Knowledge is power. In the modern business landscape, there are plenty of potential pitfalls for founders, owners and leaders. But a breadth of experience and insights can help you make the most informed decisions.
Leaders often seek guidance from executive coaching. However, when it comes to getting your hands on a true breadth of experience and perspectives, a mastermind group is the way to go.
What is a mastermind group?
Before comparing executive coaching and mastermind groups, it’s important to get the terms straight.
Executive coaching is straightforward. You bring in an executive coach and they share their knowledge and experience with you. For many executives, however, the information isn’t the point. An executive coach often takes on the role of a “business therapist.” Executives want someone to teach them how to change their leadership behavior.
A mastermind group is a more pragmatic option for gaining a greater breadth of perspectives and experience. For those new to the term, a mastermind group is essentially organized peer mentoring. That “peer” part is where the real difference from executive coaching comes in.
A mastermind group is a group of people who want to accelerate their business and personal growth and help their peers do so. They do this by forming a community where they can share their experience and expertise. This could be through live expert instructions or peer group meetings.
So the assumption is that an executive coach is (hopefully) someone who has progressed further along in their career and is now sharing with you how they got that far. Whereas, a mastermind group is composed of diverse peer experts who feel they’re in the same boat as you. They all want to improve, and they all want to grow.
Why choose a mastermind group?
An executive coach does have their place in your planning. It’s important to understand that the executive coach has a purpose specific to you. Their goal is to change your behavior and working style.
When you’re ready to get down to work, a mastermind group will provide you with tangible benefits. Here are just a few.
The best executive coach is still a single person. They have their own opinions, biases, and methods of work. These can be wonderful opinions and methods, but they’re still limited.
A mastermind group presents you with an array of diverse opinions and points of view. You’re already good at your specialties. So why not get the opinions of those with different specializations and experiences?
Building good leadership habits in the long term is a laudable goal. What you’ll often find you need today is solutions, not habits. And you need those solutions immediately, not five years down the road.
A good mastermind group can provide you with constant brainstorming sessions that give you immediately valuable and actionable feedback. This helps you start implementing solutions as soon as possible and is one of the major benefits of a mastermind group.
An executive coach might have tons of business experience. But at the end of the day, their current occupation is just that — executive coach. They’re advising on business, not being an active part of it.
In a mastermind group, you get to touch base with people working in a similar capacity to you, in the same business environment. This means you can more quickly access information that isn’t just immediate but highly relevant. In this regard, the benefit of a mastermind group is that everyone else is in the same trenches as you, fighting the same battles.
A good executive coach will teach you ways to self-motivate. But there’s something to be said for group motivation as well. When you work with a mastermind group, you have an extra impetus to produce results to share with your colleagues. This is why famous writers and thinkers throughout history have assembled their own mastermind groups. This encourages everyone to get questions and answers to contribute.
You want a return on your investment, whether in money or time. Mastermind groups are some of the best returns on investment regarding the number of hours put in. They can be incredibly flexible when it comes to giving results, letting you progress at your own pace.
An experienced executive coach will try to adapt their program to you. But in the end, that’s exactly what they’re offering — their program, their menu. The benefits of a mastermind group should be thought of more as a buffet, less a menu. You have the power to decide what to use and what to offer.
Getting mentored is always a valuable opportunity. But it’s equally valuable to be able to hone your own mentorship skills. A mastermind group allows you to hone your abilities in either the role of mentor or mentee. This means you can rely on others for the skills you don’t have, and sharpen your existing skills through teaching and mentorship.
Networking and cross-promotion
You’ve heard it a million times. It’s not what you know; it’s who you know. With a great mastermind group, you can have your cake and eat it, too — you get the information and fantastic networking and cross-promotion opportunities.
Work with the best mastermind group for boutique firms
Many business owners seek out a mastermind group to get skill sharing more suited for their business. Collective 54 is dedicated to that tailored approach, specializing in assisting founders and owners of boutique professional services firms to grow, scale and sell their firms bigger and faster. If you want to make more, work less and sell your firm faster and for more, we have the mastermind group for you.
For more insights into how to upscale your consulting business, listen to the Collective 54 podcast today or join our mastermind group.