Club Masterminds is THE Mastermind Group for Small Business Owners
Masterminding with owners, managers, proprietors, founders and employees of Small Businesses. Groups are strategically aligned by company size: under 10 employees, 11-50 employees and over 50 employees. Mastermind with Small Business professionals who are best suited to understand your unique challenges and successes.
What keeps Small Business Professionals up at night?
- Establishing and maintaining trust with employees
- Dealing with the rising costs of healthcare
- Staying in compliance with ever-changing government regulations
- Coming up for air from the effects of the economic recession
- Diversifying your client base so if a major client leaves the business can survive
- Having enough cash flow to cover monthly bills
- Balancing quality with growth
- Worrying if something happens to you, will your business continue without you?
When you’re a part of a Club Masterminds group, these issues and many others get tackled in a way that delivers new perspective and accountability in a confidential environment.
Answers. Ideas. Accountability. Support.
A Club Masterminds group member comes in with a problem and leaves with a solution. Then, your group holds you accountable to implement the solution, keeping track of your progress, until your problem is fixed.
Read on to see a sneak peak of MASTERMINDING at work…
Here’s a sticky dilemma that was brought up during a Club Masterminds Hot Seat by the co-owner of a small business. We’ll call him Bill.
More details: Bill discovers Sarah has been crediting refunds to her personal credit cards for over 11 months to the tune of $23,750. In the past, Bill voiced concerns to his partner about Sarah’s late bank reconciliations and territorial attitude toward the monthly financial statements. He mentioned she seemed overly distracted about her personal finances. His partner dismissed Bill’s concerns and told Bill he was offended.
The credit card company wants to immediately inform authorities. Out of courtesy to his partner, Bill decides to try to handle things internally. He asks the credit card company to “hold off.”
Bill brings the issue to his Club Masterminds group, looking for other options than going to the police. He explains he’s worried about negative press and media coverage, worried about not recovering the money, the cost of legal fees, not exposing weakness to local competitors, etc.
The group works through ideas considering all angles, past experiences, pros and cons, ramifications, etc. Ideas range from asking his partner to pay the money back, forcing her to find her own way to pay the money back, having her work for free until the money is paid back, changing partnership agreement so Bill’s profit sharing is increased.
With the group’s support, Bill decides to take these steps immediately:
- He gets the facts. He gathers financial statements and necessary documentation.
- Bill comes up with 4 ways to solve the problem.
- Bill informs his partner of the situation and presents the 4 options to him.
- He then confronts Sarah with the facts, with a witness in the room.
But the advantage of a Mastermind group is that they also give Bill advice to prevent him from finding himself in a similar situation down the road:
His Club Masterminds group suggests the following:
- They recommend he have the books reviewed each month by a reputable third party.
- Bill should avoid assigning the same person to handle purchasing and vendor payments, or allowing the same employee to manage accounts payable and accounts receivable.
- They suggest Bill hire a separate HR company to authorize payroll after the accountant enters it.
- One of the group members also suggests Bill pay close attention to employees’ behavior. Upon questioning, Bill admits Sarah had seemed extremely stressed about her personal finances and even recalls that she had asked for (and been denied) a considerable raise about the time the theft had begun.
This is where being a part of a Club Masterminds group goes so far beyond the typical roundtable or online forum.
Bill is held accountable by his group. This means they follow-up with him to see what specific steps she he taken. They vet any further questions and tackle new developments. They do whatever it takes. Why? Because the group is tight and has each other’s best interests in mind, caring enough to make sure Bill succeeds. PLUS, each group member now has new insight should something like this happen to them.