Coaching vs. Mastermind: 3 Ways to Determine What Your Business Needs

Every month I attend a Mastermind with other entrepreneurs in varying stages of business from what I affectionately call “single-shingles” to those with many employees. As we were going around introducing ourselves and our businesses for the new members, my fellow business owner next to me asked, “how is what you do differently from what we do here together?” That seemed like a great blog post given that when one business leader asks, many others are likely wondering the same thing.

What is a Mastermind?

A mastermind (or peer advisory group) is a fantastic chance to interact with business owners that are like ourselves and also may be completely different. Great, innovative ideas are the norm when we consider implementing strategies that come from different industries, different generations, and people in different stages of business from oneself. 

Business coaching, executive coaching, leadership coaching, team-effectiveness coaching, and EOS Implementation® – all segments that Leader’s Cut works in – applies in the following ways. CEOs, Business Owners, and Executive leaders hire me to help them organize (through process/structure of their business), create clear lines of accountability (ownership), and dramatically improve communication – especially with respect to conflict resolution. 

The Modes Used to Coach

The modes used to coach may be one-on-one with the CEO, Owner, or Leader, or it may be team effectiveness work with the entire leadership team. Implementing structure entails implementing EOS® (the Entrepreneurial Operating System based on the book, Traction by Gino Wickman) through guided facilitation and follow-through strategy. 

In each case, there is clearly an aspect of accountability that members of both would espouse. That is some combination of accountability to peers, the coach/facilitator, and even your own pocketbook. It’s easy to see how masterminds and executive coaching can work both severally and collectively in an efficient and effective way.

It might seem like advice from a biased source, given that I am myself a Coach. However, I am also a consumer of coaching and mastermind groups, as noted in the introduction. Here are my tips for choosing both a Coach and a Mastermind:

1. Trust your instincts when it comes to Trust. In both environments insights, you gain require you to share details regarding not only your business but yourself. Without a complete picture, it would be hard for others to offer guidance.

    

    

2. Ask for the help you need. On some level you know when something is amiss, be that relationship, emotionally, or financially. In order to interrogate reality and get past symptoms and solve the root problem, speak your mind.

    

    

3. Get out on the skinny branches with others. Whether you are working in a group coaching environment or one-on-one, there will be opportunities for you to put new behaviors in place. Some of that could be pretty uncomfortable. Your progress is inversely proportional to your comfort level.

    

    

4. Invest in yourself with both time and treasure. Development is an iterative process, therefore you are unlikely to see a result with a few sessions or a couple of group meetings. Entering the engagement by asking about refunds means you plan to fail. Invest the mindset and the time. Further, ‘free’ coaching via an e-book or social group will be worth every penny you paid. Determine what your leadership development is worth to your company, yourself, and your family to assess ‘value’.

As you ponder these thoughts and tips, spend some quiet time to reflect on what you would love to get out of your relationship with coaching. It’s okay not to have perfect answers. It’s even more okay to have an exhaustive list of questions. The best masterminds and coaching relationships begin by asking the questions.