So you’ve committed to a peer advisory group or business mastermind group – congratulations! You’ve made a wise decision that will likely have a long-term, positive impact on your business.
Your first meeting will be exciting and potentially a little intimidating. Even the strongest leaders can have tinges of anxiety when sitting around the table with other CEOs they don’t know. You’ll quickly find that your peer group is excited to have you on the team and they are eager to learn from your experience.
Across LXCouncil groups, there are seven very common mistakes made by most new members. If you understand what these are going into your first meeting, you’re less likely to make them yourself!
1. They don’t ask questions (to avoid appearing ignorant)
Don’t hesitate to ask questions of your peers – that’s why the group exists. More than likely, one or more of the people sitting at the table has had the same question at some point. Most certainly there will be others around the table who will have an answer based on their own unique experiences.
2. They don’t offer ideas/solutions (fear of being perceived as inadequate)
While all members are CEOs, business owners, or top executives, each brings their own experience to the council. Business leaders, regardless of industry, share common challenges. The solutions and ideas around solving those challenges vary greatly. Members benefit from insights offered by leaders from other industries and backgrounds. Insights offered by new members are valued just as much as those offered by long-time members.
3. They have an expectation of immediate impact to their business (and are discouraged if it does not happen)
One mastermind meeting will not solve all the problems that might be occurring in your business. In fact, several meetings are unlikely to solve them all. The impact to your business will be felt over time and it will likely be substantial. You’ll also experience personal growth as a leader. Peer councils are trusted, confidential, environments where CEOs and business leaders feel free to discuss challenges (both business and personal). As with any relationship, it develops over time.
4. They make assumptions about other members/businesses (before allowing time to learn)
One of the phases of each meeting is COPI – this is the segment of the meeting where members can ask a specific question of the group around a challenge they are currently facing. New members often jump to conclusions (and solutions) before fully examining and questioning the problem. This is why this phase of the meeting has two parts — the first part only allows questioning for clarification. Once all questions are asked of the member presenting the challenge, the group then offers solutions.
5. They don’t take ownership to being the problem (fear of looking like a weak leader)
All leaders have strengths and weaknesses. Sometimes it’s you (the leader) who is the “kink in the hose,” preventing resolution to the problem, or potentially causing the problem to begin with. Your peer advisory group is a safe place to share your challenges. Your group will help you see around corners and identify your blind spots.
6. They don’t want to seek help on the real issues (thinking no one else has this bad of a problem or challenge)
Leaders, by nature, tend to be very strong and proud. It can be hard to open up about issues or challenges in your company. New members can often feel embarrassed sharing challenges, especially when it comes to financial issues. As a new member, it’s important to understand that your peer council is a safe place and your fellow members are there to help you in every way they can.
7. They don’t want to appear vulnerable (not wanting to lower their guard)
This relates to number six on many levels. The confidentiality of your group is paramount. It’s okay to be vulnerable. In fact, the more open and honest you can be about your challenges, the more your fellow members will be able to help you. On the flip side, the more open and honest you are about the experiences that lead you to solutions you offer, the more impactful your solutions may be to members of your group.
So you’ve committed to a peer advisory group or business mastermind …
You are embarking on a transformational journey for your business and your personal growth.
Don’t worry about mistakes – that’s what your team is there for!