9. Mastermind And Network

“It’s not what you know, it’s who you know.” “Two heads are better than one.” “Your network is your net worth.” I’m sure you have heard these cliché quotes before. Make no mistake about it, the benefits of building and nurturing your network are real and impactful. Developing meaningful relationships, both personally and professionally can greatly contribute to your success. And one of the best ways to do this is through a mastermind or accountability group.

Keep open conversations with other business owners in your industry. While every type of business is different, not all other business owners in the same industry have to be your competition. Try to keep an abundance mindset. Form alliances, and help each other grow. You can push each other to do well, keep each other accountable, and learn from each other.

I am not saying you should openly give away all your secrets for success, or any proprietary information, but there may be some things you see your fellow business owners doing that is costing them money unnecessarily or maybe their pricing is well below the standard and they could be charging more for their products and services and still do well.

Having people to talk to and bounce ideas off of can take some of the weight off your shoulders. Two heads may be better than one alone when trying to resolve issues or problems. You can’t always see the picture if you are in the frame. This is where your mastermind comes in.

Most people want to be helpful and if you are not their direct competition, they will probably be willing to share their experience and expertise and maybe some processes or best practices that have worked well for them. Just be willing to share your best practices as well and pay it forward to others entering your industry who are looking for guidance. I’m sure it goes without saying, you should not do this with the new business who may be your competition that opened right across the street from you.

Build a network or mastermind group with others inside and outside of your field or industry. You can always learn from others outside of your own expertise. They can bring different perspectives, experience, and skills that may complement your own. They can also bring valuable connections and expand your available resources.

Something to consider when forming your mastermind group: You never want to be the smartest guy in the room. While you will be bringing in your own expertise and value, try to connect with people who are smarter than you, more experienced than you, farther ahead of you, or where you want to be. Be humble and take notes.

Building your network not only provides additional lifelines if you need to phone a friend for advice, ideas, feedback, or insights, but also provides additional connections. So many times, the contact I needed was one person beyond my own network. Being able to tap into your network’s network can prove to be most useful.

Leverage your mastermind group and network. Leverage the knowledge, the experience, the connections and the resources. Bring value and accountability. Help your partners solve problems, strategize, and reach higher levels than they can alone.