you will form strategic alliances.
Strategically choose your inner circle. Follow these recommendations to accelerate your growth while keeping your passion alive. Are you tired of doing work for free because you don’t know how to charge for it? Discover how to get paid what you are worth and attract clients who understand your value. Right NOW claim your FREE RESOURCE and discover how to create value based pricing.