The Roving Entrepreneurs in the Serengeti

 

Business Owners who Participate in Mastermind Groups (Peer Advisory Group)

Recently, I came across a query from Help A Reporter out that asked folks to comment on their experience of participating in a Mastermind Group (Peer Advisory Group).  I sent this request out to a few of my members to ask them to respond to the query.  To my surprise 8 of the 12 people granted my request to comment, and two were featured in the article.  I feel very blessed and grateful to those who responded, Thank you.

Below is a snapshot of the responses and a link to the article that was published.

Article  Entrepreneurs Share How Mastermind Groups Have Impacted Their Businesses

“We have a phenomenal group that meets up once a month.  I have been able to gain some amazing knowledge from my group.  Having other business owners from completely unrelated businesses, dealing with similar issues and hearing how they have overcome issues has been invaluable.  Seeing an issue from different viewpoints can be eye opening and as long as you are open to listening can help in many ways.  I network a lot outside of my group with other business owners.  Having coffee or lunch is certainly a great way to get to know people and even help hash out ideas or current issues.  Being in a group with multiple business owners who have no vested interest in your business is just a different level of power and opportunity.” Avi Smith-Rapaport President We Care Computers

 

I can’t speak for everyone in our group, but I’ve benefited from the group’s experience in multiple ways – one of the highlights was when I was presenting about a client report that I wanted to produce and forward to my clients.  I was stuck on a section having to do with visually explaining to my clients how their data backups were running.  I was very tied up in trying to get an exact answer to my question, while the group was almost unanimous in simply saying, keep it simple.  Now, rather than trying to figure out complicated math formulas to come up with a number that no one cares about has been replaced by a green checkmark or a red x.  Very simple – would have taken me months to figure this out without them.” Chris Meacham President Now It Works

 

“My Badger’s MasterMind Group has helped Jegas, LLC succeed by being our Pillar of Logical Scrutiny! We Risk together, Learn Together, and We Succeed Together…. that’s how our group operates.”  Jason P. Sage President Jegas, LLC

 

“ I have been a member of our Roundtable for approximately three (3) years.

During that time, our revenues have tripled during a difficult economy.  While our growth is certainly not entirely due to our Mastermind Group, it has certainly provided us the guidance, reassurance, and expertise to facilitate such growth.”  Parker Elmore President Primoris Benefit Advisors, Inc.

“The E Circle is a “business” group that assists me in building my business and to focus on its future potential according to my needs and desires.  It’s making me take me and my business more seriously, in a well needed way.”  Tracy MacKinstry, MacKinstry Financial & Investments Educators Retirement Consulting.

The Entrepreneur Circle roundtable meetings have been a tremendous asset to my business. Simply knowing I have a group of professionals that I can turn to for their business experiences, support and guidance is extremely valuable. The monthly meetings help keep me focused and on track to achieve my goals. Whether you are involved in a new venture or have been in business for many years, I believe The E Circle will help you improve.   Steve Bugg President Insurance Marketing Group

If it weren’t for my E Circle Roundtable I wouldn’t have focused on developing the cross-training and procedures my company needed to provide continuity in the event of sudden staff changes, unexpected death or failing health of the principle, or a disaster. My company is better prepared to handle the unexpected now as a result of E-Circle’s Business Analysis. Lorna Bolduc Principal, Accrete Group, LLC

“My Roundtable has provided an environment that allows me to continually think outside the box and then pursue those thoughts and goals with mutual support and accountability. We drastically improved our marketing programs and substantially grew our firm in our first year as E-Circle members. I strongly encourage any business person to make this commitment a priority item in their business plan.” Bill McCloskey Stateline Senior Services

The Roving Entrepreneurs Help some confused Gentlemen

Roving Entrepreneurs on Safari

Why your Business Needs a Board

Article from Entrepreneur.com

Leadership expert Ken Blanchard once said, “Feedback is the breakfast of champions.” But if you’re working solo (or in a small company), where will that feedback come from?

Small and solo businesses can get feedback in several ways:

1. A Board of Directors. If there is more than one owner in your company, you have automatic access to a “board of directors.” Directors are usually people within your company who have executive authority to make major decisions. As noted in the E-Myth post, “Do You Need a Board of Directors?” a board of directors can help develop business plans, handle policy issues, focus overall business strategy and monitor a company’s financial strength. However, when you bring in a board of directors, this will be the team that decides and implements change for your company. Decisions will be mandated by a majority.
2. A Board of Advisors. Advisory board members don’t have a legal responsibility to your company. And you don’t have a legal responsibility to take the advice they give. However, as Bert Martinez points out in “The Value of the Board of Advisors,” they still have at least a “moral” …  Read More

Peer Advisory Board: Group Charter, the final chapter

This is the final part in assembling your own Peer advisory board.  In this post  we will discuss creating a group charter.

A group charter acts as the operating agreement of the group.  Decisions are made in advance about the rules and boundaries of the group.  This document officiates the commitment of the group you have brought together.  Some might say that this is going over the top.  Maybe so, but it sure does keep a group together.  Little things like sporatic attendance, tardiness, or the ole “I have to leave early today” can be a distraction, and unfair to the other members of the board.

It has been my experience that when groups create their charter, they like to leave a lot of leeway.  Leniency is just as bad as not having a charter at all.  Each line item should be very clear, see example below.

(Strong)

Meeting attendance: All meetings are mandatory.  In an Emergency situation, the member will be excused from the meeting.  If member is coherent they must call the facilitstor to notify her of the emergency.  One unexcused miss is allowed, if the member exceeds one miss they will be dismissed from the group.

Fine for unexcused absence = member will bring Coffee and donuts to the next meeting.

(Vague)

Meeting Attendance: Members are required to participate in 10 out of 12 meetings per year.

When a group has to decipher the charter, at the time of an offense, it creates lots of conversation, takes up a lot of time and can cause bad feelings within the group.  When the charter is clear, there is no room for discussion.  If this happens then we will do this.  Period, no further discussion.

When creating your charter, write it as though you have to implement it today.  Say what you mean and mean what you say.  The intention is not to be harsh or impose rules, it is in place so everyone maintains the commitment, is respectful of time, and understands the boundaries.

Below are some items we suggest to include in your charter:

Officer Roles & Term
Discussion Protocol
Confidentiality Breech
Meeting attendance
Punctuality
Romantic Relationships
Business Dealings  (think carefully about this one, the mask comes off here)
Member Participation and Commitment
New Member Selection/Integration
Departing Members
Rescheduling Meetings
Emergency Meetings
Mobile Phones
Virtual Meetings

Previous Posts

assembling your own Peer advisory board
choosing the members
commitment
setting the agenda
assigning roles
confidentiality

Peer Advisory Board: Confidentiality Part 6

To recap over the past few months we have been talking about how to assemble a Peer Advisory Board.  We discussed choosing the members, commitment, the importance of a pre-set agenda,  discussion protocol and assigning roles.  This post will discuss the importance of confidentiality.

A Peer Advisory Board is a carefully selected team of like-minded peers that will provide for you…

• Accountablity
• New ideas and concepts
• Guidance
• Solutions to business challenges

The best way to achieve this is by keeping the conversation of the meeting confidential.  We have our clients sign confidentiality agreements, and reread the agreement at the beginning of each meeting.  When the members of the group feel safe they are more likely to remove the facade and tell the truth.  When the mask and facade are removed, we can start to see where changes need to be made, and get better information from your table mates on how to resolve the situation.

Example:

Facade: Business is growing, we brought on 2 new clients this month

Truth: We brought on 2 new clients this month, but cash flow is still not where we need it to be.

When I hear that business is growing and new clients have been brought on, I congratulate.  When I hear that cash flow is short, I have questions and can share examples of how I dealt with or am dealing with that situation.  Both statements are true, one gets praise, the other opens the door to creating a solution.

The best way to keep confidentiality, is to keep all conversation inside the room.  The most blatent breech would be to say “John Doe, who is on my peer advisory board, said …”  That is an obvious one.

Other breeches are more subtle:

1.  Members of the group talking about the meeting or another member not present in a public place.  (You never know who could be listening)

2.  Making an introduction after the meeting.  Always let your table mate know what you plan to do.  They may not want certain information repeated, emailed, or left on a voice mail.

3.  Giving vague references, “Oh yeah, I know John, he’s got some good stuff going on right now”  Deals have been broken using statements like that.  Are you talking to the person that John is working with?  Does that person know it is such a big deal to John?

4.  I could go on, but I think you get the point.  What happens in the room,  stays in the room, do not speak about any of the information discussed with anyone, including each other once the meeting has concluded.  Unless the  member who owns the information initiates the conversation.

Some may say, I am being too picky, or maybe too paranoid.  Perhaps.  Every example, above has affected someone at some time.  Trust is too important to play around with, it’s better to take the side of caution that to put your table mates at risk.

When confidentiality is in place, trust is built, the facade is dropped and solutions are created.

Next time we will discuss the importance of having a group charter.

Peer Advisory Board: Assigning Roles Part 5

To recap over the past few months we have been talking about how to assemble a Peer Advisory Board.  We discussed choosing the members, commitment, the importance of a pre-set agenda, and discussion protocol.  This post will discuss the different roles that are important to your board.

Every board is started by someone.  This person took the initiative to put the group together.  Although, possible for the individual to continue to take responsibility for the group, it isn’t beneficial to the leader or the group.

The board benefits all participants, therefore all participants should take responsibility for some part of the work.

When one person is doing all the work, they can start to feel underappreciated.  The group may become less committed or interested in it’s success, not to mention the load of the responsibilites are much easier to bear when everyone helps.

Below is a breakdown of the roles we have found work.

Facilitator:

1. Facilitate the meeting

A. Meeting Opener

B. Keep conversation on track

C. Keep all members participating

D. Make sure all members have the opportunity to present

E. Talk to members who resist presenting or causing disturbances

F. Create comfortable environment for all

a. Member attitude

b. Member participation

2.  Meeting location

3. Meeting Schedule

4. Check in with Presenter

5.  Prepare meeting agenda

6. Bring Charter and signed confidentialty agreements to the meetings

Facilitator Elect: takes on the role of facilitator at the meeting when the current facilitator is presenting.

Presenter: (All members)Prior to the meeting: Prepare their topic to discuss with the group. Meet with their buddy/coach, by phone or in person.

Buddy/Coach: (All Members) Meet with presenter before meeting.  The role of the buddy is NOT to offer any advice to the presenter during the preparation meeting.  Help them prepare for the discussion and clarify their issue.

Time Keeper: Give warnings as time elapses and notices when time is up.  Keep meeting running on schedule.

Discussion Protocol Observer: Give notice and assistance when the discussion protocol is violated.

Secretary: Take notes on any changes to the schedule, charter, agenda, location, etc…  Please note, confidential conversation should not be documented, published or distributed due to risk of confidentiality breach.

Treasurer: Collect monies from the group.  Money may be collected for expenses, dues, charter breaches, ect…

The presenter and coach are ongoing roles for all members.  The other roles should be assigned term limits and rotated evenly.

Next time we will discuss confidentiality.

The Entreprneur Circle Introductory Session

No one can master all of the issues demanding attention from a business owner today. There are just too many issues and they change too fast for one person to stay current:   marketing, employment issues, IT issues, changes in competition, and sales, just to name a few.

Where are you currently getting your ideas and solutions?

Who do you talk to when you have to make an important decision? Who helps you through your difficult challenges?

Peer Advisory Boards are a carefully selected group of people that will provide for you:

 - Accountability

- Brainstorm ideas ·

- Introduce new concepts

- Work through business challenges in a secure confidential environment

The Entrepreneur Circle will host an introductory session to answer your questions regarding participation on our Peer Advisory Boards and how they may help you grow your business.

Event Details:

 When:  Friday 12/18/09

Where:  500 Winding Brook Drive 2^nd Floor, Glastonbury, CT 06033

Time:  8:00 – 9:30 AM

 For more information on The Entrepreneur Circle please visit us at www.TheEcircle.com or Check out our Video Brochure

“The Entrepreneur Circle has provided an environment that allows me to continually think outside the box and then pursue those thoughts and goals with mutual support and accountability. We drastically improved our marketing programs and substantially grew our firm in our first year as E-Circle members. I strongly encourage any business person to make this commitment a priority item in their business plan.”  Bill McCloskey Founder of Stateline Senior Services

Peer Advisory Boards: Discussion Protocol Part 4

In order for your Peer Advisory Board to be effective, 3 very important things need to occur:

1. Communication
2. Listening
3. Action

This becomes a delicate balancing act.  In order for true change to occur all three must take place.

com·mu·ni·ca·tion (k -my n -k sh n)

n. 1. The act of communicating; transmission.  2. a. The exchange of thoughts, messages, or information, as by speech, signals, writing, or behavior .b. Interpersonal rapport.

lis·ten (l s n) intr.v.

1. To make an effort to hear something    2. To pay attention; heed

ac·tion ( k sh n)

1.  The state or process of acting or doing  2.  Something done or accomplished; a deed.  3.  Organized activity to accomplish an objective  4. The causation of change by the exertion of power or a natural process

Communication is relevant for both the individual presenting his/her situation and the board members contributing to him/her.

The Presenter

The Presenter should be clear on his or her objectives and outcome.  They should come to the meeting prepared to state his/her challenge or opportunity.  We recommend that the presenter write out their situation, then meet with someone from their board (buddy) to help them clarify the issue at hand. Preparation in advance allows the most success for the presenter.  Once the presenter has presented their issue, their job is to listen, create an action plan, and take action.  Without action, the presenter will not be able to affect change, and attain results.

The Group

It is essential that the group come prepared to help the presenter create an action plan.  They should also come with the understanding that the presenter is the focal point of the discussion and may start to feel overwhelmed, defensive, or uncomfortable if they are given too much information or advice.  We find the best results occur when the board communicates through sharing experiences, and asking questions.  It is also important for the board members to intently listen to the presenter through their verbal and non-verbal clues.   It is the job of the Board participants to support and help the presenter feel secure enough to present their situation.  The group is not there to judge the presenter or “fix” the problem.  They are there to listen and provide useful information so that he/she may form their own plan of action on their terms.  We have been given advice and told what to do our whole lives, we have a book shelf full of books, and have had encountered many folks that are more than willing to tell us how we should do something.  In my experience the true change comes from the personal decision to take the action, the best action plan is the plan created by the individual.  Therefore it is the responsibility of the board to help the presenter create his/her own action plan, and hold them accountable to take the necessary steps.

All parties come to the table with the intention to help one another grow, change and see their business in a different way.  This can and does occur when the parties involved come to the table ready to communicate, listen, and take action.

Next time we will discuss the importance of assigning roles.

Previous entries

Choosing the members of your Board

Commitment

Organization