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Why You Need a Board of Advisors/Mastermind Group

Layne McDonald. Ph.D.

“In the end, I do respond to my instincts. Sometimes they're successful, and sometimes they're not. But you must, I think, remain true to what you believe in.” - Anna Wintour, Journalist, Editor-in-Chief of Vogue, and Artistic Director of Condé Nast."

This week I have had a lot of discussions with people about Mastermind Groups. All large corporations have a Board of Directors to be sure the company stays true to its mission, hits its numbers, and fulfills its responsibility to stockholders. Small businesses (even sole proprietorships) need them too. But usually, only those small businesses that accept private funding (from banks, angel investors, and venture capitalists) have outsiders on their Board of Directors. A professional Board of Directors may not always create a happy, supportive, safe environment for business owners to turn to for problem-solving, brainstorming, or feedback.

On the other hand, we all need a sounding board, experts on our side, and a haven to ask for and receive help and advice. Every small business owner, CEO, or entrepreneur (in my opinion) must have a Board of Advisors. The easiest and fastest way to put one together is to join/create a Mastermind Group who Unsplashere each member gets and gives equal doses of advice from the group. I wanted to share my top ten reasons why you need one.

1. In a Mastermind Group, the agenda belongs to the group, and each person's" participation is critical. Peers give feedback, help each other brainstorm new possibilities, and set up accountability structures that keep each other focused and on track. They create a community of supportive colleagues who will collaborate to move each group member to new heights.

2. Each member gains tremendous insight, which can improve their business and personal life. A Mastermind Group is a powerful influence and resource.

3. Here is an excellent opportunity to interact and collaborate with like-minded people in a non-competitive environment.

4. Be part of a distinct community or a tribe. It is an instant and valuable professional support network. You get to team up with people better than you in some business area or experienced people you can learn from.

5. You will find and attract people who can help and support you, a good match for your business's long-term growth and success.

6. It helps you set up a solid personal foundation and see beyond what you can see yourself.

7. Share business models and brainstorm with people already in agreement. You get a sense of shared endeavor that there are others out there!

8. You can walk away with a gem/perspective changed from each meeting. There is no wasted time or energy.

9. Experience, skill, and confidence develop from the Mastermind Group's business support freeing you to take more risks and reach bigger goals and dreams.

10. The Mastermind Group will help you design your business (and your life) to be how you want them to be, not as you have been told things should be.

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